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How are tax/insurance projections calculated for the next year?

We project annually how much you’ll need to set aside in your escrow account for the upcoming year. The projected amount is based on the taxes and/or insurance premi­ums you paid during the previous 12 months. The total amount is divided by 12 to determine your projected monthly escrow payment. An important thing to keep in mind: customers are required to have a “cushion” in their ac­count, which is equal to two months of escrow payments.

What’s an escrow shortage?

An escrow shortage occurs when, even with a positive escrow balance, there are not enough funds in the account to pay your yearly project­ed taxes and insurance. By having a two-month cushion, you should have enough funds to cover unexpected tax and/or insurance increases; however, in some cases, insurance and tax premium increases may still exceed the amount in your escrow account.

Please note: Changes to your tax and/or in­surance premiums could result in a change in your monthly loan payment. This information is supplied on your escrow analysis statement described above.

What’s an escrow surplus?

An escrow surplus occurs if your taxes and/or insurance costs were lower than expected.

Are you responsible for filing your tax exemption?

Customers are responsible for filing their own tax exemption; failure to do so may result in a higher tax bill.

What’s an escrow analysis?

Every year, we review your escrow account to make sure there’s enough money in it to cover your taxes and/or insurance premiums. We send you a summary statement of this report on August 1st. It includes a review of escrow account activity during the past year, and payment projections for the next 12 months. It’s important that you take the time to review this document when you receive it.

What’s an escrow account?

Your escrow account, in a sense, is a savings account that is managed by First Internet Bank as your mortgage servicer. We deposit a portion of your mortgage payment into the escrow account to cover your estimated real estate taxes and insurance premiums.

Will my online banking password ever expire?

Your online banking password does not expire. But if you want to change it, you can update it yourself at any time in My Settings. In the Login & Security section, click Edit next to Password. Update your password and click Save.

I am not a US citizen. May I open an account with First Internet Bank?

To be eligible for a First Internet Bank account, you must have a verifiable US residential address and a US tax identification number or Social Security number.

May I open a custodial account for a minor at First Internet Bank?

Yes. Under the Uniform Gifts (or Transfers) to Minors Act (UGMA/UTMA), a minor owns the funds in the account, but the custodian is responsible for monitoring and distributing the funds to the minor. The Indiana Uniform Transfers to Minors statute declares that a party can become a custodian without a court appointment.

When I apply for an account, how long will I have to wait before I receive a decision?

In some cases, you may receive an immediate decision after you submit your completed application. In other cases, we will need to review your application. You will receive an email within two business days after your completed application has been reviewed, at which time you can return to the online application to view the decision.