January 29, 2018
At SunTrust Mortgage, we understand that feeling informed and in control are essential to your financial confidence.
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 your account.
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 difference.
All the details about your Escrow Account can be found here, in your annual escrow statement.
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 payment.
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 you.
Understanding what has changed and why, are the first steps to helping you stay in control.
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 Mortgage, Inc. ‐ NMLS #2915, 901 Semmes Avenue,
Richmond, VA 23224, 1‐800‐634‐7928. CA: licensed by the Department of Business
Oversight under the California Residential Mortgage Lending Act, IL: Illinois
Residential Mortgage Licensee, MA: Mortgage Lender license #‐ML‐2915, NJ:
Mortgage Banker License ‐ New Jersey Department of Banking and Insurance, NY:
Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode
Island Licensed Lender.
SunTrust Bank is an Equal Housing Lender. Member FDIC. ©2017 SunTrust Banks, Inc. SunTrust and SunTrust
Mortgage are federally registered service marks of SunTrust Banks, Inc.
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Investment and Insurance Products:
Are Not FDIC or any other Government Agency Insured Are Not Bank Guaranteed May Lose Value
© 2018 SunTrust Banks, Inc
SunTrust Bank is an Equal Housing Lender. Member FDIC
Equal Housing Lender. SunTrust Mortgage, Inc
SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. 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 and SunTrust Banks Trust Company (Cayman) Limited. 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 provided by SunTrust Mortgage, Inc.
SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.
"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 Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.
SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.
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.