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Knowledge Base Article

Mortgage Escrow Account FAQs

When was my annual escrow statement mailed?

Statements are mailed annually throughout the year.

I am a co-mortgagor. Will I receive my annual loan statement?

Delta Community Credit Union sends one statement to the primary borrower at the current mailing address or within the primary borrower’s Online Statements, if signed up for this option.

Will my monthly escrow amount ever change?

It is likely that your monthly amount will change since a fluctuation in tax and/or insurance premiums is common. You will be notified of any changes on your annual escrow statement.

Why did my payment change?

Hazard Insurance Premium

Your hazard insurance premium may have decreased or increased if you changed the type or extent of your insurance coverage, or your insurance company may have changed your insurance rate. Also, if you received a refund check after changing your insurance provider and did not deposit this back to your escrow account, this may cause a shortage and in turn increase your payment amount.

Real Estate Taxes

Your Real Estate taxes may have changed (decreased or increased) as a result of your property being reassessed or the tax rate itself may have changed (decreased or increased). If you have appealed your property taxes and you are granted an adjustment, please notify us so your account can be updated accordingly.
Annual tax bills are automatically sent to the Escrow department therefore it is not necessary to forward a copy of the tax bill. If you receive an additional tax bill (generally as a result of a submitted appeal), contact the Escrow department at 404-677-8785. Additional tax bills are mailed to the homeowner and it is the homeowner’s responsibility to notify the Escrow department so that payment may be issued.

If you have questions about your property taxes or homeowner's insurance premiums, please contact your local taxing authority or insurance agent.

Why did I not earn interest on my escrow account?

Delta Community Credit Union is required to pay interest on escrow accounts only for specified states. If your statement does not reflect interest earned on your account, then your state does not require interest to be paid on your escrow account.

If I have a shortage and/or deficiency in my escrow account and wish to pay it in full, where do I send my payment?

There are two ways to make this payment:

  • You may contact the Escrow department 404-677-8785 to request a transfer from your Delta Community Credit Union share accounts or
  • Submit payment by check - Make the check payable to Delta Community Credit Union and write your loan number and “escrow shortage payment” on the check. Mail payment to:

    Delta Community Credit Union
    Mortgage Servicing Department
    P.O. Box 4029
    Peachtree City, GA 30269

Will my escrow payment amount remain the same if I pay my shortage in full?

If your property taxes and/or insurance premium increased during the past year, your escrow payment amount will likely increase.

Can my escrow balance be refunded?

Delta Community Credit Union performs an escrow analysis annually. You will be notified of any overage at that time. If your loan is current, overages in excess of $50.00 will be refunded to your Delta Community Credit Union Savings account. If your surplus is less than $50.00, the funds will remain in your escrow account and your monthly payment will be adjusted.