Renee1A
Contributor

Paid off our mortgage obligation on February 12, 2015. Escrow balance showing $3,000. plus has been sitting in the account for two weeks and would prefer it sit in my account so that I may enjoy the interest accured rather than a secondary party. Called voiceing my concern and the representative was less than helpful was told that they would hold the escrow for 15-Business Days or 3 weeks? Is this standard practice? If so, it would seem that the secondary party or the past mortgage holder would pay interest on funds held....I understand USAA does not service this loan but DMI....

3 REPLIES

It's reasonable for them to hold the money for less than a month. In any case, the lost interest is pennies.

Second installment of property taxes coming due in less 4 weeks...need the escrow balance more than DMI needs the "pennies" in interest...

Hi Renee1A,

If you send us an email here at socialmedia@usaa.com with your member number and the details you provided above, we can have a member service representative look into the hold and hopefully give you a specific answer!

Thank you for posting.