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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 (FAQs)

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 shortage in my account?

If your taxes and/or insurance premiums increased since the last time we reviewed your account due to carrier or policy changes, then 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.

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

A fixed rate means the principal 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 Specialist at (775) 888-6999 or (800) 526-6999, Monday - Friday, 8:00 AM - 5:00 PM PT. We will return calls received after hours or on weekends on the following business day.

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 in the previous year.

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.