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PERSONAL FINANCE FAQSWe can help you find what you’re looking for. The links below will guide you to the best ways to contact us, help you find the product or service information you need, answer questions you may have about Wachovia, and more. Escrow Can my escrow overage be applied directly to my principal balance? Why do I have a minimum required balance? What is RESPA (Real Estate Settlement Procedures Act)? If I have a shortage, can I pay it separately? How will the appropriate escrow balance be determined? Do I have to carry an escrow account on my mortgage loan? Real Estate Settlement Procedures Act (RESPA) guidelines do not allow lending institutions to automatically transfer the funds to your loan balance. Any overage below $25 will be deducted from your first new payment after the annual escrow review (Please see your monthly statement for the amount due). Real Estate Settlement Procedures Act (RESPA) guidelines allow a reserve of up to two months of escrow payments to cover unanticipated increases in escrow bills. The escrow reserve is in accordance with state law, federal guidelines, and your loan documents. The Real Estate Settlement Procedures Act is a federal statute and regulation governing real estate lending practices, including but not limited to originating and servicing mortgage loans. A payment increase is usually a result of an increase in your taxes and/or insurance. For specific information on your loan, please contact us. Any shortage will automatically be spread over a period of 12 months and added to your monthly payment. You may pay your shortage in full at any time by sending additional funds with your monthly payment and indicating that the funds are to be applied to escrow and shortage amount will be removed from your monthly payments once your check has been processed. After your taxes and insurance are paid each year, we analyze the current escrow balance and compare it to the required escrow balance. If there is a difference between your required balance and your current balance, an overage or shortage may occur. If your loan is approved and closed with an escrow account, you may be required to maintain the escrow account for the life of the loan.
All loans and lines of credit are subject to credit approval, acceptable collateral and available equity, and are originated by Wachovia Bank, National Association, Wachovia Mortgage, FSB, Wachovia Financial Services, Inc.,or Wachovia Bank of Delaware, National Association. Products are not available in all states and are subject to change without notice. Certain restrictions apply.
Banking and financial services offered by Wachovia Bank, National Association and its affiliates. See specific product pages for details.  Personal Finance Login
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