Yes, you can see the transaction activity in your escrow account on your monthly Mortgage Statement, on your annual Tax and Insurance Account Disclosure, and through SunNet Online Banking.

Yes, you can change insurance providers, but you must notify Suncoast to ensure they can make payments to the new providers correctly.

If there’s a shortage, you’ll need to make up the difference to cover expenses. The escrow shortage is spread over 12 months, which is added to your monthly mortgage payment.

If there is a surplus greater than $50.00, Suncoast will credit your share account. If it is less than $50.00 the funds will reduce your following year’s escrow payment.

Each year, your escrow account is reviewed to make sure that the taxes & insurance (T&I) monthly payment is enough to cover your annual escrow account requirements.

This information is provided to you in a Tax and Insurance Account Disclosure Statement so you can see the results of the review and its effect on your monthly mortgage payment. Occasionally, you may receive an interim statement, if needed.

Under the Real Estate Settlement Procedures Act (RESPA), the low monthly T&I balance should not exceed 1/6 of anticipated disbursements, which is two months.

Suncoast maintains a low point of 1/12, which is one month. This amount serves as a cushion in the event of an increase in your escrow bills.

There are a few possible explanations for either an increase or decrease in your monthly T&I payment.

• Homeowners Insurance: Fluctuations can occur due to coverage or rate adjustments and changes. Please contact your insurance provider or local insurance agent with questions regarding any changes.
• Real Estate Property Taxes: Changes to your property taxes can be due to a property reassessment, tax rate, and/or exemptions. New purchases and/or construction loans may have been assessed based on the previous homeowner’s assessment or land only value. Please contact your county’s tax office for any questions regarding changes in your tax amount.
• Initial T&I Deposit: The initial T&I deposit is determined based on the information available prior to closing. The information is usually an insurance quote or the amount of the premium paid from the last policy, and tax bill from the previous year. These amounts may be more or less than the actual bills received throughout the year, resulting in a change to your monthly T&I payment.

These amounts may be more or less than the actual bills received throughout the year, resulting in a change to your monthly T&I payment.

Shortages and/or deficiencies are collected over a period of 12 months and included in your monthly mortgage payment.

You also have the option of paying your shortage and/or deficiency separately as a lump sum payment.

To make payments, you can visit your local branch, call our Member Care Center at 800.999.5887, or online through either SunNet or SunMobile as an escrow only payment.

Our mobile app is available for Apple iOS and Android devices.

If your account has been set up on automatic transfer and your new T&I monthly payment increased, you will need to verify that your auto-transfer will be sufficient to cover your new monthly payment.

Adjust your auto-transfer by visiting your local branch or by contacting our Member Care Center at 800.999.5887.

If your auto-transfer has already been set up to deduct your scheduled monthly payment regardless of amount, you may not need to make any adjustments.

Suncoast does not control the actual amount of your tax and insurance bills. Please contact your insurance company or your local insurance agent if you have questions about changes to your premium or your local tax office if you have questions about your tax amount.