Escrow Account FAQs

An escrow account holds funds for the payment of your taxes and/or insurance. As each mortgage payment is made, a portion of your payment is deposited into the escrow account. Fifth Third will use funds from this account to pay your tax and/or insurance bills as they are due.

The benefit of an escrow account is that you can combine all your mortgage related expenses into one monthly payment.  Any homeowner can choose to have an escrow account.

You may be required to maintain an escrow account for a variety of reasons. Some common reasons include:

• The amount of equity in your property.
• Your property is in a High-Risk flood area and the loan was originated after 1/1/16.
• Your loan had a hardship modification.
• You have an FHA or Rural Housing Loan.

Certain escrow accounts may be eligible for cancellation. Some basic requirements to cancel escrow may be:

• Your Loan-to-Value Ratio equals 80% or less. Loan-to-Value Ratio is the amount of your outstanding principal balance as compared to the original value of your home.
• You have a good payment history (No payments past 60 days late in 24 months and no payments past 30 days late in 12 months).

Please note: Other requirements may apply. If you would like your escrow to be reviewed for eligibility, please email a written request to [email protected] or fax to 513-358-0621. Your request should include your full name, full account number, what you would like to do and your signature.

We maintain a minimum required balance (also referred to as a cushion) in your escrow account for unexpected increases in your taxes and/or insurance. 

There are a few ways you can open an escrow account:

• Open an escrow account at the time of your loan closing.
• Email or fax a written request, along with your most recent tax and/or insurance bills you would like to add to your escrow account to [email protected] or fax to 513-358-0621.
• Call one of our Customer Service representatives at 800-972-3030, Monday-Friday, 8am-6pm, ET.
• Visit a Fifth Third banking center.

Contact us at 800-972-3030 to speak with a Customer Service Professional. We are available to answer calls Monday-Friday 8am-6pm, ET. You can also visit the message center to chat with us within 53third or stop by any Fifth Third banking center.

At least once a year, we perform a review of your escrow account in order to determine if the escrow portion of your monthly mortgage payment is sufficient to cover the annual requirements for your real estate taxes, and/or insurance premiums. We are required under the Real Estate Settlement Procedures Act (RESPA) to disclose to you in an Annual Mortgage Escrow Statement the results of this review and its effect on your monthly mortgage payment. Occasionally, we may provide you with an interim statement to maintain compliance with RESPA.

Once we establish a schedule for your account, we will run your analysis and prepare your Annual Mortgage Escrow Statement, typically at the same time each year. Your statement will be mailed to you. Copies of your Annual Mortgage Statement can also be found within the Document Center on 53.com.

Your payment may still go up if your taxes or insurance increase, even if you decide to pay the entire shortage or receive a surplus. The monthly payment is determined by dividing the projected disbursements for the upcoming year by 12 while the shortage/surplus is based on the subtracting the projected minimum balance from the required minimum balance. On your annual escrow statement, you'll see a month-by-month projection of your upcoming escrow contributions. You'll also see the timing and amount of upcoming disbursements we expect to make on your behalf.

Yes! Although it is not required, you can voluntarily pay the shortage amount in full. If you prefer to pay the full amount, you can find the shortage amount in the blue Escrow Details box on the first page of the Mortgage Escrow Statement.

A surplus is typically caused when the monthly tax and insurance payments were lower than projected. If your surplus equals $50 or more and your loan is current, we will send you a refund check. If your loan was past due at the time of analysis, your refund will be held in escrow until your loan is brought current. If you are actively participating in loss mitigation assistance, the terms of your workout option may affect your refund. If your surplus is less than $50, we will automatically apply it to reduce your monthly escrow payment over the next 12 months.

The funds in your escrow account are used to pay things like:

• Homeowner’s insurance.
• Flood, wind or earthquake insurance.
• Mortgage Insurance.
• Property tax.

Absolutely! To make an additional payment to your escrow account:

• Log in to 53third via Google Chrome or mobile banking and go to your mortgage account, click on “transfer” and “make a payment to this account.” Select the account you want the payment to come from, enter the amount you want to have paid to escrow in the “other” field and click submit. Then click on the chat button and message us to request this payment be applied to escrow.
• Call Customer Service at 800-972-3030, Monday-Friday 8am-6pm, ET.
• Visit a Fifth Third banking center.

Your escrow payments are included in your monthly mortgage payment. To ensure timely payment, please follow the information provided on your monthly mortgage billing statement.

If your mortgage payment is set up with our Automatic Payments payment system, any changes to your payment amount will be updated automatically. If you are using any other online payment method, you'll need to update the amount through that payment method.

The monthly escrow payment is calculated by taking the sum of all applicable bills we anticipate paying on your behalf for the next year and dividing it by 12. We maintain a minimum required balance (also referred to as a cushion) in your escrow account for unexpected increases in your taxes and/or insurance. If your account has a shortage as determined on your Annual Mortgage Escrow Statement, this may increase the monthly payment. Refer to your most recent Annual Mortgage Escrow Statement for further explanation.

If your escrow payment has changed due to a shortage in your escrow account, you may be able to spread your shortage over a longer period of time.  Please keep in mind this may cause larger shortages in the future.  To see if this is an option, please contact Customer Service at 800-972-3030, Monday-Friday 8am-6pm, ET.

If you are experiencing a financial hardship and need to speak with someone, please contact us at 866-601-6391. There is also additional counseling or assistance available through the U.S. Department of Housing and Urban Development (HUD). For a list of homeownership counselors or counseling organizations in your area, click here or call 800-569-4287.

Mortgage Insurance provides financial flexibility and may allow borrowers without a substantial down payment to purchase a home. It protects your lender in case you default on your mortgage loan. There are two common types of mortgage insurance:

• Private Mortgage Insurance (PMI): PMI is the most common form of mortgage insurance, especially on Freddie Mac and Fannie Mae Loans.
• Mortgage Insurance Premium (MIP): Mortgage Insurance Premiums are common on FHA loans.

To determine if you can cancel your PMI, review the requirements to cancel your mortgage insurance outlined on your Mortgage Insurance Disclosure received with your loan closing documents, if available.

• If your loan is secured by a single family, owner occupied residence you can typically request PMI cancellation if:
  • Your “original value” LTV (loan-to value) ratio must be 80% or less—a calculation made by dividing your loan’s unpaid principal balance by your original purchase price or your original appraised value, whichever is less.
  • You have a good payment history. (No payments past 60 days late in 24 months and no payments past 30 days late in 12 months.)
  • PMI removal can be requested based on “current value” LTV, but there are specific requirements including age of loan, investor, etc.

• For automatic termination on a fixed rate mortgage loan, if the residence is a single-family primary home or second home, your mortgage insurance will be cancelled automatically in one of the following scenarios, whichever happens first, provided that your loan is current:
  • The LTV on your property reaches 78%, based on the original amortization schedule (and you didn’t make extra payments to get it there).
  • You reach the midpoint of your mortgage term (year 15 on a 30-year mortgage, for example).

Note: If you have a multi-unit primary residence or investment property, these rules differ slightly. With Fannie Mae, mortgage insurance goes away on its own halfway through the loan term. By contrast, Freddie Mac does not auto-cancel mortgage insurance.

These guidelines don't apply to every loan. To determine if you are eligible to cancel your mortgage insurance, submit a written request with your full name and full account number via fax to 513-358-3403 or by emailing [email protected]. You can also mail the request to:

Fifth Third Bank
5001 Kingsley Drive
MD 1MOBAH
Cincinnati OH 45227

For FHA loans with MIP, please refer to the “Important Notice to Homebuyers” or “Informed Consumer Choice” documents that were provided at your loan closing.

If you have an escrow account for the payment of your taxes, we will obtain your billing information directly from your tax agency. You should retain the tax bill(s) sent to you for your records.  However, if any of these situations apply, please email a copy of your tax bill to [email protected] or fax us at 817-826-0538:

• You live in Pennsylvania.
• You have an off-cycle tax bill (for example- supplemental or delinquent tax bill).
• You disputed your bill with your taxing authority.
• You have received an exemption from your taxing authority.

If you do not have an escrow account for taxes, you are responsible for paying your tax bill(s).

If you have significant changes to your tax or insurance, please call Customer Service at 800-972-3030, Monday-Friday 8am-6pm, ET to update to your account.

Your loan documents require that you maintain the appropriate insurance coverage at all times. The type of coverage required may depend on the location of the property.  For example, properties in flood zones must have flood insurance. 

If your required insurance coverage lapses or you don’t have enough coverage, Fifth Third may purchase insurance on your behalf.  Your monthly mortgage payment will be adjusted to reflect the additional charge to your escrow account.

• Please upload a copy of your policy to https://www.expressinsuranceinfo.com/3142240. Please allow 3-5 business days to have your policy information uploaded.
• The best way to keep us informed of your current, new or updated insurance policy would be to confirm the mortgagee address matches the address below. This will help prevent additional requests for evidence that your property is insured.

Fifth Third Bank, National Association ISAOA/ATIMA
PO BOX 391197
Solon OH 44139-8197

If you have filed a claim and/or received a check due to a loss and want to understand next steps for repairing your home, you can start the process by going to https://www.myclaimfunds.com/53.

Contact us at 800-972-3030 to speak with a Customer Service Professional. We are available to answer calls Monday-Friday 8am-6pm, ET. You can also stop by any Fifth Third banking center.