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What should I do if I’m having problems with my escrow or impound account?

If you’re having problems with your escrow or impound account, contact your mortgage servicer right away. You may need to send an information request or notice of error.

An escrow account is an account set up by your mortgage lender to pay certain property-related expenses on your behalf, like property taxes and homeowners insurance. It’s set up to help you pay these expenses through your lender or servicer, little by little every month, instead of you getting a big bill once or twice a year. An escrow account is sometimes called an impound account. Learn more about how escrow accounts work

Your property taxes and insurance premiums can change from year to year. If your property taxes and/or insurance premiums change, your total monthly payment will change.

It’s a good idea to keep a close eye on your mortgage statements, and any tax and insurance bills, to be able to spot quickly if there are problems with your escrow account.

Signs that there could be an issue with your escrow account include:

  • Changes in your total monthly payment without being notified that your taxes or insurance premiums are going to change
  • Servicer-purchased force-placed insurance, which your servicer is allowed to purchase and charge you for under certain circumstances
  • A notice from your local government that your property taxes haven’t been paid
  • If you notice any of the changes above, the first thing you should do is contact your servicer to verify that these changes aren’t due to a mistake on their end. 

If you have a problem with your mortgage, you can submit a complaint to the CFPB online by calling (855) 411-CFPB (2372).