escrow account
Also known as an 'impound account,' this is an account held by the lender, into which the borrower makes monthly payments used toward annual expenses like tax and insurance. These payments will be collected as part of the monthly mortgage installments and the funds are disbursed on behalf of the borrower at the time they become due.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
escrow
Noun: escrow (a written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment of some condition)
account
Noun: account, business relationship (a formal contractual relationship established to provide for regular banking or brokerage or business services) "he asked to see the executive who handled his account"
Noun: report, account (the act of informing by verbal report) "he heard reports that they were causing trouble"; "by all accounts they were a happy couple"
Noun: history, account, chronicle, story (a record or narrative description of past events) "a history of France"; "he gave an inaccurate account of the plot to kill the president"; "the story of exposure to lead"
Noun: report, news report, story, account, write up (a short account of the news) "the report of his speech"; "the story was on the 11 o'clock news"; "the account of his speech that was given on the evening news made the governor furious"
Noun: account, accounting, account statement (a statement of recent transactions and the resulting balance) "they send me an accounting every month"
Noun: explanation, account (a statement that makes something comprehensible by describing the relevant structure or operation or circumstances etc.) "the explanation was very simple"; "I expected a brief account"
Noun: bill, account, invoice (an itemized statement of money owed for goods shipped or services rendered) "he paid his bill and left"; "send me an account of what I owe"
Noun: score, account (grounds) "don't do it on my account"; "the paper was rejected on account of its length"; "he tried to blame the victim but his success on that score was doubtful"
Noun: account (importance or value) "a person of considerable account"; "he predicted that although it is of small account now it will rapidly increase in importance"
Noun: account (the quality of taking advantage) "she turned her writing skills to good account"
Verb: account (be the sole or primary factor in the existence, acquisition, supply, or disposal of something) "Passing grades account for half of the grades given in this exam"
Verb: account, calculate (keep an account of)
Verb: report, describe, account (to give an account or representation of in words) "Discreet Italian police described it in a manner typically continental"
Verb: account, answer for (furnish a justifying analysis or explanation) "I can't account for the missing money"
- escrow account -
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