At Amplify Credit Union we know that some members prefer to manage their annual property taxes and insurance premiums on their own. That’s why we allow eligible members to remove monthly tax and insurance escrow payments on an existing mortgage. In this section, we will explain eligibility and explain how to apply to remove monthly escrow payments.
- Amplify’s escrow removal requirements may allow you to remove your monthly tax and insurance payments on your mortgage loan
- To apply for escrow removal, complete the attached application and contact our loan servicing team at (512) 519-5417.
- There is a $50 fee to remove escrow
- Please allow 7-10 business days to process
What are escrow removal requirements?
At a certain point during the life of a mortgage, a member may decide they would prefer to manage their annual property tax payments and insurance premium payments. Amplify has requirements for our members to determine eligibility to remove monthly escrow payments from their mortgage loan. A list of those requirements is as follows:
- Members must complete our Escrow Waiver Request form.
- Loans with a negative escrow balance do not qualify.
- The property cannot be in a flood zone.
- The principal balance of the mortgage must be less then 80% of the original appraised value.
- A minimum of twelve (12) monthly payments must have been made on the mortgage loan.
- Members cannot have made any payments thirty (30) or more days past due in the twelve (12) month period prior to escrow waiver request.
- Members cannot have made any payments sixty (60) or more days past due in the twenty-four (24) month period prior to escrow waiver request.
- Members cannot have received a prior loan modification.
- Members cannot have been previously approved for an escrow waiver and then fail to make all payments timely as required.
- Contractual documents must allow for waiver review to be completed.
Is there a fee for escrow removal?
Amplify currently assesses a $50 Escrow Waiver Fee to be paid at time of Escrow Waiver 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 removal?
To apply for removal of monthly tax and insurance escrow payments, please complete the Escrow Account Waiver Request form. This form can be mailed to the same address listed above. The form can also be emailed to loan servicing at firstname.lastname@example.org.
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.