Frequently Asked Questions (FAQs)
If you have questions about your loan with The Money Source Inc. and would like to speak to someone, please give us a call at (866) 867-0330. Our team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET to help you.
Q: How long does it take to receive my escrow balance after my loan is paid in full?
A: Once your loan is paid in full, the escrow/surplus balance, if any, will be refunded and sent to the mailing address within our system within approximately 10 business days from the date of the payoff transaction. If you are moving, it is important that you provide us a new mailing address to ensure receipt of any refund as a result of the payoff.
Q: What should I do if I receive a tax bill?
A: If you have an escrow account for taxes and the bill is for the current tax due, please mail or fax your tax bill to the address below. Please include your loan number on any correspondence. Corelogic 95 Methodist Hill Dr. Suite 100 Rochester, NY 14623
Q: Why did I receive an escrow overage check?
A: An overage check can be a result of your annual insurance premium, taxes or both being less than originally expected. The Escrow Analysis Statement included with the check should show how the overage was calculated. Federal law requires that we return any surplus over $50 directly to you. However, if you would like to return the overage check to us and have it applied as a principal reduction, please do so by endorsing the back of the check to The Money Source Inc. and send it to the following address: The Money Source Inc. ATTN: Cashiering 3138 E. Elwood Street Phoenix, AZ 85034
What the heck is escrow?
Ok, we’re not going to pretend like this is an easy one to understand. No one would say escrow is the most straightforward part of a home loan. But don’t worry, we’ve got you covered. Click here and get to know everything escrow! What is Escrow? Simply put, an escrow account is like a separate side account that’s there to cover your property taxes and/or your homeowner’s insurance. Think of it like a safe money stash that your lender holds for you to pay for property taxes and homeowner’s insurance. Learn more. Let’s break this down The review Once every year, we sit down and review your escrow account to make sure that it’s in excellent shape for the upcoming year. Learn more. Property taxes (paying just got easier) An escrow account takes care of another big payment you have: property taxes. And this makes paying your property taxes a cinch (and who doesn’t want that!). Learn more. Homeowner’s insurance (simplify your payment) The biggest advantage to having an escrow account is that your homeowner’s insurance is included in your monthly mortgage billing statement—making payments easier to manage. Learn more.