We take care of the details for you
We take care of the details for you
Embedded Files
Pacific Northwest Escrow, LLC provides first-rate tools, products and services to efficiently manage customer payments. With knowledgeable customer service staff, online account management tools, multiple payment options, and much more, customers can rest assured they are working with a company focused on protecting their interests.
Advantages of Third Party Escrow
Advantages of Third Party Escrow
There are many advantages to using a third party escrow agency to service your loan. When you sell your property and accept a Promissory Note secured by a Deed of Trust or Real Estate Contract you take on the risks and responsibilities of being a lender. Some advantages to using third party escrow are:
A neutral party accepting payments, computing principal and interest, this eliminates future disputes over balances owed
Secure holding of original documents until the account is paid in full and recording of documents after payoff
Setting up reserve accounts for the payment of taxes and insurance, with annual recomputation to update tax and insurance amounts paid
Eliminating the need to release your social security number to the other party. Both parties will use our TIN (Tax Identification Number) to report to the IRS
What is a Reserve Account?
What is a Reserve Account?
Borrowers may be required to establish a reserve account, in-addition to their mortgage principal and interest payment, out of which the contract servicing company pays property taxes and property insurance. Without an escrow account, a borrower who fails to maintain insurance and pay taxes on the home may lose the property that secures the loan.
Having your taxes and insurance included in your monthly payment is actually very convenient. Instead of having to pay an annual insurance premium and half of your annual taxes on April 30th and the second half on October 31st out of pocket, the servicer establishes an automatic savings plan for you and pays the taxes and insurance when they are due.
The amount of reserves required varies and can changes annually, depending on the amount of the annual taxes and annual insurance premium, this in turn, will change your monthly payment amount. (Can also be referred to as impounds or escrow reserve account)
Why Choose Pacific Northwest Escrow
Why Choose Pacific Northwest Escrow
Pacific Northwest Escrow, LLC. provides superior service at competitive rates. We do our best to ensure that our customers are satisfied at all times. Some of the services we provide are:
Electronic deposit of funds into the seller’s account at no cost
Automatic debit for buyers at no cost
Notification of payment sent to both seller and buyer when payment is received
Letters sent to buyers notifying them of an upcoming balloon payment or due in full date
Customers can view account histories detailing all payments made using our web page. Accounts are updated daily
Year end reporting of annual interest paid
Page updated
Report abuse