about your escrow analysis:

The Bank is required to complete an annual escrow analysis on all Mortgage loans for which we manage an escrow account.  To follow is important information for you if you received a recent Annual Escrow Analysis Statement. 

Your Annual Escrow Analysis Statement contains important information about the calculation of your escrow account.  If your annual escrow analysis identifies a shortage or a deficiency within your account, you are not required to pay this shortage immediately in full.  Salem Five will automatically spread this shortage over 12 months of future payments allowing repayment over time. This will result in increased future mortgage payments. You have the option of making a one-time payment for the shortage/deficiency amount if you wish to avoid the spread or increase in your future payments.  These shortage and deficiency amounts are detailed on your annual escrow analysis statement or you can contact us for assistance if you wish to discuss this option. 

If you choose to make a one-time payment to clear your shortage/deficiency, this  payment requires special handling to ensure your future payments are reduced and do not also include this shortage/deficiency amount.  You may make your payment online, in-person or by mail, however, you must also email to notify us of your choice to make your shortage/deficiency payment.  Please ensure your email includes your loan number and payment amount, so we can ensure your account is monitored for this payment and reduce your future payments to ensure they do not include any shortage/deficiency amount.    You may also reach out to our contact center at (800) 850-5000 for assistance.