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Escrow Analysis FAQ's

Escrow Analysis Information

If I have a large escrow shortage, do I have any options if I am unable to make the larger payment?

Yes. You may pay the escrow shortage in-full with one lump sum payment or we can spread the shortage over a 12-month period. If the shortage causes a financial hardship and you feel that you cannot afford the large payment, please call our Customer Service Department at 1-800-822-5626 to discuss options available to you.

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Can I pay my own taxes and insurance?

Collecting for taxes and insurance in your monthly payment creates an escrow account. This is established at the closing of the loan and will remain for the term of the loan. An escrow account provides a convenient, no-hassle service by allowing PNC Mortgage to pay your tax bills and insurance premiums for you.

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Why did I receive an overage check?

An overage check can be a result of your insurance premiums and/or taxes being less than we expected to pay. Your escrow analysis statement will show how the overage was calculated. Federal law requires us to return the surplus of funds to you.

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Can I return my overage check and deposit it back into my escrow account?

Yes, please return the overage check to us with specific instructions on how you wish the funds to be applied. This should be mailed to: PNC Mortgage, PO Box 1820 Dayton, OH 45401-1820

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Why did I receive a check from an overage in my escrow account and then my monthly payment increased?

Your annual escrow disbursements are projected by using your previous year's actual escrow disbursements. Your estimated disbursements are deducted from your escrow balance plus your projected monthly escrow payments for the next 12 months. If your projected escrow overage is greater than $50.00, Federal law requires us to refund the overage. Then, if your insurance premium or taxes increase during this 12-month period, you may have a shortage, which would increase your monthly payment for the next year.

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Why did my payment increase?

Your monthly payment will increase or decrease with any change to your taxes and/or insurance. Your taxing authority and insurance company/agent will notify us when they make any type of change, which ultimately will affect your monthly payment. You may wish to contact your local taxing authority or insurance company/agent for details concerning changes to your annual bills.

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