The Mortgage Department has prepared for an Escrow Analysis. Some of you may be veterans at this and some might be new. Either way, we wanted to give you a little refresher of what to expect. If you hold an escrow account with Bruning Bank, you should expect to see a statement in the mail within the first week of March. This statement outlines the activity in your escrow account from the previous year, as well as a projection of your escrow activity for the coming year based on anticipated payments. If the items you escrow for, such as Homeowner’s Insurance and/or Real Estate Taxes, increased in the past year, the anticipated balance in your escrow account may be less than what is projected it needs to be. If this is the case, you may see a shortage amount due. If that shortage amount is not received by the March 16^th deadline, we will automatically adjust your future payments to absorb the shortage.

If the items you escrow for decreased during the past year, you may have a surplus in your escrow account. If this is the case, you may receive a check back from Bruning Bank. Please note that there is a $50 threshold. If the surplus is less than $50, your payment will adjust accordingly to accommodate the slight fluctuations. If the surplus is greater than $50, you will receive a check for the over collection of funds. This check can be deposited back in your escrow account, put toward a loan payment or do with it as you wish. It never hurts to be prepared for the upcoming year and any unexpected changes that may affect your escrow balance.

This short summary covers the most common changes you will see if you have an escrow account. Once you receive your escrow analysis statement, if you have any questions regarding the information contained within that analysis, please do not hesitate to call the Bruning Bank Escrow Department at (877) 872-2757. We are happy to help with any questions or concerns you might have!

Cecelia Catlett
Escrow Servicing Assistant