This is a YouTube video titled "🚨 Escrow Account Transfer 🚨" containing a monologue by Derek McGowan explaining the details of escrow account adjustments related to insurance, tax bills, and mortgage payments. The content is focused on financial and loan payment timing and procedures, recorded on August 28, 2021.
For this example, I'm saying that the person's insurance and tax bills are due at the end of the year in December. Their current mortgage has been collecting each month in preparation for those bills, but with it being paid off early, they actually get reimbursed this amount. Then the new loan has to start with a two month cushion because every escrow account does that. Accounts for future increases in taxes and insurance, but it's their money that goes back if they don't use it. And then the new loan only collects payments in October, November, December. So it's nine months short for this 12 month bill. So add nine months, 11 months in total of what's collected and that makes sure they're on pace for the new escrows. Sam.
