CHFA applies a portion of your monthly mortgage payment to your property taxes and homeowner (a.k.a. hazard) insurance and, if applicable, mortgage insurance. This portion is placed into an escrow account until the tax and insurance payments are due.

Escrow analysis

A CHFA specialist compares the initial escrow amount estimated by the lender to the actual escrow amount paid to the county and insurance agent, and adjusts your monthly escrow amount if there is any discrepancy. If your monthly mortgage payment amount changes due to an escrow adjustment, the new monthly mortgage payment amount will go into effect with the July payment. This analysis typically takes place in late May or early June.

Escrow overage

If you have paid more into your escrow account than CHFA had to pay out of it, you will have an escrow overage. If your overage amount is more than two months worth of escrow payments, the overage will be refunded to you via a check in the mail. Additionally, your monthly escrow payment amount will be adjusted to reflect the actual amount paid.

Escrow shortage

If you have paid less into your escrow account than CHFA had to pay out of it, you will have an escrow shortage. CHFA will adjust your monthly escrow payment amount to reflect the actual amount paid. Additionally, CHFA will give you two options for payment of the shortage. You may choose to pay the shortage at once, or add it to your monthly mortgage payment, pro-rated over the next 12 months. If CHFA does not receive your total shortage by August 1, CHFA will pro-rate the payment. 

Coupon books

CHFA sends out new coupon books every June, in time for use with the July payment. 

Contact Us

If you have any questions regarding your escrow account, please contact the Loan Servicing Department at 303.297.7493 or  toll free 888.925.5720.  You can reach them by email at loanservicing@chfainfo.com.