Our Tax & Insurance Account Disclosure details how we monitor the amount of money in your escrow account to cover qualifying taxes, insurance and Private Mortgage Insurance (PMI), and make adjustments accordingly. Just another way of making sure that your mortgage is being taken care of.
Tax & Insurance Account Disclosure
How We Do It
Greater Nevada Mortgage annually reviews how much money is in your escrow account, ensuring we are setting aside the appropriate amount.1 If too little has been set aside (shortage), we will adjust your payment to make up the difference over the upcoming escrow year. If too much money has been set aside (surplus), we may send you a refund.
Click below to view our helpful review guide to find out more about your Tax & Insurance Account Disclosure Statement and what it means for you.
Frequently Asked Questions
Here’s a selection of questions we’re commonly asked about our Tax & Insurance Account Disclosure. Don’t see your question below? Give our Loan Servicing team a call at 775-888-6999 or 800-526-6999, or click here to send an inquiry through our dedicated contact form.
Why am I receiving this notice?
You are receiving this notice because:
- You are entitled to receive a review of your escrow account to determine how it is being administered; and
- You may be entitled to a refund for a surplus in your escrow account if your account is current; or you may be responsible for a shortage in your escrow account.
How will my payment be affected?
As a result of your Tax and Insurance Account review, your monthly payment amount may increase or decrease. If you participate in one of Greater Nevada Mortgage’s automated payment plans, your payment will be adjusted to reflect the new payment amount.
Why does my Tax & Insurance Account Disclosure Statement show a shortage in my account?
If your taxes and/or insurance premiums increased since the last time we reviewed your account due to carrier or policy changes, then there is a good chance that your escrow account will have a shortage. That means we paid more money out of the account during the last year than you put into it.
My loan has a fixed rate, why is my payment changing?
A fixed rate means the principal and interest payment on your loan remains the same. However, your monthly mortgage payment also includes an escrow payment for insurance premiums and real estate taxes, which do change periodically. A change in taxes and/or insurance will affect the escrow portion of your total monthly payment.
Why is my payment still going up if my taxes/insurance went down?
If your taxes and insurance decreased but your payment increased, this would be caused by a shortage in your account due to more funds being dispersed than were projected for in the previous year.
Can I deposit into my escrow account throughout the year to eliminate the possibilities of having a shortage?
Unfortunately, no. We are only able to collect the exact amount projected for your payments based on the current amounts due for your taxes and/or insurance. If your property tax bill or insurance bill is higher than projected, you may pay that shortage in a lump sum when your next annual tax and insurance analysis is completed.
1 Based on RESPA guidelines.