Escrow Accounts

A mortgage escrow account is a financial account set up by your lender to hold funds for paying property taxes and/or insurance on your behalf.

Each month, a portion of your mortgage payment goes into the escrow account. Suncoast maintains this account on your behalf to ensure timely payments of your real estate property taxes and insurance (flood, homeowners, windstorm, and private mortgage insurance if applicable).

Suncoast calculates your escrow payment based on your estimated annual costs of property taxes and insurance. The total is divided by 12 and added to your monthly mortgage 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.

• 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 is a shortage, you will 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.

Shortages and/or deficiencies are collected over 12 months and are 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 our Suncoast Mobile App as an escrow only payment.

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