Is there any rule of thumb as to how much a mortgage company can legally hold in escrow?

Here is my situation: Countrywide is holding $4500 currently in escrow. My Taxes and Insurance were paid in November. They are currently over charging me $364 month in my payment. If that continues they will have $14,900 in my account by next November. My taxes and Insurance are only $6200.

They told me that they review the account once a year in February and I had to wait.

I want my $3500 back that is overage and to reduce my mortgage payment $364.

Anyone ever experience the same problem?