Escrow Terms

2. Administered through the Department of Housing and Urban Development, a consumer protection statute.
5. A contracted vendor that prints and mails Navy Federal statements. Analysis and year-end statements can be viewed on-line through NCP.
7. The month in which the escrow balance reaches the required minimum reserve of one month’s payment.
8. Funds paid from an escrow account for hazard insurance, real estate tax bills, release of funds after payoff, or overage payment.
9. Funds received on a monthly basis from a member and posted to an escrow account.
12. The amount of disbursements and payments applied to an escrow account over the previous analysis period.
13. Any funds over the required balance when an analysis is completed.

1. Funds paid to a member on the balance in the escrow account. Dividends are paid monthly and at the same rate as Everyday checking accounts
3. A document that provides an accounting of the disbursements and payments on the account over the past year, as well as the projected account balance requirement for the upcoming year.
4. Another name for an escrow account.
6. Disbursements scheduled to be sent from an escrow account over the next twelve months based on bills paid to the insurance company and tax offices in the previous year.
10. The additional amount required to be paid to ensure the minimum required balance is met. The shortage payment is the difference between the required balance and the projected balance at the accounts low point.
11. An account established with a home loan to allow Navy Federal to make tax and insurance payments as required. The monthly installment is included with the monthly principal and interest payment.