An escrow analysis is typically performed annually, to ensure sufficient funds are being collected to avoid escrow shortages and overages. However, off-schedule analyses are also performed to ensure sufficient funds are available. Any increase or decrease to your annual property taxes and/or insurance premiums may cause your mortgage payment amount to change. We provide details of your analysis in the Escrow Account Statement. For more information, visit the Escrow Education Center.

Your house may be above the base flood elevation (flood level). If this is the case, you may want to file a Letter Of Map Amendment or Revision (LOMA/LOMR) with the Federal Emergency Management Agency (FEMA). While FEMA reviews the LOMA/LOMR, flood insurance is still required. If FEMA approves the LOMA/LOMR, you may not be required to maintain flood insurance or your premium may be reduced.

Please note that if the property is in an "A" or "V" zone, flood insurance is required regardless of the elevation of the property.

If the property is in an "A" or "V" zone, flood insurance is required regardless of the elevation of the property. 

If the property is not in an "A" or "V" zone, you may use elevation information to file a Letter Of Map Amendment or Revision (LOMA/LOMR) with the Federal Emergency Management Agency (FEMA). While FEMA reviews the LOMA/LOMR, flood insurance is still required. If FEMA approves the LOMA/LOMR, you may not be required to maintain flood insurance or your premium may be reduced.

You can contact FEMA at 1-800-638-6620 or visit their website at www.FEMA.gov.

When a property is damaged by a natural disaster (fire, hurricane, etc.), the insurance company will inspect the property and issue a check to cover damages. This check is made payable to both the homeowner and Onity Mortgage. You must notify us of any such property damage.