Escrow accounts are often required by mortgage lenders to pay property taxes and insurance. Lenders review the account annually, but homeowners are often overcharged for their escrow accounts. In fact, errors occur in up to one-third of escrow accounts, and they occur for various reasons such as inaccurate annual escrow reviews, inexperienced personnel or faulty software. The EscrowCheck™ audit will determine if you’re paying too much every month and if the lender is holding excess funds in the reserve or “cushion” account. Along with the audit report, you will receive a “Lender Refund Letter” to send to the lender to get a refund for any overcharges. Thousands of homeowners have used the EscrowCheck™ independent audit to uncover bank overcharges and have received refunds ranging from $500 to $6,000!
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