To add an escrow account to your mortgage loan, a written request via mail or email must be sent to us. Adding an escrow account to your mortgage loan will increase your monthly contractual payment since funds will now be collected for tax and/or insurance disbursements.

Requesting escrow removal does not guarantee removal; various requirements must be met to be considered for escrow removal.

Download the Escrow Waiver Removal Request Form. Once the form is completed, return it to us via email, fax, or mail.

At least once per year, an escrow analysis is completed to ensure we are collecting enough funds for future disbursements.

An escrow shortage means we paid out more from your escrow account than we collected, leaving the balance below the required minimum. To catch up, the shortage amount is spread across your payments over the next few months so your escrow account stays above the minimum. If you prefer, you can also pay the shortage amount in a lump-sum payment.

Paying the shortage in full may not reduce the monthly payment amount.

For example, an increase in homeowners insurance and/or tax amounts may increase the monthly amount collected for your escrow. The increased escrow amount is added to the monthly principal and interest, which affects the overall payment amount.

In this instance, the increase is necessary to ensure proper disbursement of the next homeowner’s insurance and/or tax bill.

If your escrow shortage is paid in full after the current billing statement is generated (refer to the Statement Date on your bill), your payment change will be reflected on the next statement.

An overage means we collected more for your escrow account than we needed, leaving the balance above the required minimum. If your overage is greater than or equal to $50, we will send you a refund check. If it is less than $50, we will apply it as a credit toward your payments.

Compare the overage refund check to the escrow analysis statement reflecting the overage. If anything does not match, please contact us.

Otherwise, feel free to cash or deposit the check.

An escrow account is an easy way to manage property taxes and insurance premiums for your home. Escrow funds are collected as part of your monthly mortgage payment and we pay these bills on your behalf as they come due.

Your escrow account usually covers your property taxes and insurance premiums (like homeowners insurance, mortgage insurance, or flood insurance).

Tax rates and insurance premiums change over time. At least once per year, we will review your escrow to see if any changes have been made. If so, we will adjust your monthly payment accordingly to ensure that your escrow account never drops below a minimum balance. We will send you an escrow analysis statement outlining any changes.

An escrow analysis statement provides a breakdown of your previous escrow disbursements, but also displays your estimated figures for the upcoming year.

We will continue to make disbursements from the escrow account until your loan is paid in full. Review your online account to monitor disbursement activity.

CrossCountry Mortgage will continue to make disbursements from the escrow account until your loan is paid in full.

Please contact us so we can place a stop payment on the check and re-issue a new check.