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My loan documents refer to an Impound account, what is an Impound account?

April 26, 2017account documents Impound loan refer

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My loan documents refer to an Impound account, what is an Impound account?

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An impound account is that portion of a borrower’s monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. It is also known as reserves.