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Tax & Insurance Account Disclosure

Greater Nevada Mortgage annually reviews how much money is in your escrow account, ensuring we are setting aside the appropriate amount.*  If too little has been set aside (shortage), we will adjust your payment to make up the difference. If too much money has been set aside (surplus), we will send you a refund. 

Take a look at our Helpful Review Guide to find out more about your Tax & Insurance Account Disclosure Statement and what it means for you.

*Based on RESPA Guidelines

Frequently Asked Questions

Why am I receiving this notice?

You are receiving this notice because:
  • You are entitled to receive a review of your escrow account to determine how it is being administered; and
  • You may be entitled to a refund for a surplus in your escrow account if your account is current; or
  • You may be responsible for a shortage in your escrow account.

How will my payment be affected?

As a result of your Tax and Insurance Account review, your monthly payment amount may increase or decrease.  If you participate in one of Greater Nevada Mortgage automated payment plans, your payment will be adjusted to reflect the new payment amount.

Why does my Tax & Insurance Account Disclosure Statement show a surplus?

If your taxes and/or insurance premiums decreased since the last time we reviewed your account, your escrow account may have a surplus.  That means you paid more into the account during the last year than was needed to pay your taxes and/or insurance premiums.  If your account has a surplus, we will send you a refund providing two conditions are met:
  1. Your loan is current.
  2. The surplus amount is $50 or more.  If your surplus is less than $50, we’ll simply spread it out over the next 12 months to lower your payment slightly.

Why does my Tax & Insurance Account Disclosure Statement show a shortage in my account?

If your taxes and/or insurance premiums increased since the last time we reviewed your account, there is a good chance that your escrow account will have a shortage.  That means we paid more money out of the account during the last year than you put into it.

How can I pay my shortage/deficiency?

Your shortage and/or deficiency is automatically annualized into your monthly payment for the next 12 months. You have the opportunity to pay the shortage and/or deficiency separately to avoid the impact to your monthly payment.  Payments can be made anytime between receiving your annual analysis until the last day of the month in which your payment change takes effect.  You can include this additional amount with your monthly payment and indicate the amount to apply towards your escrow shortage on your payment coupon or send a separate payment.  If you pay separately, we ask that you specify “escrow shortage” on the memo line of your check with your loan number.

Can I deposit into my escrow account throughout the year to eliminate the possibilities of having a shortage?

Unfortunately, no.  We are only able to collect the exact amount projected for your payments based on the current amounts due for your taxes and/or insurance.  If your property tax bill or insurance bill is higher than projected, you may pay that shortage in a lump sum when your next annual tax and insurance analysis is completed.

Why is my payment still going up if my taxes/insurance went down?

If your taxes and insurance decreased but your payment increased, this would be caused by a shortage in your account due to more funds being dispersed than were projected for the previous year.

My loan has a fixed rate, why is my payment changing?

A fixed rate means the principle and interest payment on your loan will never change.  However, your monthly mortgage payment also includes an escrow payment for insurance premiums and real estate taxes, which do change periodically.  A change in taxes and/or insurance will affect the escrow portion of your total monthly payment.

Who do I call if I have questions?

You may contact one of our Loan Servicing Department Specialists at:  775-888-6999 or toll free 800-526-6999 Monday through Friday, 8:00 am till 5:00 pm (PST).  We will return calls received after hours or on weekends on the following business day.