Customer Service A M
Resume:
RETURN SERVICE ONLY
PLEASE DO NOT SEND MAIL TO THIS ADDRESS
PO Box 818060
Cleveland, OH 44181
BETTY S LANTZ
BROADWAY VA 22815
HERE'S WHY YOU ARE RECEIVING THIS STATEMENT:
We review your escrow account annually to ensure that your monthly escrow payment will be enough to cover tax and insurance items for the next 12 months. The amount of these tax and insurance items can change over time. This statement will outline any changes.
You may have a shortage in your escrow account that needs to be paid. The amount of your monthly mortgage payment may change. HERE'S WHAT WE FOUND:
YOU HAVE A SHORTAGE
IN THE AMOUNT OF:
$1,838.36
Your taxes and/or insurance amount has increased which could cause your escrow account to fall below the required minimum balance.* Based on our projection, as of September 1, 2024 the escrow portion of your monthly mortgage payment will increase.
*The shortage amount listed assumes there are no outstanding payments owed. If you have past due amounts, please sign in to your account at www.mrcooper.com for the correct amount.
If you have ACH, your payment will change to reflect your new payment at the effective date of the analysis. If you are enrolled in Online Bill pay, you will need to update the new payment information with your bank, as this will not automatically update. HERE’S YOUR NEW MORTGAGE PAYMENT STARTING SEPTEMBER 1, 2024:
$837.35
SHORTAGE AMOUNT
IS ADDED OVER 12 MONTHS
CURRENT PAYMENT DIFFERENCE NEW PAYMENT
PRINCIPAL AND/OR INTEREST $465.59 - $465.59
ESCROW PAYMENT (TAXES & INSURANCE) $149.24 $69.32 $218.56 SHORTAGE PAYMENT - $153.20 $153.20
TOTAL MONTHLY MORTGAGE PAYMENT AMOUNT $614.83 $222.52 $837.35 NOTE: If you have an adjustable rate mortgage
(ARM), a separate notice will be sent before your
payment is scheduled to change.
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ESCROW REVIEW STATEMENT
STATEMENT DATE PROPERTY ADDRESS
07/03/2024 255 E LEE STREET
BROADWAY, VA 22815
LOAN NUMBER
QUESTIONS? WE’RE HERE TO HELP.
CUSTOMER SERVICE: 888-***-****
Mon-Thu 7 a.m. to 8 p.m. (CT)
Fri 7 a.m. to 7 p.m. (CT)
Sat 8 a.m. to 12 p.m. (CT)
www.mrcooper.com
Any changes to what you owe for taxes and insurance are determined by your taxing authorities and insurance providers, not Mr. Cooper. WHO CHANGES THE
ESCROW ITEM AMOUNTS?
Escrow
explained
For a detailed look at your payment amounts, #2
see the following pages.
WHAT IS AN
ESCROW ACCOUNT?
Each month we set aside a portion of
your monthly mortgage payment into
an account. We then use the funds
in that account to pay your property
taxes and insurance on your behalf.
Escrow
explained
#1
Mr. Cooper is a brand name for Nationstar Mortgage LLC. Nationstar Mortgage LLC is doing business as Nationstar Mortgage LLC d/b/a Mr. Cooper. Mr. Cooper is a registered service mark of Nationstar Mortgage LLC. All rights reserved. Please be advised this communication is sent for informational purposes only and is not intended as an attempt to collect, assess, or recover a claim against, or demand payment from, any individual protected by the U.S. Bankruptcy Code. If this account has been discharged in a bankruptcy proceeding, be advised this communication is for informational purposes only and not an attempt to collect a debt against you; however, the servicer/lender reserves the right to exercise the legal rights only against the property securing the loan obligation, including the right to foreclose its lien under appropriate circumstances. Nothing in this communication shall be construed as an attempt to collect against the borrower personally or an attempt to revive personal liability. If you are a successor in interest (received the property from a relative through death, devise, or divorce, and you are not a borrower on the loan) that has not assumed, or otherwise become obligated on the debt, this communication is for informational purposes only and is not an attempt to collect a debt from you personally. The Mr. Cooper Difference
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HERE’S HOW WE CALCULATE ESCROW AMOUNTS:
Escrow is kind of like a savings account - you add money to it and we use that money to make your taxes and insurance payments throughout the coming year. Here's how: First, we review the escrow payments we received from you and the tax and insurance items paid on your behalf during the past year.
Second, we determine if your monthly escrow payment needs to change for the coming year. To do this, we estimate the next year’s tax and insurance items (excluding mortgage insurance) that we will pay on your behalf, plus the cash reserve amount. We then divide the projected total by 12 to get your new monthly escrow payment.
Then, with your new monthly escrow payment set, we project the monthly escrow account balances over the next year, on a month by month basis, to show what is coming in and what is going out. Finally, we compare the month with the lowest projected balance to the required minimum balance for that month to determine whether a shortage or surplus exists. The account histories on the following page show these steps in action!
The cash reserve is also the minimum account balance. To calculate the cash reserve for the escrow account, we add up the total of your yearly escrow items (excluding mortgage insurance) and divide the total by 12. We take this amount and multiply it by 2, as allowed by state laws and/or the mortgage contract, to determine the total cash reserve. Maintaining a cash reserve helps to cover any unexpected increases in taxes and/or insurance. HERE’S WHY THERE'S A SHORTAGE:
LOWEST PROJECTED
ESCROW BALANCE (11/2024):
–$1,401.26
CALCULATED IN ESCROW ACCOUNT
PROJECTIONS TABLE ON THE NEXT
PAGE
—
MINIMUM BALANCE
REQUIRED:
$437.10
CALCULATED AS: $218.56 X 2 MONTHS
——
AMOUNT NEEDED
TO BRING ACCOUNT CURRENT:
$1,838.36
$153.20 A MONTH FOR 12 MONTHS
For a detailed look at your payment amounts,
see the following pages.
ESCROW IS BASED
UPON A PROJECTION.
The amount of your escrow account
monthly payment is based upon
disbursement projections for the
next year using what we paid out the
previous year.
Escrow
explained
#3
ESCROW ACCOUNT TRENDS:
This chart lists past tax and insurance item disbursements, as well as any surplus or shortage amounts that may have been identified for the past annual escrow reviews. ACTUAL 04/24-08/24
PROPERTY TAXES $391.34
TOTAL TAXES AND INSURANCE $391.34
MORTGAGE INSURANCE -
TOTAL ACTUAL ESCROW $391.34
PROJECTED 09/24-08/25 # OF
MONTHS
NEW MONTHLY
ESCROW AMOUNT
PROPERTY TAXES $887.67 12 = $73.97
PROPERTY INSURANCE $1,735.00 12 = $144.58
TOTAL TAXES AND INSURANCE $2,622.67 12 = $218.56 MORTGAGE INSURANCE - 12 = -
ESCROW SHORTAGE $1,838.36 12 = $153.20
NEW TOTAL MONTHLY ESCROW AMOUNT $371.76
The Shortage/Surplus amount is a projection that assumes that there are no outstanding payments owed. If the loan is not contractually current, the surplus/shortage amount does not represent the current escrow account status.
HERE ARE YOUR ESCROW ACCOUNT PROJECTIONS FOR SEPTEMBER 2024 TO AUGUST 2025 DATE DEPOSITS TO
ESCROW
PAYMENT FROM
ESCROW
DESCRIPTION PROJECTED ESCROW
BALANCE
BALANCE REQUIRED IN
THE ACCOUNT
STARTING BALANCE $174.39 $2,012.75
SEPTEMBER 2024 $218.56 $0.00 $392.95 $2,231.31
OCTOBER 2024 $218.56 -$1,735.00 HAZARD SFR -$1,123.49 $714.87 NOVEMBER 2024 $218.56 -$391.34 COUNTY TAX -$1,296.27 $542.09 NOVEMBER 2024 $0.00 -$104.99 TOWN TAX -$1,401.26 $437.10 DECEMBER 2024 $218.56 $0.00 -$1,182.70 $655.66
JANUARY 2025 $218.56 $0.00 -$964.14 $874.22
FEBRUARY 2025 $218.56 $0.00 -$745.58 $1,092.78
MARCH 2025 $218.56 $0.00 -$527.02 $1,311.34
APRIL 2025 $218.56 $0.00 -$308.46 $1,529.90
MAY 2025 $218.56 -$391.34 COUNTY TAX -$481.24 $1,357.12 JUNE 2025 $218.56 $0.00 -$262.68 $1,575.68
JULY 2025 $218.56 $0.00 -$44.12 $1,794.24
AUGUST 2025 $218.56 $0.00 $174.44 $2,012.80
TOTALS $2,622.72 -$2,622.67 ENDING BALANCE $174.44 $2,012.80 The amounts in the boxes above indicate the month with the lowest projected escrow balance and the minimum required balance. HERE'S YOUR ESCROW ACCOUNT ACTIVITY FROM APRIL 2024 TO AUGUST 2024 DEPOSITS TO ESCROW PAYMENTS FROM ESCROW ESCROW BALANCE DATE ACTUAL PROJECTED DIFFERENCE ACTUAL PROJECTED DIFFERENCE DESCRIPTION ACTUAL PROJECTED DIFFERENCE STARTING BALANCE $0.00 $0.00 $0.00
APRIL 2024 $149.24 $0.00 $149.24 $180.47 $0.00 $180.47 ESC PAY ADJ -$31.23 $0.00 -$31.23 MAY 2024 $149.24 $0.00 $149.24 $391.34 $0.00 $391.34 COUNTY TAX -$273.33 $0.00 -$273.33 JUNE 2024 $149.24 $0.00 $149.24 $0.00 $0.00 $0.00 -$124.09 $0.00 -$124.09 JULY 2024 $149.24E $0.00 $149.24 $0.00 $0.00 $0.00 $25.15 $0.00 $25.15 AUGUST 2024 $149.24E $0.00 $149.24 $0.00 $0.00 $0.00 $174.39 $0.00 $174.39 TOTALS $746.20 $0.00 $746.20 $571.81 $0.00 $571.81 ENDING BALANCE $174.39 $0.00 $174.39
E — An amount listed with an "E" is a deposit to escrow or payment from escrow we anticipate to occur prior to the effective date of the new monthly payment.
If a previous escrow analysis statement was sent to you by your previous servicer, please refer to that statement for comparison purposes. If your loan was newly originated, please refer to your initial escrow disclosure for comparison of your prior years projections. If you are a successor in interest (received the property from a relative through death, devise, or divorce, and you are not a borrower on the loan) that has not assumed, or otherwise become obligated on the debt, this communication is for informational purposes only and is not an attempt to collect a debt from you personally.
QUESTIONS ABOUT
ESCROW ITEMS?
If you have questions about changes
to your taxes and insurance, please
contact your local taxing authority
or insurance provider.
Escrow
explained
#4
Contact this candidate