FAQ’s:
Do I need to send my real estate tax bill to the bank?
Generally, No.. You do not need to send us your regular, scheduled property tax bill. We work directly with your city, town or district to get that information.
The only exception: If you receive a supplemental or adjusted tax bill, please forward a copy to our loan servicing team at [email protected].
What happens if my property taxes change?
Don't worry, we plan for this. We regularly review your escrow account to make sure it covers any changes in your property taxes. This review is called an escrow analysis. It helps prevent any large shortages or overages in your account.
How we handle this depends on your loan type:
For Residential Loans
When We Review: We analyze your escrow account every May.
When Payments Change: Any adjustments to your monthly escrow payment will start with your July payment.
How You're Notified: We will mail you an annual escrow analysis statement. If you're enrolled in e-Statements, you'll receive it electronically.
How are shortages/deficiency and overages handled for residential loans?
If your account is short: We'll simply spread the shortage/deficiency amount over your next 12 monthly payments, starting in July.
If your account has an overage:
If it's $50 or more, we'll mail you a refund check.
If it's less than $50, we'll apply it as a credit toward next year's payments
For Commercial Loans:
The review schedule for commercial properties depends on the location. We will mail you an annual escrow analysis statement. If you're enrolled in e-Statements, you'll receive it electronically.
Massachusetts: Reviewed in May (payment change in July)
Washington, D.C. Metro Area: Reviewed in May & September (payment changes in July & November)
San Francisco Bay Area: Reviewed in May & February (payment changes in July & April)
Virginia & Maryland Area: Reviewed in May & January (payment changes in July & March)
How are shortages/deficiency and overages handled for commercial loans?
If your account is short: You are required to pay the shortage/deficiency amount within 30 days. We will add this amount to your next monthly bill.
For automatic payments: We will debit the shortage from your designated account. Please ensure you have enough funds to cover this plus your regular payment.
For Interest Reserve Accounts: Please make sure your operating account has sufficient funds for the debit, or you can mail a check for the shortage/deficiency amount to the address below:
Hingham Institution for Savings
Attention: Loan Servicing55 Main Street, Hingham, MA 02043
(Please write "Escrow Shortage" on the check's memo line.)
If your account has an overage: The funds will remain in your escrow account as a cushion. You may contact us to request a refund.
I have automatic payments set up. How will escrow changes affect me?
That depends on how you set up your automatic payments:
If you set up payments directly with Hingham Institution for Savings: You don't need to do anything! We will automatically adjust your payment amount for you.
If you use your bank's online "Bill Pay" service: You will need to log in to your bank's system and manually update the payment amount to match your new total. Alternatively, you can switch to automatic payments directly through Hingham Institution for Savings by completing the form below.
How can I stop the escrow requirement on my loan?
In order to stop the bank from escrowing for your real estate taxes, you need to submit a written request or email our Loan Servicing team at [email protected]. Each loan will be reviewed and must meet specific criteria.
What happens with my real estate tax payment after my loan is paid?
At time of payoff, the escrow balance is netted from the total payoff amount due. Once your loan is paid off, you are responsible for paying real estate taxes directly.
Still Have Questions?
We're here to help! For any questions about your escrow account, please contact our Loan Servicing team.
Email: [email protected]
Phone: 781-783-1702