Escrow checklist after a mortgage-servicer transfer

If your mortgage servicing was transferred, I’d reconcile the escrow records instead of assuming every balance and payment carried over perfectly. Not because an error is likely, just because taxes and insurance are the things you don’t want to discover late.

I’d compare:

- The final statement from the old servicer with the first statement from the new one: principal, interest, escrow balance, unapplied funds, and any shortage or surplus.
- The escrow analysis, including projected tax and insurance disbursement dates and the required cushion.
- County or municipal tax records to confirm the latest installment was paid, and the insurer’s payment history to confirm the premium was received and the policy remains active.
- Payment history around the transfer date, especially any payment sent to the old servicer before the cutoff.
- Year-end mortgage-interest reporting once it becomes available, since the old and new servicers may each report part of the year.

I’d save the transfer notice, both account statements, payment confirmations, tax receipts, and insurance declarations page. If something doesn’t match, I’d ask the new servicer in writing for an escrow and payment-history reconciliation, then contact the old servicer for the pre-transfer records if needed. Keep making the scheduled payment while they review it unless you receive different written instructions.

Has anyone compared the old escrow analysis with the new servicer’s opening statement? I’m especially interested in how people handled a missing tax disbursement, an insurance payment that wasn’t reflected yet, or a shortage balance that changed during the transfer.

Sources for the current development:
Mortgage Transfer
Mortgage Service Transfer FAQs | Mortgage | Chase.com
Welcome Mr. Cooper Mortgage Customers | M&T Bank