Can a Borrower Remove their Escrow Account?

Rules and Restrictions

A borrower may request for an Escrow Waiver – escrow waiver allows homeowners to make these payments independent of an escrow account.

Quontic must not solicit a borrower with an offer to waive the escrow account requirements but is authorized to evaluate a borrower’s request to waive the escrow account.

Waiving Escrow Account Request Requirements (still not guaranteed the request will be approved)

Loan has been active for a full 12 months with no late payments

Written Communication requesting for Escrow account to be waived (Handwritten or typed)

Letter must be signed (Wet Signature)

Borrower must send the Escrow Waiver Request to the email address Escrow@quonticbank.com

Suggested Verbiage: “Waiving your escrow account means that you want to take on the responsibility of paying property taxes, homeowners’ insurance, and possibly other expenses on your own, rather than having your mortgage servicer handle these payments for you from an escrow account.

“For Quontic to consider your request to waive your Escrow balance – you must submit a written request.”