impound account

impound account

See escrow account.

References in periodicals archive ?
All funds received pursuant to the commitment letters will be deposited into an impound account and not released to the Company until certain conditions have been met, including raising a minimum of $60.
Other functionality is also available via Web service, such as DSI's Add-A-Plan system that facilitates instant access to more than 10,000 loan programs for over 1000 lenders nationwide, aggregate impound account forecasting and other computations such as APR's, payment amounts, simple interest and bi-weekly computations, complete loan amortizations and more.
MasterCard, or they may opt to use an impound account for an existing
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.
Litigation was brought by the borrower of a loan in the trust against GMAC Commercial Mortgage Corporation (GMACCM) involving the release of funds in an impound account.
In a separate agenda item, the Board also voted to hold all the funds the District collects on property tax bills from its Seismic Improvement Program in an impound account while the courts debate the legality of collecting money from the property tax rolls.
TYPICALLY IMPOUND ACCOUNTS FOR 70% OF BUSINESS WITH CAR SALES FROM RECOVERY OF 20% AND REPO OF APPROX 10%.
Potentially fraudulent activities include poorly prepared impound accounts, manipulated paperwork, and interest rates that were raised without the proper notification.
In the area of mortgage servicing, the bill requires certain borrowers to have escrow or impound accounts established in conjunction with their mortgages to provide protection against tax liens, the forced placement of insurance, and unanticipated taxes and insurance premiums.
Impound accounts are only required when you buy (and pay) property taxes.
If this is not offered, seek interest to be paid, particularly since most impound accounts usually demand a t hree-month surplus of funds.
First, property taxes are buried in the mortgage payment because of the fact that they are often paid through impound accounts managed by their mortgage companies.