What happens if I have an escrow shortage or surplus?

Generally, shortages are caused by an increase in property tax bills and/or insurance premiums. The amount collected in escrow is based on the prior year invoices so if the amounts increase for the current year, the funds collected could be short.

You have two options if you have a shortage:

1. You can pay the shortage at least two weeks prior to your scheduled payment change date listed on your escrow analysis. Please note, if you choose this option, your monthly payment will be adjusted to not collect for the shortage amount.
2. You can pay the shortage amount over the next 12 months with your monthly payment. No action is required for this option.

Escrow Surplus

Any surplus over $50 will automatically be deposited into your share savings account within 2 weeks of the escrow analysis statement date.

Updating Automatic Payments

If you have set up your automatic payment through Digital Banking or Bill Pay, then you will need to update your payment amount. If Blaze has set up your automatic payment for you, we will update this on your behalf.