Why does my Golden 1 First Mortgage escrow account have a surplus?

There are several reasons for a surplus. These include, but are not limited to:

• Applicable property tax** and insurance paid during the past year were lower than projected
• A refund was received from the tax authority or insurance carrier
• Escrow items that were previously required have been removed (e.g., the property is no longer in a flood zone)
• Additional funds were applied to your escrow account

**If your loan was a new property purchase, due to the irregularity in amount/frequency/due date, supplemental property taxes are the member’s responsibility to pay and are not paid from your escrow account.