Impounds are funds that are held by a lender or mortgage servicer on behalf of a borrower to pay for certain expenses related to the property, such as property taxes and insurance. These funds are typically collected as part of the mortgage payment and held in a separate account, so that the lender can ensure that these expenses are paid on time.
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What does impounds mean?
Related terms
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Mechanic's Lien
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Book Value
Procurement of Supplies / Services
Oral Agreement
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