Payoffs

To pay off your mortgage, contact our Real Estate Servicing Department at (337) 477-2000 ext. 3023 to speak with a loan associate or email mortgageservicing@csefcu.org.

Payments 

To make a payment on a CSE Mortgage, you can use one of the following options:

  • Pay via CSE Online / CSE MOBiLE App if you are paying from a CSE account

  • Pay by phone or email

    - Phone: (337) 477-2000 ext. 3023

    - Email: mortgageservicing@csefcu.org 

  • Pay by phone with a debit or credit card for a fee

  • If paying from a non-CSE account, you can establish bill pay with another financial institution

Interest Statements

Interest Statements are mailed by 1/31 of every year. Alternatively, you can contact us via phone or email for your interest statement.

What is an escrow account?

An escrow account is a special account set up when you take out a mortgage. It’s used to collect and hold funds to pay your property taxes, homeowner’s insurance, and/or flood insurance on your behalf. These funds are only used for those specific expenses, helping ensure your bills are paid accurately and on time.

 

What is an escrow cushion?

An escrow cushion is a small extra balance kept in your escrow account to help protect against unexpected increases in your taxes or insurance premiums. It acts as a financial buffer to help ensure your account has enough funds to cover these payments.  

The Real Estate Settlement Procedures Act (RESPA) is a federal law regulating escrow accounts. The RESPA statute allows servicers to maintain a cushion amount equal to one-sixth of the total amount of items disbursed from the account, or approximately two months of escrow payments. The escrow cushion is to help make sure that there are enough funds to pay taxes and insurance premiums as they are due. There is always the probability of changes in insurance premiums or higher tax amounts. Having a cushion helps to reduce the possibility of shortages that may occur when the escrow disbursements increase.

 

Why does my escrow payment change every year?

Each year, your account goes through an escrow analysis. Because property taxes and insurance rates may go up or down, your escrow payment is adjusted to reflect those changes, resulting in either an increase or a decrease in your monthly payment.

 

What is escrow analysis surplus, deficiency, or shortage?

After your annual escrow analysis, you’ll receive a statement detailing your escrow status:

  • Surplus

    You have more than enough funds to cover projected expenses. If the surplus exceeds $50, it will be refunded to your share account.

  • Deficiency

    Your account had a negative balance, possibly due to higher-than-expected taxes or insurance last year.

  • Shortage

    Your projected starting balance is less than what’s needed to cover upcoming disbursements. Monthly deposits should cover this—but the cushion must be preserved.

 

Why is my monthly mortgage payment changing?

If your mortgage has a fixed interest rate, the principal and interest portion of your monthly payment stays the same. However, the escrow portion may increase or decrease based on changes in taxes and insurance. Any shortage or deficiency may also be spread over 12 months and added to your payment.

 

Can I pay extra into the escrow to keep my mortgage note the same?

A common myth! Unfortunately, adding extra funds beyond what's listed on your escrow statement won’t prevent your monthly payment from changing. Federal regulations and system calculations require the adjustment, no matter how much extra you pay in.

 

What are my options if I have a shortage and/or deficiency in my escrow account?

If your escrow account shows a shortage or deficiency following an escrow analysis, you have the option to pay the balance either partially or in full during the designated analysis period. If you choose not to pay the shortage or deficiency, the total amount will be combined, divided over 12 months, and added to your monthly mortgage payment. This ensures the account is replenished over time while maintaining your escrow obligations.

 

Additional Information:

For any further questions, please feel free to contact the CSE Real Estate Servicing Department. We are available Monday through Friday, 8:00 a.m. to 5:00 p.m. CST, and are happy to help.