Escrow, Property Taxes and Homeowners Insurance

Escrow, Property Taxes & Homeowners Insurance Information

You will find helpful answers about your escrow account, property taxes and homeowners insurance on this FAQ page. Click a question below to see the answer. You can find general information about mortgages on our resources page. If you have a question that is not covered on this page, please contact us and we will be happy to assist you.

1st Mortgage Escrow Information

Many loan terms state that Elevations Credit Union will set up an escrow account to pay property taxes and insurance (including homeowners insurance and flood insurance) on your behalf. In most cases, if Elevations is escrowing for your loan, you will not need to make these payments. Our sub-servicer Dovenmuehle Mortgage Inc. (DMI) handles all escrow accounts.

Why does escrow change?

What is an escrow shortage/overage?

I paid my shortage. Why did my monthly payment still change?

Can I prepay my escrow account to make sure my payment does not change?

How do I remove escrow?

How do I know if I am Escrowing?

Property Taxes

Each year, every county in Colorado collects taxes based on the assessed value of real property. This is generally referred to as a property tax or county tax. You should receive a Real Estate Property Tax Notice, sometimes referred to as a Tax Certificate. Typically, these are issued in January. Property taxes are paid in arrears – meaning taxes assessed for year 2016 are paid in 2017.

You will not need to provide us the Property Tax Notice and should retain it for your records.

Who Pays the Property Tax?

How do I know if I am Escrowing for Property Taxes?

When will you Pay my Property Taxes?

What are MY responsibilities?

What about IRS Tax Forms?

Homeowners Insurance

All loans require evidence of homeowners insurance. Homes within a flood zone also require evidence of flood insurance. There are minimum coverage requirements for both homeowners insurance and flood insurance. You are responsible for maintaining coverage on your home at all times during the life of the loan. Any lapse in coverage that occurs may have an insurance policy purchased at your expense.

If your Homeowners Association (HOA) provides a policy which covers your home, it is your responsibility to submit a copy of this policy to Dovenmuehle Mortgage Inc. (DMI) as evidence of insurance.

Can I change my Homeowners Insurance?

Property Damage Information

1st Mortgage Private Mortgage Insurance (PMI/MI)

Generally, Private Mortgage Insurance (PMI/MI) is required on your loan when the loan amount compared to the house value is over 80%. This is called your loan-to-value ratio. This insurance protects Elevations Credit Union in case of default. Monthly payment of PMI is handled out of your escrow account by our sub-servicer, Dovenmuehle Mortgage Inc (DMI).

Your PMI/MI disclosure statement received at closing will detail when your monthly PMI payment will auto-terminate. If you have a monthly PMI/MI payment, you may qualify to have this removed upon meeting required federal guidelines.

The earliest date to request removal of PMI/MI will be determined based on the loan-to-value ratio, the seasoning (age) of your loan, property value by appraisal, and payment history.

Removal of PMI/MI prior to the auto-terminate date will require a written request signed by all borrowers. You will then receive a letter from DMI detailing the requirements to remove PMI/MI. An appraisal is required to ensure the property has retained or exceeded its original value. The letter you receive will include an estimated cost for your appraisal – you are responsible for covering all costs associated with the appraisal.

To remove PMI/MI, please contact Dovenmuehle Mortgage Inc for further assistance.

Customer Service – 1-877-849-9267

Mailing Address:
Elevations Credit Union
Attn: Escrow Department
1 Corporate Dr Ste 360
Lake Zurich, IL 60047

Make sure to reference your loan number with any correspondence.

Contact Dovenmuehle (DMI, Elevations Trusted Servicing Partner)

Have a question?
Contact our Mortgage Team at:
303-443-4672 x2289

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