Escrow

For detailed information on how to read your escrow statement, click here.

Marix complies with the Real Estate Settlement Procedures Act which requires us to perform a periodic analysis of your loan. This analysis may result in an escrow account adjustment. You will receive an escrow analysis statement each time an analysis is performed. Marix performs analysis annually based on state tax cycles. Note: Escrow analysis may also be performed more than once a year.

Payment changes can take place as a result of an ARM interest rate change or a recent escrow analysis that was completed resulting in an increase in your monthly payment. Real estate taxes or insurance premiums typically change yearly. This will affect the amount of your escrow payment. The increase or decrease in the amount paid out for the Taxes and Insurance may result in an escrow shortage or surplus. The analysis is based on the most recent bills paid from your escrow, and may have created a shortage in your account. The shortage indicates that your actual escrow balance is less than the amount required in the escrow account. This shows us that the amount Marix paid on your most recent bill has changed from the estimates calculated from the previous year. A payment change notification will be sent to you at least 30 days prior to the change.

As part of your loan payment, you may deposit funds into an escrow account each month. The funds in this account are to be used to pay future bills such as real estate tax bills (excluding supplemental tax bills), property insurance premiums, flood insurance premiums (if applicable), and Private mortgage insurance premiums (If applicable) which are described in your mortgage contract. Escrow accounts enable us to pay these bills when they become due. This type of account is sometimes known as an "impound account". Note: Homeowner association dues are not an escrow item and are the responsibility of the borrower. Payment should be made timely to avoid any risk in ownership change due to the unpaid dues.

If Marix is servicing your first mortgage, please submit your request in writing via mail or fax to the address indicated below. Please indicate what you would like escrowed, taxes, insurance or both. Please also provide a copy of your most current tax statement and/or insurance statement to ensure the analysis set up is based on the most accurate data. To establish an account please note, this may require an initial deposit be made into your escrow account to avoid a shortage in the account and additional increases in your payment.

MARIX SERVICING LLC
Attn: Correspondence Dept.
PO Box 42008
Phoenix, AZ 85080
Fax# 623-249-2066

Marix reviews your escrow account at least once a year.

Your escrow deposit is equal to 1/12th of the total bills we anticipate paying on your behalf during the next year, we are also allowed to maintain a minimum escrow account balance (cushion), which may be up to two month's worth of your monthly escrow deposit, depending on the terms of your loan and state law.

An escrow cushion is used to offset any shortages your escrow account may incur due to increases in your property taxes or homeowner's insurance. The allowable cushion is equal to two monthly escrow deposits unless otherwise required by state law.

Your escrow payment may increase or decrease for several reasons, such as:

• Property tax increase or decrease
• Homeowners insurance premium increase or decrease
• Mortgage insurance increase or decrease
• Increase or decrease in the amount of other bills we pay on your behalf
• Changes in the minimum escrow required

If your escrow account balance is less than the required amount needed at the time of your analysis, your escrow account will have a shortage. Your escrow shortage is automatically spread over a 12 month period and included in your monthly payment for the specified period of time indicated on your statement. You do, however, have the option to pay the escrow shortage in part or in full. A shortage repayment coupon is attached to the statement. If you choose this option, you monthly mortgage payment will adjust. Please remit any escrow payment that is to be applied to the shortage to the address indicated below. Also be sure to indicate the purpose of the payment to ensure payment is applied correctly.

If you believe the shortage is incorrect please compare the anticipated escrow disbursement amounts for those items escrowed according to your statement with your annual tax bill and/or insurance renewal to ensure the amounts are correct. The amounts indicated in the statement impact the analysis and whether or not there is a shortage.

MARIX SERVICING LLC
Attn: Escrow Department
PO Box 42008
Phoenix, AZ 85080

If your Escrow account has a surplus of $50.00 or greater you will receive a check in the mail within 5-7 business days from when you receive your annual analysis statement. Anything under $50.00 will be divided to reduce your payments each month for the coming year. Note: If your account is more than 30 days delinquent, you will not receive a refund for the overage amount indicated in your statement until your mortgage is paid current. Marix is not required under the Real Estate Settlement Procedures Act (RESPA) to refund any overage if your mortgage is over 30 days delinquent. Please call our Customer Service Department at 866-280-2888 Monday through Friday 6:00 a.m. - 7:00 p.m. MST if you have any further questions.

The escrow payment is calculated based on the regulation as outlined under the Real Estate Settlement Procedures Act (RESPA). Your annual tax and/or insurance premiums determine the amount Marix needs to collect including any cushion to ensure sufficient funds are in the escrow account at the time the disbursements should be made.