CU*Answers recently revealed a new format for the annual escrow analysis disclosure statement coming next month. The new design will make it much easier for the member to read and understand the statement. Shortages or overages and payment details are clearly identified, and a new coupon section is added for paying shortages. The updated escrow disclosure also includes elements mandated by RESPA (Real Estate Settlement Procedures Act) bringing it up to date with regulatory requirements.

Connie Plas, Xtend Assistant Manager of Mortgage Servicing states: “We are excited for our credit unions and members to start using the new escrow analysis statement. We expect fewer questions since the new statement clearly shows the member what was expected to be paid from the escrow account versus what was truly paid. It is a true snapshot that explains the shortage or surplus. An added bonus for streamlining credit union processing is that the new statement will fit into a double window envelope”.