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impound account

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impound account

See escrow account.
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An impound account allows your property taxes and hazard insurance to be collected at the same time as your mortgage payment.
Points & Closing Costs by Patrick Schwerdtfeger / Finance and Investment community
In addition, within 30 days after completing its annual review of an impound account, the mortgage company must notify the borrower of the amount by which the contributions exceed the amount reasonably necessary to pay the annual obligations due from the account.
Where states are stricter by Negroni, Andrea Lee; Kromer, John P. / Mortgage Banking
An impound account is where your property taxes and insurance are collected WITH your monthly mortgage payment.
Signing the Loan Documents by Patrick Schwerdtfeger / Finance and Investment community
 
 
 
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