Escrow Statement Delivery Dates

Escrow statements includes escrow activity for the prior escrow year and projects activity for the upcoming escrow year. It is common for mortgage holders to see an increase in their loan payment on their escrow statements due to an escrow change.

Q: What if I have a surplus in my escrow from the previous year?
A: Be sure to open your annual escrow account disclosure statement when you receive it in the mail. Surplus checks are attached at the bottom of this statement.

Q: My account says I have a shortage. What should I do?
A: You can pay the shortage to Members Mortgage Services by phone, mail or at www.mms.coop by authorizing a one-time payment to your escrow account. If your Credit Union takes payments, you can pay at a branch. If you do nothing before the deadline listed on your escrow statement, the shortage will be added to your payment to be collected automatically over a 12-month period unless other arrangements have been made.

Q: I pay my mortgage by autopay. How does MMS handle the change in my escrow payment for the upcoming year?
A: The payment will automatically be set to the new minimum payment amount starting on the date listed on your escrow statement. If you have additional funds allocated to principal that will remain the same. If you have set up recurring bill payment through your financial institution, you will need to contact them to adjust your payment. If you have set up automatic, recurring payments through your personal mortgage account, you will need to manually adjust the payment to reflect the escrow change.

Q: I have paid down my loan and would like to cancel PMI. What is the process?
A: Once your loan reaches 80% of original value of the property you have the right to request PMI be cancelled. PMI will only be cancelled if you submit a written request for cancellation; have good payment history; are current on your payment; property value has not declined below original value. This may require an appraisal at your expense. If you are current on your loan payments, PMI will automatically terminate on the date the principal balance of your loan is first scheduled to reach 78% of the original value of the property. To see if you qualify for cancellation of PMI, complete the PMI Cancellation Request Form and submit it through our secure link on website.

Q: I have a question or concern regarding my escrow statement. Who should I contact?
A: Please reach out to the MMS Servicing Department via phone, email, or website message. Our phone center tends to experience high call volumes during escrow statement periods so your question may be answered quicker via the message center on the Digital Servicing website. Should you decide to reach out by phone, please note that wait times may be longer than normal, and we appreciate your patience as we endeavor to provide timely service to all of our members.

IMPORTANT ESCROW DATES FOR 2023

FOR LOANS BOARDED PRIOR TO MAY 1, 2021
February 15
Escrow statements and surplus checks are estimated to arrive in the mail for borrowers regardless of the surplus amount.

March 31
Shortage payment deadline for April payment changes. Members can mail payment with their statement coupon, authorize a teller payment through Web Direct, or go online to mms.coop and make a one-time payment designated to their escrow account.

April 1
If the shortage is not satisfied, a portion of the shortage amount will be added to the monthly
payment due until the shortage is satisfied.

April 1
Any escrow-related changes to mortgage payments for the upcoming year will go into effect. If mortgage loans are paid ahead their payment change date will vary.

FOR LOANS BOARDED MAY 1, 2021 AND AFTER
April 30
Escrow statements and surplus checks mailed to all borrowers regardless of the surplus amount.

June 30
Shortage payment deadline for July payment changes. Members can mail payment with their statement coupon, authorize a teller payment through Web Direct, or go online to mms.coop and make a one-time payment designated to their escrow account.

July 1
If the shortage is not satisfied, a portion of the shortage amount will be added to the monthly
payment due until the shortage is satisfied.

July 1
Any escrow-related changes to mortgage payments for the upcoming year will go into effect. If mortgage loans are paid ahead their payment change date will vary.