What is the difference between a shortage and a deficiency?

Shortage: If the money in your escrow account is projected to be below your minimum balance at its lowest point in the 12-month period, you have a shortage. This can happen if the taxes or insurance premiums for the previous 12 months were more than expected. Or, if they're estimated to go up in the next 12 months. An escrow shortage occurs when there is a positive balance in the account, but there isn't enough to pay the estimated tax and insurance for the future.

Deficiency: An escrow deficit is when there's a negative balance in your escrow account. This happen when we've had to advance funds to cover disbursements on your behalf. So not only are you going to be short for your upcoming tax and insurance payment, but you also owe money to bring your account current.

Tax and insurance shortage payments can be made in CUnify. The extra funds will be applied as "taxes and insurance". If you do not feel comfortable applying the extra payment, the funds can be posted to 80800400 GL with the following description:

“EE (last name) (mortgage loan number).” Then, send the Mortgage Servicer an email and she will apply the payment. The full loan number can be found in CUnify on the Account Balances screen, or on the disclosure statement. Please do NOT include the member number, just the mortgage number.

*Please note- the due date for the shortages and deficiencies is the payment due date, January 1st. Members can pay via mail, in person at the branch, or by calling the request the transfer of funds. Another options, they can pay online with their monthly payment. However, it's all or nothing. The entire money payment plus the shortage/deficit has to be paid together in one transaction. Escrow-only payments cannot be made online or in the mobile app.