Escrow may be removed from your account if allowed by the owner of the loan and if the account meets certain requirements including, but not limited to:

  • Your loan must be current.
  • You have paid at least 80% of your loan’s original appraisal value.
  • You have had no late payments 30+ days in the past 12 months and 60+ days in past 24 months.
  • You have not had your loan modified.
  • Your account is not in active bankruptcy.
  • You do not have Forced Placed Insurance or Mortgage Insurance.
  • You do not have an FHA loan.
  • Your escrow account is not negative.

If you believe that your account meets these conditions, you can apply for the escrow account to be removed by calling our Customer Care Department at, 1-866-392-1860. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.

If we are servicing your first mortgage, please contact our Customer Care Department at 1-866-392-1860 to add tax and/or insurance escrow to your monthly payment. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.

We do not provide escrow services for second mortgages.

Escrow may be a requirement for your loan if:

  • You have had a loan modification.
  • Your insurance and/or taxes were delinquent, so we paid them and added escrow to your account.
  • Your loan provider requires it (refer to your initial ‘Escrow Analysis Statement’ or your ‘Closing Disclosure Statement’ to check if this applied to you).

Please write your account number on the tax bill and send it via mail or fax to the address or fax number below. Please keep a copy for your records. For further assistance, you may also contact our Tax Department at 1-866-801-1373.

  • GMFS LLC c/o Specialized Loan Servicing
  • Correspondence Department
  • 3001 Hackberry Rd, 1st Floor
  • Irving, TX 75063
  • Fax: 1-817-826-0460

You can update your insurance information by clicking here using the PIN MCI2453. For further assistance, you may also contact our Insurance Department at 1-800-441-4145.

The amount required to be paid is determined by the tax authority or insurance agency. If you have questions relating to these amounts please contact your tax authority or insurance agency directly using the details located in the ‘Your Escrow Details’ section of the escrow page.

If you changed your insurance policy, please follow these steps:

  1. Send GMFS the declaration page of your new insurance provider to:
    • P.O. Box 620188
    • Atlanta, GA 30362
    • Fax: 1-678-475-8763
  2. Contact your prior insurance carrier and cancel your old policy and request a refund for any applicable unused premium.
  3. Upon receipt of the refund, we recommend making a one-time payment to your escrow account via your online portal for the refunded amount.

Failure to make a one-off payment for the refunded amount may result in an escrow shortage.

If you think that there has been an error made on your payments please contact the relevant department directly.

Tax:

  • Phone: 1-866-801-1373
  • Hours: Monday through Friday, 6:00 a.m. until 6:00 p.m. MT

Insurance:

  • Phone: 1-800-441-4145
  • Hours: Monday through Friday, 6:00 a.m. until 6:00 p.m. MT

Each year we project how much you will need in your escrow account for the upcoming year. We base it on the amount of taxes and/or insurance you paid during the past 12 months. The total you paid is divided by 12 to get your projected monthly escrow payment, which you pay each month as part of your monthly mortgage payment.

Sometimes, your payment must be adjusted to ensure your monthly balance remains above the required minimum balance during the next 12 months. This minimum balance is typically equal to two months of escrow payments, also known as a "cushion".

If your taxes and/or insurance change during the next year or your monthly escrow balance falls below the required minimum amount, you could have a shortage or surplus in your account when we do an annual Escrow Analysis next year.

Your cushion or minimum required balance amount is an amount collected to offset any unanticipated increases in property taxes or insurance premiums. Your cushion amount may change each year due to projected increases in your property taxes and /or insurance premiums.

Under applicable federal law, lenders can maintain in reserve two months of estimated escrow payments unless otherwise restricted by applicable state law or contractual provisions.

A negative escrow balance occurs when payments are made from the escrow account that exceeds the amount collected for escrow disbursements. This may occur even if you have been making your regular escrow payments and is typically a result of unanticipated increases to your taxes and/or insurance premiums or unscheduled disbursements such as a new insurance policy.

A shortage in your escrow account occurs when the projected escrow balance is less than the minimum required balance (cushion amount). A shortage can occur due to the following:

  • We had to pay more for your taxes and/or insurance premiums last year than we anticipated.
  • We project that next year your taxes and/or insurance premiums will go up.
  • Your "cushion" or reserve amount has increased to cover increased or projected increases to taxes and/or insurance premiums.

Note: An escrow account can have a shortage even though the balance is positive due to projected disbursements.

An escrow shortage is the difference between the required minimum balance and the lowest projected balance throughout the computational year. Refer to part 3 of your GMFS Escrow Analysis for your specific account details.

You can pay your shortage via one of the two below options:

  1. Pay the shortage amount in one lump sum. A shortage remittance slip is included as part of your escrow analysis. However, your monthly mortgage payment may still increase from last year due to anticipated increases in projected tax and/or insurance disbursements for the upcoming year.
  2. Pay the shortage amount spread over time. The shortage amount will be spread over 12 months and added to your monthly base escrow payment. This is the default option and no action is required if you select this option.

A surplus may be identified when your escrow balance exceeds the required balance on the effective date of the escrow analysis. The projected surplus assumes all payments due will be made as agreed.

This amount will be returned to you if your loan is current in one of two ways depending on the amount of the surplus and state requirements:

  1. If the projected surplus is less than $50.00 – the funds will be spread out over a period of 12 months and be credited against your monthly payment amount.
  2. If the projected surplus is equal to or greater than $50.00 – a refund check for the surplus amount will be mailed to you with the Escrow Analysis. It is a requirement that this amount be returned to you if the account is current at the time of escrow analysis.

Your mortgage may have been past due at the time the escrow analysis was run. If so, any amounts reflected as a surplus are estimates based on a projection of all your contractual mortgage payments being made and your mortgage being current.

If your mortgage is current and you have not received the escrow surplus check, please contact our Customer Care Department at, 1-866-392-1860. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.

Your escrow account may still have a surplus even though disbursements are expected to increase due to unanticipated credits or changes in the due dates of disbursements.