Sente’s core team has been working together since 1997.
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Helping our clients make smarter decisions about how to pay for their new home is one of the most important things we do. We develop individualized strategies to fit our clients’ unique needs because their financial objectives are our first priority. Our mortgage bankers, processors and underwriters all work together within the same organization making for an efficient, well-managed loan process. Sente offers the widest variety of residential loan programs available including conventional, FHA, VA, USDA, and jumbo. We take the time to get to know each and every client and strive to make their experience extraordinary. We believe that homeownership should be part of our clients’ smarter money moves and we are dedicated to making sure the loans we originate work within our clients’ financial goals.
If the surplus is less than $50.00, your servicer can either refund the amount or apply it to your next year’s escrow payments.Sente Mortgage is a Texas owned and operated mortgage bank. In this case, you are owed a refund from your loan servicer within 30 days of your escrow analysis if the surplus is $50.00 or more. There are a few options your loan servicer has for handling shortages, such as requiring the borrower to repay the shortage amount in equal monthly payments over at least a 12-month period.Ī surplus is when your escrow analysis shows more in your cushion than is necessary. If your escrow account is found to have a shortage, that means your current balance falls short of the target for the coming 12 months. Through this process, lenders identify whether your escrow account has a projected surplus or shortage, based on your projected account balance and the amount of required cushion. These reserve funds are meant to cover unanticipated charges.Įvery year, lenders compare expected escrow account disbursements over the coming 12 months to show a projected escrow balance for this period of time. Mortgage lenders require a minimum account balance – also known as a “ cushion” – in escrow. How does your escrow analysis affect you? Big changes in property values affect state taxes, which can result in more significant changes to your escrow payments. The borrower is then sent details about this annual review, and any resulting changes to their monthly escrow payment for the upcoming 12 months. This analysis is done to ensure enough funds are collected by borrowers to pay upcoming insurance premiums, property taxes and fees. Why are you being contacted about your escrow account?Įvery year, lenders who service mortgage loans have to conduct an analysis of escrow accounts - and the CFPB mandates that every servicer must use the same method in analyzing escrow accounts. How mortgage lenders handle escrow accounts is regulated by a federal agency called the Consumer Financial Protection Bureau (CFPB). Part of your monthly mortgage payment goes into this account over the course of the year. An escrow account is set up by your mortgage servicer to cover certain property-related expenses, like your property taxes, homeowner’s insurance premiums, and other charges related to your loan.
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