Tax Questions
There is no need to send us your “current” tax bill. If you have an escrow account for the payment of property taxes and you receive your current tax bill, you may retain it for your records. We will receive automated reporting directly from your tax office to make the disbursement due.
Payment will be made from your escrow account and sent to your taxing authority prior to the due date (discount date, if applicable). Once received, your tax office may require additional time to process our payment for the taxes due. This process can take up to 30 days from disbursement from escrow to application by your tax office.
You can confirm that your taxes have been paid by logging into your online mortgage account and selecting the "Tax and Interest" link located on the left side of your screen.
More detailed tax activity can be found under the "Loan Activity" link including the amount, date and type of disbursement.
There is also an option to be notified when your taxes are paid. Simply select "Personal Preferences" from the left side of your screen, then select "Notify Me." You can select which items you would like to receive a notification e-mail about when that transaction appears in your loan activity.
Supplemental tax bills are generally a borrower's responsibility as the bills are sent directly to the borrower from the tax office and no information or reporting regarding these bills are provided to us.
However, if your closing agent collected funds at the time of settlement of the loan in anticipation of a supplemental tax bill being issued, then please submit to us for review at supplementaltaxes@loanadministration.com. We will review your escrow account balance and provide written notice to you within 30 days to advise one of the following:
The secure website information is updated only upon payment of the taxes and not based on the amounts reported due this year from your tax office. Once payment is disbursed from your escrow account, the site will reflect the actual payment.
If you do not pay or are unable to pay your property taxes, there will be a letter sent to you advising we have received notification that your taxes remain unpaid. If you do not pay or are still unable to pay your taxes after the timeframes listed in the letters, we will place an escrow account onto your loan and readjust your payment in accordance with the loan documents signed at closing.
Please keep in mind that when an escrow account is forced onto the account, not only is money paid out that was not collected, but we will also begin collecting funds for future tax payments. This can cause your required monthly payment to greatly increase.
For loans that do not have an escrow account, sending proof that your taxes were paid will avoid incorrect information from being sent to the mortgage company. Tax records are updated at different times and there is a risk that a bill will be sent to us in error with an advisement of a potential tax sale. If we receive a tax sale notice and do not have proof of payment, we will pay the taxes and establish an escrow account. The escrow account cannot be removed until any advance balances, due to the tax payments, have been reconciled. Please submit proof of payment via fax to: 817-826-1258.
Please submit a copy of the bill for review to DelinquentTaxes@loanadministration.com. We will work with your taxing authority to confirm the full amount due and make payment. Please note that any penalty or interest assessed through no fault of your own will be paid from a corporate account and not your escrow.
Your monthly escrow payment is based on actual disbursements made in the prior year. If you see an increase in any escrow item (taxes and/or insurance) this will likely result in an escrow shortage. If a shortage occurs, there will be a corresponding payment increase to ensure sufficient funds are available at the time the next payment is due. Conversely, if you see decreases in your taxes and/or insurance, this should lead to a lower monthly payment.
If you receive notice from the taxing authority of an approved exemption, please fax it to (609)-718-1670. Please note that we can only update your account if the exemption notice provided by your taxing authority states the actual effect of the exemption on the amount of the taxes billed. If the exemption only provides the effect on the property's assessed value, no update will be made.