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 mortgagor at the current mailing address.
Will my monthly escrow amount ever change?
It is possible that your monthly amount will change if there are changes in the bill amounts paid out of your escrow account.
Why did my payment change?
Hazard Insurance Premium
Your hazard insurance premium may have changed (decreased or increased) if you changed the type or extent of your insurance coverage, or your insurance company may have changed (decreased or increased) your insurance rate.
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.
If you have questions about your property taxes or homeowner's insurance premiums, please contact your local taxing authority or insurance agent.
I received a refund so why did my monthly escrow payment amount increase?
There could be several reasons. Two common reasons are:
Delta Community Credit Union has adjusted the amount of the cushion to the RESPA "two month" limit, unless state law provides for a lower amount.
Bills (taxes, insurance, etc.) paid from the account may have gone up and the account changed to reflect these increases. There must be enough money in your escrow account to pay your property taxes and/or insurance. If there is not enough money in your account, that creates a shortage and we will need to increase your monthly escrow payment amount. Some common reasons for a shortage include: increases in property taxes and/or insurance premiums, tax reassessments, insurance carrier changes or due date changes, fewer escrow deposits than expected.
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.
What happens if I have a Shortage and/or a Deficiency?
Delta Community Credit Union performs an escrow analysis annually. You will be notified of any shortage and/or deficiency at that time. If you have a shortage on your escrow account and desire to pay it in full, please contact the Mortgage Servicing department at 866-963-7811 or 404-677-8784.
If I want to pay my entire shortage in full, where do I send my payment?
Checks should be made payable to Delta Community Credit Union for the full amount of your shortage. Write your loan number and “escrow shortage payment” on the check. Send it 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 you pay your shortage in full, you will have the smallest possible increase in your monthly mortgage payment. However, your payment amount may still change if your property taxes and/or insurance amounts increased during the past year.
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 savings account. If your surplus is less than $50.00, your monthly payment will be adjusted.