impound account
impound account
See escrow account.
References in periodicals archive
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services required of the successful bidder will include all aspects of loan servicing including loan setup, long-term tracking, processing monthly statements, collections, customer service, impound account servicing, quarterly/annual reporting, and other tasks.
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.
services required of the successful bidder will include all aspects of loan servicing including loan origination/setup, long-term tracking, loan underwriting, processing monthly statements, collections, customer service, impound account servicing, quarterly/annual reporting, and other tasks.
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.
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.
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.
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