Frequently Asked Questions

Do I need to send in my tax bill for payment?

Property taxes are reported to Wintrust in an automated fashion; therefore there is no need to submit tax bills for payment from escrow accounts.

When is the annual escrow analysis performed?

Wintrust performs the annual escrow analysis in January for loans in Wisconsin; in March for loans in California, Florida, and Texas; and in October for loans in all other states. To help you read your escrow analysis statement, please download the Understanding the Escrow Analysis Process document.

When can an escrow shortage be paid and does the whole shortage need to be paid at once?

Escrow shortages must be paid at least two weeks prior to the date the new escrow payment becomes effective. Escrow accounts are reanalyzed upon receipt of the full shortage payment. An informational insert is included in all escrow analysis statement mailings and provides all pertinent information.

When will I receive my escrow surplus check?

Escrow surplus checks are mailed out so the borrowers receive them within 30 days of the escrow analysis statement date.

How do I cancel private mortgage insurance (PMI)?

This does not apply to government loans.

Borrowers who meet the guidelines listed below are able to request cancellation of their private mortgage insurance. Signed written requests that include the borrower contact information can be sent to Wintrust:

mail: 9701 W. Higgins Road, Ste. 400, Rosemont, IL 60018

A member of the Escrow Team will contact you with more details of how the process works.

  • Current loan-to-value ratio is 80% (A new appraisal performed at the borrower’s expense may be required to substantiate the current loan-to-value ratio).
  • The loan is presently current.
  • The loan has not been 60 or more days delinquent in the past 24 months.
  • The loan has not been 30 or more days delinquent in the past 12 months.

Do I have to escrow for flood insurance?

It is a requirement under the Biggert-Waters Flood Insurance Reform Act that effective January 1, 2016 all 1st mortgage residential loans maintain an escrow account for flood insurance.