How can I close my escrow account?

You can request to have your escrow account closed (waived) by sending an email to support@carringtonms.com. Make sure you state whether you want to remove:

• Property tax
• Property insurance 
• Both

If the waiver is approved, we’ll no longer collect monthly escrow payments, and you’ll be responsible for paying upcoming insurance premiums and/or property tax bills. 

💡 Tip: Even without an escrow account, you must have active property insurance. Otherwise, we’re required to purchase lender-placed insurance for you and create an escrow account to recoup what we spent to purchase the insurance. 

How do I qualify for an escrow waiver?

You’re eligible for a waiver if:

• Your loan was not previously modified
• You have not had any delinquency (including a tax delinquency) in the last 12 months
• You have not been 60 or more days delinquent in the last 24 months
• The principal balance for your mortgage loan is less than 80% of your property’s original appraised value
• You have not failed to make all payments on time after being approved for a previous escrow waiver

💡 Tip: You cannot request a waiver of mortgage insurance escrow payments. Also, if flood insurance is required, your flood insurance must remain escrowed. 

When will Carrington Mortgage process the waiver?

If we receive your waiver request within 45 days of a tax installment due date, we might have already started your tax payment. In that case, we'll complete the payment before proceeding with the escrow waiver. But if the payment has not been initiated, we'll prioritize the escrow waiver. 

As for insurance, we typically send out payments 21 days before the policy due date. We’ll process waiver requests made during this period, although we may have already sent the payment out to the insurance carrier. You can determine if we made an insurance payment by logging into your Homeowner Account at myloan.servicedbycarrington.com and checking your notifications.