ADDING/REMOVING ESCROW
How do I add escrow to my mortgage loan?
Please send a written request to Carver to add an escrow account to your mortgage loan. Adding escrow to your mortgage loan will result in an increase in your monthly contractual payment, as Carver will now collect monthly for tax and/or insurance disbursements.
How do I remove escrow from my mortgage loan?
Please note that requesting the removal of escrow does not guarantee removal; various requirements must be met to be considered for escrow removal. Click here to download Carver’s Escrow Waiver Request Form, then submit the completed form to us via email, fax, or mail.
SHORTGAGE AND OVERAGES
Why did I receive an escrow analysis statement?
Carver runs an escrow analysis on your loan at least once per year, usually in August to ensure the proper amount of funds is earmarked for future disbursements.
My escrow analysis statement show I have a shortage. What does that mean?
An escrow shortage indicates Carver reviewed your escrow account and determined there would not be sufficient funds to meet your minimum escrow balance for the upcoming year. An increase in your escrow deposits each month or a lump-sum payment will be needed to correct the shortage.
Will paying the escrow shortage as a lump sum keep my monthly payment the same?
Paying the shortage in full may not reduce the monthly payment amount.
For example, an increase in homeowners’ insurance and/or tax amounts can increase the monthly amount collected for your escrow. The increased escrow amount is then added to the monthly principal and interest, which affects the overall payment amount.
In this instance, the increase is necessary to ensure proper disbursement of the next homeowner’s insurance and/or tax bill.
I paid my escrow shortage in full, but my next billing statement does not reflect this. Why?
If your escrow shortage is paid in full after the current billing statement is generated (see “statement date” on your bill), your payment change will be reflected on the next statement.
My escrow analysis statement shows I have an escrow overage. What does that mean?
An escrow overage occurs when Carver reviews your escrow account and determines that we’ve collected more funds than are needed to fulfill escrow disbursement requirements for the following year.
If the escrow overage is greater than $50, Carver will disburse the overage as refund check mailed to your address on file.
If the escrow overage is less than $50, the overage will be added to your monthly contractual payment as a temporary credit.
If I receive an overage refund check in the mail, can I cash it?
Review the escrow analysis statement that showed the overage. If anything doesn’t match your records, then please contact us.
Otherwise, feel free to cash or deposit the check. The escrow overage is a refund of your money.
PAYMENTS AND DISBURSEMENTS
How will I know when Carver makes payments from my escrow account?
You can obtain the details of your escrow account (disbursements, refunds, balances) by emailing loanoperations@carverbank.com or by calling the Loan Operations team at 1-844-201-1171.
I am refinancing with another company. Will you continue to make disbursements from my escrow account during this time?
Carver will continue to make disbursements from the escrow account until your loan is paid in full.
What should I do if my escrow check is lost or stolen?
Please contact us so we can place a stop payment on the check and re-issue a new check.
