To remove escrow from your account, you must meet the following criteria:
- Your monthly mortgage payments must not have been delinquent for the past twelve
months. A mortgage payment is delinquent if it is received 30 or more days later
than its normal monthly due date.
- You must provide evidence that your insurance and taxes have been paid current for
the next 12 months.
- Your loan-to-value ratio must be 80% or less. A loan-to-value ratio is calculated
by dividing your current unpaid principal balance by the appraised value of your
property. We will use the original appraisal in our calculation unless you wish
to purchase an updated appraisal and submit it with your request to cancel escrow.
- Any deficiency in the escrow account must be paid in full.
Please submit your request to cancel escrow in writing to:
- Select Portfolio Servicing, Inc.
- Attn: Escrow Dept.
- PO Box 65250
- Salt Lake City, UT 84165-0250
Please continue to make your normal monthly payments, including the escrow portion,
until you receive official notification that your escrow account has been cancelled.