Escrow Analysis question

[EaglesFan2006]

Hi,

It's been a while since I had an escrow analysis  done...Since I refinanced twice I've only had one actually done a few years ago with my old lender.  My most recent payment made today on Jan 3rd was my 12th in the current loan.  I would have expected to receive my escrow analysis before my Feb payment would be listed but that hasn't happened yet.   The lender is PennyMac.

Just a couple of questions:

1) How far in advance should I receive an escrow analysis?  

2) My statements typically cut on the 3rd or 4th of the month.  I made this payment today so I'm not sure it will factor in that statement.  I know I'm within grace period so i'm not worried about late fees.  Still I'm curious if that payment wasn't recieved before they cut statement if that will have any impact on analysis?

3) shot in the dark and I know YMMV but do these ever workout in your favor?  Where your monthly payment stays the same or even drops?  My taxes lowered by $16 and homeowners by $100...but the last time I had an analysis both of those lowered more significantly and I still had a shortage and a higher payment.  I believe its based on two months in reserve at all times?

Thanks in advance

[2b2rich]

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@EaglesFan2006 wrote:

Hi,

It's been a while since I had an escrow analysis  done...Since I refinanced twice I've only had one actually done a few years ago with my old lender.  My most recent payment made today on Jan 3rd was my 12th in the current loan.  I would have expected to receive my escrow analysis before my Feb payment would be listed but that hasn't happened yet.   The lender is PennyMac.

Just a couple of questions:

1) How far in advance should I receive an escrow analysis?  I'm not sure what you mean? How far in advance of what?  

2) My statements typically cut on the 3rd or 4th of the month.  I made this payment today so I'm not sure it will factor in that statement.  I know I'm within grace period so i'm not worried about late fees.  Still I'm curious if that payment wasn't recieved before they cut statement if that will have any impact on analysis?     I would think only if your analysis is done the same day your statement is cut? When I was came out of a hurricane forebearance my escrow analysis was short but on the analysis, I had the option of either paying the difference ($300), or do nothing and payments would increase by $25.  I paid the $300. 

3) shot in the dark and I know YMMV but do these ever workout in your favor?  Where your monthly payment stays the same or even drops?  My taxes lowered by $16 and homeowners by $100...but the last time I had an analysis both of those lowered more significantly and I still had a shortage and a higher payment.  I believe its based on two months in reserve at all times?  My monthly payment has never dropped, but if my insurance goes down, they send me a check for the difference with my analysis.

Thanks in advance

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[EaglesFan2006]

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@2b2rich wrote:

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@EaglesFan2006 wrote:

Hi,

It's been a while since I had an escrow analysis  done...Since I refinanced twice I've only had one actually done a few years ago with my old lender.  My most recent payment made today on Jan 3rd was my 12th in the current loan.  I would have expected to receive my escrow analysis before my Feb payment would be listed but that hasn't happened yet.   The lender is PennyMac.

Just a couple of questions:

1) How far in advance should I receive an escrow analysis?  I'm not sure what you mean? How far in advance of what?  

2) My statements typically cut on the 3rd or 4th of the month.  I made this payment today so I'm not sure it will factor in that statement.  I know I'm within grace period so i'm not worried about late fees.  Still I'm curious if that payment wasn't recieved before they cut statement if that will have any impact on analysis?     I would think only if your analysis is done the same day your statement is cut? When I was came out of a hurricane forebearance my escrow analysis was short but on the analysis, I had the option of either paying the difference ($300), or do nothing and payments would increase by $25.  I paid the $300. 

3) shot in the dark and I know YMMV but do these ever workout in your favor?  Where your monthly payment stays the same or even drops?  My taxes lowered by $16 and homeowners by $100...but the last time I had an analysis both of those lowered more significantly and I still had a shortage and a higher payment.  I believe its based on two months in reserve at all times?  My monthly payment has never dropped, but if my insurance goes down, they send me a check for the difference with my analysis.

Thanks in advance

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As far as in advance I meant it being a year in I would have expected to see it by now.  

as for the statement would that actually impact the escrow analysis?   Ie if they did the analysis prior to my January payment being processed?  I don't have taxes due until Feb

[2b2rich]

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@EaglesFan2006 wrote:

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@2b2rich wrote:

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@EaglesFan2006 wrote:

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As far as in advance I meant it being a year in I would have expected to see it by now.  Oh I see.  It's been a year since your refinance.  My analysis always came about a month - 6 weeks  before my insurance premiums came due.  I closed during an October and there was 2 or 3 months of escrow deposited into the escrow account at closing.  Then the following September my first analysis was done and my insurance premiums were paid in November.  If they funded escrow with a payment or two in advance when you closed in your refinance, then I would think they would have already done the analysis.  If they did not, then any day now.  You can call and ask.  I am able to log into my account and see the status of my escrow 24/7.

as for the statement would that actually impact the escrow analysis?   Ie if they did the analysis prior to my January payment being processed?  I don't have taxes due until Feb.  It may.  When I came out of hurricane forbearance my escrow was still a month short, but what they did was send me the analysis that reflected this but they gave me the option of either paying that month of escrow in full or have my payments go up $25 a month for the next year.  I'm not sure how your lender would do it.  

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