Escrow information is available on your monthly mortgage statements. Every year, you’ll receive an escrow analysis statement with a complete breakdown. 

1. Sign in to online banking
2. Click on your mortgage account number

The ability to cancel an escrow account depends on various factors. Here are a few of the main ones:

• The escrow account balance is not negative
• No 30-day delinquencies in the past 12 months
• Private mortgage insurance (PMI) is not required
• Flood insurance is not required

To see if you are eligible to cancel your escrow account, please send a request using one of the following methods:

• Email: MortgageServicing@SouthPointFinancial.com
• Call: 877-636-5346
• Mail: SouthPoint Home Mortgage, P.O. Box 406, Sleepy Eye, MN 56085

Typically, homeowners pay these bills directly because these charges aren't included in your escrow payment. Supplemental bills often result from tax reassessments, especially for new construction properties. If you’d like to pay your supplemental tax bill from your escrow account, send us a request along with the bill as soon as possible, and we can make this payment on your behalf. Requests may be submitted using either of the methods below. Please note that if a supplemental bill is paid through the escrow account, it’s likely that the escrow portion of your monthly payment will increase.

• Mail to SouthPoint Home Mortgage, P.O. Box 406, Sleepy Eye, MN 56085

You may change insurance providers at any time. Please notify us and send us a copy of the declarations page from your new policy so we can update our records and issue payment. The documents may be submitted using any of the methods below. As soon as your new policy is issued, please also contact your previous insurance provider to cancel the old policy. Depending on when your previous policy was paid, there may be a refund issued to you. Typically, refunds should be deposited back into your escrow account to avoid an escrow shortage.

• Mail to SouthPoint Home Mortgage, P.O. Box 406, Sleepy Eye, MN 56085
• Drop it off at any of our branch locations

Depending on your new insurance premium amount, your mortgage escrow payments could increase or decrease. If you change insurance companies, you may wish to request an escrow analysis after the new premium has been paid and any refunds have been deposited back into escrow from the previous policy. This will allow us to adjust your monthly payments according to the new insurance amount.

Usually, your insurance provider will send us your annual renewal information. If not, we’ll send you a letter asking for your insurance declaration page. If we don’t receive a record of your insurance renewal, we’ll purchase insurance for the property through your escrow account. This is called Forced Placed Insurance, and coverage may be limited and more expensive than a policy you can buy yourself.

For some loans, private-mortgage insurance cannot be removed unless you refinance or pay off the loan. In other cases, mortgage insurance can be canceled when the loan-to-value (LTV) ratio reaches a certain percentage. To find out if mortgage insurance can be removed from your loan, please contact us using one of the methods below.

• Mail to SouthPoint Home Mortgage, P.O. Box 406, Sleepy Eye, MN 56085
• Call us at 877-636-5346

The amount of your payment that is applied to the principal and interest due on the loan is not changing and never will if you have a fixed rate mortgage. The escrow portion of your payment will change due to the amount of your property taxes and insurance. SouthPoint must collect enough funds in your escrow account to be able to pay everything that is due for all taxes and insurance.

The minimum amount an escrow payment can be is the total amount of all payments to be made for the year divided by 12 months. If there are extra funds in the escrow account than what is required to pay the disbursements for the year, SouthPoint is required by RESPA to disburse any funds back to the borrower if the amount is over $50.

Yes, you may pay your shortage in part or in full and SouthPoint can reduce your monthly payment to reflect it. The payment must be received prior to May 19th. However, your payment will likely not remain at the same amount it was prior to the escrow analysis because of the estimated increases of your property taxes and homeowner’s insurance.