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To check your mortgage account, compare each monthly statement with your bank’s payment records, then reconcile the annual escrow statement with your property-tax and insurance bills. If a fee, payment posting, or escrow disbursement still looks wrong, ask the servicer for an explanation and send a written notice of error or information request to its designated address.
This guide covers general U.S. consumer guidance and federal servicing rules. The rules and available remedies can depend on your loan and circumstances.
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What to gather before reviewing your account
Collect the records that let you compare what the servicer says happened with what you paid and what your taxes and insurance actually cost:
- Monthly mortgage statements or coupon-book information
- Bank, bill-pay, or cancelled-check records and payment confirmations
- The servicer’s transaction or payment history
- Annual escrow statements
- Property-tax bills, insurance premium notices, and evidence of payment
- Relevant messages or letters from the servicer
Keep the documents together by statement period. When you find a discrepancy, note the date, amount, and description rather than relying on memory.
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Check monthly statements for fees and payment details
A periodic mortgage statement generally shows the amount due and due date, fees and charges, and payment information. Where applicable, it also breaks the payment into principal, interest, and escrow. Statements may include the interest rate, servicer contact details, and past-due or late-fee information when delinquency provisions apply. See the CFPB’s explanation of mortgage periodic statements.
Compare the amount due and due date with what you intended to pay. Review each fee by its transaction date, amount, and description, and check the payment allocation if it is shown. If you use a coupon book instead of a periodic statement, it may provide less account detail; ask the servicer for payment history or an explanation of a charge that is not clear from the information provided.
Reconcile payment history against your own records
Make a chronological list of your payments from bank or bill-pay confirmations, then compare it with the servicer’s posted transactions and the statement periods. Check the date and amount of each entry, and flag payments that appear missing, duplicated, late, or applied differently than expected. Improper payment application and a late fee on a payment that was not late are examples of servicing problems identified by the CFPB’s notice-of-error guidance.
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If you made a partial payment, ask how the servicer handled it. Depending on the circumstances and applicable rules, a partial payment may be credited, returned, or held in a suspense account.
Keep evidence tied to each flagged entry, such as a confirmation number, bank record, cancelled check, or servicer notice. This makes it easier to describe the specific transaction if you ask the servicer to investigate.
Audit the annual escrow statement
The annual escrow statement is the main record for checking escrow activity. It reports activity from the prior computation year and projects activity for the next year. It should show the current payment and escrow portion, amounts collected and disbursed, the ending balance, and how a surplus, shortage, or deficiency is handled. The CFPB says the statement is generally sent within 30 days after the escrow computation year ends, following an escrow analysis. See its escrow-account guidance.
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Compare actual activity with the statement
- Check the beginning and ending escrow balances.
- Match each deposit to the escrow portion of your mortgage payments.
- Match each tax, insurance, or other disbursement against the bill, notice, and payment evidence you have. Compare both the date and amount.
- Review the projected activity for the next year and how the statement says any surplus, shortage, or deficiency will be handled.
An escrow analysis calculates target balances and monthly deposits for the coming year and determines whether a shortage, surplus, or deficiency exists. For more detail on the statement and analysis, see the CFPB’s mortgage-servicing escrow FAQs.
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A higher monthly payment is not automatically evidence of an error. Property-tax increases or higher insurance premiums can raise the escrow portion and, in turn, the total payment. Other changes or new fees may also affect the amount. Compare the new monthly statement and escrow projection with the actual tax and insurance bills; ask the servicer to explain any mismatch. The CFPB discusses payment changes in its guidance on why a mortgage payment can go up or down.
Know the general escrow cushion limit
For covered accounts, Regulation X generally limits monthly escrow collection to one-twelfth of reasonably anticipated annual disbursements, plus a cushion no greater than one-sixth of estimated annual disbursements. The precise application depends on the loan and circumstances; consult your loan documents and the regulation when checking a specific calculation. The CFPB summarizes the rule in its escrow FAQs.
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- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
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Ask the servicer to explain or correct a discrepancy
Start by contacting the servicer through the details on your statement. If the issue remains unresolved, send a written notice of error or information request to the special address identified on the statement, coupon book, or servicer website. That address may differ from the payment address, so verify it before mailing. The CFPB explains the process in its notice-of-error guidance.
In your letter, identify the account and statement period, describe the transaction or calculation you question, and state what information or correction you want. Include copies of the most relevant records and keep a complete copy of the letter and attachments. A servicer may not charge a fee or require payment to respond to a notice of error or information request.
A servicer generally must acknowledge a written notice or request within five days, excluding weekends and legal public holidays. The response requirements and timing can differ based on the type of request or alleged error, so consult the CFPB’s current guidance for the applicable process.
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If the issue involves unpaid property taxes
If the servicer failed to pay property taxes, the CFPB recommends including a copy of the tax bill with your notice of error. You can also submit a complaint to the CFPB. If foreclosure is imminent or you have received legal papers, consider contacting an attorney or housing counselor; the CFPB’s servicing-error guidance outlines these options.
Use a consistent comparison for each suspected error
For each issue, line up the records by the fields that reveal a mismatch:
- Payment: transaction date and amount in your bank records versus the servicer history
- Allocation or fee: how the servicer applied the payment and the date, amount, and description of the charge
- Escrow: deposit and disbursement dates and amounts versus payment confirmations and bills
- Projection: the servicer’s expected tax and insurance costs versus the actual bills and premium notices
General federal guidance does not determine every borrower’s rights or remedy. Applicability can depend on loan type, borrower status, account circumstances, and state law. For a specific dispute, follow your loan documents and current servicer instructions, and consider a housing counselor or attorney when deadlines or stakes warrant it.
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