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Why did my escrow payment increase?

There are several possibilities why your escrow payment changed. Escrow accounts are analyzed annually during which time Homepoint uses information provided by tax authorities and insurance companies to determine the amount of your monthly escrow payment. Your tax payment and insurance premium may have increased, or we may have determined that insufficient funds have been collected to pay your taxes and/or insurance. Please note Homepoint does not set your tax or insurance amounts. If these amounts increase, you will need to contact your taxing authority or insurance provider for an explanation of the increase. If you have purchased a newly constructed home, tax amounts may not have been fully assessed at the time of loan closing. This can sometimes cause significant increases to your escrow payment upon the completion of the first annual escrow analysis.

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