An escrow account is a fund held by SLS that you pay into for property taxes and homeowners insurance. Typically, your escrow payment is part of your monthly mortgage payment. As these funds are allocated from your monthly payment, SLS uses your escrow account to pay your taxes and insurance as they become due during the year. If you do not have an escrow account, you must make those payments on your own. We will provide an annual statement detailing the activity (account balance, payments of property taxes, homeowner insurance) of your account.
Q: I have an escrow account for taxes, and I have received my tax bill. What do I do with it?
Please write your SLS account number on the tax bill and send it via mail or fax to the address or fax number below. Please keep a copy for your records. For further assistance, you may also contact our Tax Department at 1-866-801-1373.
Specialized Loan Servicing LLC
P.O. Box 961059
Ft. Worth, TX 76161-0059
Q: I have an escrow account for homeowner’s or flood insurance, and I have received my premium notice. What do I do with it?
A: Please write your SLS account number on the insurance bill and send it via mail or fax to the address or fax number below. Please keep a copy for your records. For further assistance, you may also contact our Insurance Department at 1-800-441-4145.
Insurance Operations Center
P.O. Box 620188
Doraville, GA 30362
Q: I would like to set up an escrow account. What do I need?
If we are servicing your first mortgage, please contact our Customer Care Center at 1-800-315-4757. A Customer Care Representative will assist you with the process of adding tax and insurance escrows to your monthly payment.
Q: Why did the escrow portion of my mortgage payment increase?
The escrow portion of your mortgage payment may increase to cover an increase in your property taxes or your homeowner’s insurance premium. These amounts are not determined by SLS but by your local taxing authority or insurance carrier.
Q: May I delete the escrow payment from my monthly mortgage payment?
No, as a condition of your mortgage, you agreed to have an escrow account established for the payment of your property taxes, homeowner’s insurance and/or private mortgage insurance. It remains a part of your mortgage payment for the natural term of your loan and cannot be deleted, unless otherwise stated in your mortgage documents.
Q: What is Private Mortgage Insurance or “PMI”?
This insurance provides economic protection to the owner of your mortgage loan and was agreed to at the time of origination. Private Mortgage Insurance should not be confused with your homeowner’s insurance, which you obtained to protect your dwelling and/or its contents.