Mortgage Escrow, Property Tax, and Insurance Payment Log Template

Create one record for the mortgage and one row for every escrow transaction.

Track:

• Monthly mortgage payment
• Principal and interest
• Escrow contribution
• Property-tax bills
• Insurance premiums
• Annual escrow analysis
• Shortage
• Deficiency
• Surplus
• Servicer disbursement
• Refund
• Notice of error
• Written resolution

Federal Regulation X generally requires a servicer to analyze an escrow account annually and provide an annual escrow account statement.

Loan identity

Borrower:
Property:
Servicer:
Loan number: Last four digits
Original lender:
Loan type:
Fixed or adjustable rate:
Escrow account:
Tax authority:
Insurance carrier:
Flood insurer:
Mortgage insurance:
Housing counselor:
Log last updated:

Store the complete account number and credentials separately.

Monthly payment log

| Due date | Total payment | Principal | Interest | Escrow | Fees | Paid | Posted | |---|---:|---:|---:|---:|---:|---|---| | | | | | | | | |

Preserve every monthly statement.

CFPB says mortgage payments can change because of escrowed property-tax or insurance changes even when the loan’s interest rate itself did not change.

Escrow transaction log

| Date | Description | Deposit | Disbursement | Running balance | Source | |---|---|---:|---:|---:|---| | | | | | | |

Descriptions can include:

• Monthly escrow deposit
• Property-tax payment
• Homeowners insurance
• Flood insurance
• Mortgage insurance
• Escrow refund
• Shortage payment
• Servicer correction

Compare the running balance with the servicer’s annual statement.

Annual escrow analysis

Record:

Analysis period:
Statement date:
Projected annual taxes:
Projected insurance:
Other escrow items:
Required cushion:
Projected low balance:
Shortage:
Deficiency:
Surplus:
New monthly escrow:
New total payment:
Effective date:

Regulation X permits a cushion no greater than one-sixth of estimated annual escrow disbursements, roughly two months, subject to the loan and applicable rules.

Do not assume the entire increase is a “fee.” It may reflect projected bills, shortage repayment, and the permitted cushion.

Shortage, deficiency, and surplus

CFPB defines:

• Shortage: The current balance is below the target balance.
• Deficiency: The escrow account has a negative balance.
• Surplus: The current balance exceeds the target balance.

Record which term the servicer used.

Do not treat them as interchangeable.

Shortage repayment

Depending on the shortage size and servicing rules, a servicer may:

• Leave a small shortage in place
• Require repayment within a permitted period
• Spread repayment over at least 12 months

CFPB explains that available treatment depends partly on whether the shortage is smaller than one monthly escrow payment.

Before making an unsolicited lump-sum payment, ask how it will affect:

• Monthly payment
• Next analysis
• Principal application
• Escrow balance
• Automatic debit

Get the response in writing.

Property-tax bill record

| Tax year | Authority | Parcel | Bill amount | Due date | Paid by servicer | Confirmed | |---|---|---|---:|---|---|---| | | | | | | | |

Obtain the bill directly from the tax authority when available.

Compare:

• Parcel number
• Assessed amount
• Exemptions
• Installment schedule
• Due date
• Payment posting

A mortgage-servicer statement saying a payment was issued is not the same as the tax authority confirming it posted to the correct parcel.

Insurance record

| Policy | Carrier | Coverage period | Premium | Due date | Servicer paid | Policy active | |---|---|---|---:|---|---|---| | | | | | | | |

Track:

• Homeowners policy
• Flood policy
• Wind policy
• Mortgage insurance
• Other required coverage

Confirm renewals directly with the insurer.

A lapse can lead to force-placed insurance, which may be expensive and provide narrower protection for the borrower.

Timely disbursements

Federal servicing rules generally require the servicer to make escrow payments on or before the deadline needed to avoid a penalty when the loan requires escrow.

Monitor:

• Tax due date
• Insurance renewal date
• Grace period
• Cancellation notice
• Penalty
• Confirmation number

Do not ignore a tax or insurance notice because “the mortgage company handles that.”

The notice may be the first evidence that it did not.

When the servicer misses a payment

Contact:

1. Mortgage servicer
2. Tax authority
3. Insurance carrier
4. Housing counselor where needed

CFPB advises contacting the servicer immediately and sending the bill with a written notice of error when taxes were not paid. It also advises contacting the tax authority or insurance carrier because unpaid taxes can create a lien and unpaid insurance can lapse.

Paying a bill personally can have consequences for the escrow account, so obtain case-specific guidance and preserve proof.

Notice-of-error log

Error:
Date discovered:
Qualified written address verified:
Notice sent:
Delivery proof:
Documents enclosed:
Servicer acknowledgment:
Investigation deadline:
Response:
Correction:
Refund or fee reversal:

Send a mortgage notice of error to the special address the servicer designates for that purpose when applicable.

Do not send the only copy of the tax bill, policy, check, or cancellation notice.

Servicing transfer

When the loan moves to another servicer, record:

• Old servicer
• New servicer
• Transfer date
• New loan number
• Escrow balance transferred
• Automatic payment status
• Tax and insurance records transferred
• Pending claims or errors

Verify that the first new statement begins with the correct escrow balance.

Minimal spreadsheet header

Statement Date | Payment Due | Principal | Interest | Escrow Deposit | Tax Payment | Insurance Payment | Balance | Shortage | Surplus | New Payment | Error Case

Bottom line

Reconcile the annual escrow statement against actual tax and insurance bills.

Track every deposit, disbursement, shortage, and correction.

Escrow is intended to make large bills predictable. Without a log, it can instead make the monthly payment change for reasons hidden inside six pages of projections, cushions, and terminology apparently selected by a committee hostile to ordinary nouns.

Sources reviewed

• ^[1]
• ^[2]
• ^[3]

Limits and cautions

• Testing not applicable

Sources reviewed

Source notes

1. https://www.consumerfinance.gov/rules-policy/regulations/1024/17consumerfinance.gov
2. https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-if-im-having-problems-with-my-escrow-or-impound-account-en-2082/consumerfinance.gov
3. https://www.consumerfinance.gov/ask-cfpb/why-did-my-monthly-mortgage-payment-go-up-or-change-en-213/consumerfinance.gov

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