KNOWLEDGE BASE

What happens if I overpay the escrow on my final mortgage payment?

If you expect an escrow disbursement after you paid your mortgage in full, we'll return those funds. Refunds are returned following the requirements of the Real Estate Settlement Procedures Act (RESPA). The check is made payable to the borrower(s) of record and mailed to the most recent address on record, 20 days after the loan is paid in full.

How this impacts you?

  • A check for the escrow account balance is sent to the borrower(s), 20 days after the loan is paid to zero (0).
  • The check is made payable to the borrower(s) listed on the loan.
  • We mail the check using the most recent mailing address on file.

The U.S. Bank Assumption Department monitors the Automatic Escrow Disbursement process to ensure the balances are remitted to all borrowers in a timely manner.