Escrow accounts are often required by mortgage lenders to pay property taxes and insurance. Lenders review the account annually, but these escrow payment adjustments often result in overcharges that come out of your pocket. Errors occur in up to one-third of escrow accounts. Mistakes occur for several reasons including inaccurate annual escrow reviews, inexperienced personnel or faulty software. The EscrowCheck™ audit will determine if you’re paying too much every month and if the lender is holding excess funds in the reserve or “cushion” account. Along with the audit report, you will receive a “Lender Refund Letter” to send along with your report to the lender to get a refund for any overcharges. Thousands of homeowners have used the EscrowCheck™ independent verification of escrow accounts to uncover mistakes or overcharges. Borrowers have received refunds ranging from $500 to $6,000.
Jordan Goodman Interviews David I. Ginsburg of Verify My Escrow.