If I repay my shortage in full now, will my monthly payment still increase?

Repaying your shortage in full will not prevent your monthly payment from increasing. If your tax and/or insurance expenses have increased, it is necessary to increase your monthly payment amount to cover your upcoming bills.

At least once per year, we are required to update the amount of your monthly payment every 12 months based on the amount of your tax and/or insurance expenses in the prior 12 months. If your expenses change, the amount you pay into your escrow account each month as part of your monthly mortgage payment needs to be adjusted accordingly. This can help prevent or lessen a shortage next time your escrow account is reviewed.