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How To Add Monthly Escrow Payments To a Mortgage Loan

Learn how qualified members can add monthly escrow to their mortgage loan at Amplify Credit Union.

Written By April Smith (Director, Loan and Investor Servicing)

Updated at June 10th, 2022

At Amplify Credit Union we know that some members may find managing their annual property taxes and insurance premiums to be a daunting task.  That’s why we allow eligible members to add monthly tax and insurance escrow payments on an existing mortgage.  In this section, we will explain eligibility and explain how to apply to add monthly escrow payments.

KEY TAKEAWAYS:

  • Amplify’s escrow addition requirements may allow you to add monthly tax and insurance payments on your mortgage loan
  • To apply for escrow addition, complete the attached application and contact our loan servicing team at (512) 519-5417.
  • There is a $50 fee to add escrow
  • Please allow 7-10 business days to process

What are escrow addition requirements?

At a certain point during the life of a mortgage, a member may decide they would prefer Amplify manage their annual property tax payments and insurance premium payments.  Amplify has requirements for our members to determine eligibility to add monthly escrow payments from their mortgage loan.  A list of those requirements is as follows:

  • Members must complete our Escrow Account Request form.
  • Both tax and insurance obligations will be escrowed for.
  • Amplify will perform an analysis of the loan to calculate the monthly escrow payment.  The analysis will include a spread of any obligations as well as a two-month cushion.  Please note, escrow account will be analyzed on an annual basis going forward.
  • If any amounts are past due, member must contact the insurance provider and/or taxing authority for the amount to pay current and bring those accounts current.
  • Any real estate taxes, hazard insurance or flood insurance payments due within the next sixty (60) days must be paid in full.  A receipt or copy of a cancelled check must be included with the application.
  • Amplify does not escrow homeowner’s association (HOA) fee/dues.

Is there a fee for escrow removal?

Amplify currently assesses a $50 Escrow Set-up Fee to be paid at time of Escrow Account Request Form submission. Funds can be transferred directly from the member’s Amplify Share or Checking Account. If funds are not available at Amplify, the member can mail a check made payable to Amplify Credit Union to the following address: 

Attn: Loan Servicing 
P.O. Box 85300 
Austin, TX 78708

How do I apply for escrow addition?

To apply for the addition of monthly tax and insurance escrow payments, please complete the Escrow Account Request form. This form can be mailed to the same address listed above.  The form can also be emailed to loan servicing at loanservicing@goamplify.com.  

Please allow 7–10 business days for processing once form and fee are received.  If you have any questions, please contact our loan servicing team at (512) 519-5417.

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