An escrow account is money we set aside to pay expenses related to your mortgage, like property taxes and homeowner's insurance. We break these expenses into monthly installments and add them to your mortgage payment. When your property tax and insurance
bills are due, we pay them on your behalf from your escrow account.
Any change to your annual property taxes or insurance premiums may cause your mortgage payment amount to change. To make sure we're accounting for such changes, we typically complete an escrow analysis every year. The escrow analysis helps us make sure we have
the right amount in your escrow account. We provide the analysis details in the Escrow Account Statement. We may complete additional analyses during the year to make sure the escrow account is on track.
Learn more about escrow, escrow analysis, shortages and overages, and much more in our
Escrow Education Center.