What is an Escrow Analysis?
An escrow analysis is an annual review of your escrow account that occurs on the anniversary of your first payment. Your escrow analysis will be mailed to you and if you have paperless statements, you will be notified via email when your statement is ready to be viewed online.
- The first page shows the projection of what Jovia expects to pay for taxes and insurance for the upcoming year, as well as the projected escrow account balances.
- The next page shows the history from the prior year, detailing deposits to and payments from the Escrow Account. It also shows a side-by-side comparison of what we projected to pay out for taxes and insurance vs. what was actually paid. This is a great tool for determining why you may have a shortage/deficiency.
- The final page(s) shows the annual summaries of payments in and out of escrow, as well as the changes to payment for the next twelve months. There will be payment options listed to address any shortage/deficiency:
- A quote for the cost if you pay your escrow shortage in full.
- A quote for the cost if you spread the shortage out over the next twelve months.
At the end of this section is a coupon you can mail/bring in if you wish to pay the shortage in full.