Escrow Video Transcript_ 2019
At SunTrust, we understand that feeling informed and in control are essential to your
That’s why, today, we’d like to talk to you about your Escrow Account.
Each month, we put a portion of your total mortgage payment into an Escrow Account to
cover your Tax and Insurance Bills.
We pay your local tax office and insurance company directly from these funds.
However, SunTrust does not control how much tax and insurance you’re charged annually
and these amounts may vary from year to year.
At least once a year, we review your Escrow Account to check that we are collecting
enough to cover your tax and insurance bills.
Sometimes, these bills go up, causing a “shortage” in your Escrow Account.
Essentially, a shortage means your bills have come in higher than the current balance in
And if your taxes and insurance go down, you may end up with a surplus.
You will receive a credit or refund for any surplus.
To make sure there are no unpaid bills, we pay the full amount due and charge you the
All the details about your Escrow Account can be found here, in your annual escrow
First, we review the amount of your shortage or surplus. In this sample scenario, you will
see there is a shortage.
Next, we determine your new monthly escrow amount. This figure is based on your most
recent tax and insurance bills.
Remember, if you have any questions concerning these amounts, you should contact your
local tax office or insurance company.
Lastly, you will see the effective date and amount of your new total monthly mortgage
And the following breakdown shows how your payment has changed.
To help you manage your budget, we offer multiple payment options to address a
shortage: you can consult your statement to see what payment options are available to
Understanding what has changed and why, are the first steps to helping you stay in
If you’d like more information about your Escrow Account, visit: suntrust.com/MyEscrow
or call us at 1.800.634.7928.
We’re here for you.
Your Client Servicing team at SunTrust Mortgage.
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Equal Housing Lender. SunTrust Bank - NMLS #93471. ©2019. SunTrust Banks, Inc. SUNTRUST,
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Investment and Insurance Products:
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© 2019 SunTrust Banks, Inc.
Equal Housing Lender. SunTrust Bank - NMLS #93471. Member FDIC.
SunTrust, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are trademarks of SunTrust Banks, Inc. All rights reserved. All other trademarks are the property of their respective owners.
Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank, and loans are made by SunTrust Bank.
"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.
SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.
SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.