What do I need to do?

It is necessary to repay the shortage to help ensure your escrow account satisfies the minimum required balance.

Some good news: You don't have to repay a shortage immediately or all at once. A shortage is automatically spread across your upcoming mortgage payments, typically for 12 months. The first page of your escrow statement provides the date on which you need to begin making your mortgage payments in the new amount.

If you want to minimize the increase in your monthly payment, you can choose to make a lump sum payment at any time to reduce or fully repay the shortage. This is not required; we offer the option for those who want to keep their monthly mortgage payment as low as possible. If you choose to pay down your shortage, the new monthly mortgage payment provided on the first page of your escrow statement will be reduced.