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  490 Westfield Rd.|HOLYOKE MA 01040

July 2021  
July 2021

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Important Information for HCU Mortgage Borrowers
Your Escrow Account at HCU

Every year at this time the Loan Servicing Department at HCU, under the direction of Stacey O'Sullivan, Vice President of Loan Servicing and Administration, does an escrow analysis on all the mortgages we service for our members. What does this mean for you?

An escrow account is set up on a mortgage loan so that HCU can pay the borrowers’ annual property taxes and homeowner’s insurance premium. A monthly escrow payment  amount is added to the mortgage bill (principal & interest) to cover property taxes and homeowner's insurance. We review the escrow payment amount once a year to ensure the amount is sufficient to pay the required property taxes and homeowner’s insurance for the following year. 

We inform members about their escrow payment with an Escrow Analysis Statement. Escrow Analysis Statements were mailed on June 25, 2021. 

Some members will have a shortage in their escrow account and their mortgage payment will increase to cover this shortage.  The shortage is the result of an increase in the home’s property taxes and/or homeowner’s insurance premiums.  
A member may choose to make a payment directly to their escrow account to make up the shortage. This will prompt a reanalysis of the escrow account and the mortgage payment will be adjusted accordingly. Members will then receive an updated Escrow Analysis Statement with the revised information. 

Those members with excess funds in their escrow account will receive a refund check. These lucky members can expect the checks to be mailed the week of August 9, 2021.     

If you have questions concerning your escrow account, please call HCU’s Loan Servicing Department at 413-561-9602 or email them at

For more information regarding your HCU home loan check out our FAQs for New Homeowners.  

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