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What is the main purpose of an escrow (impound) account on a mortgage?
a.To collect and pay property taxes and insurance
b.To hold the borrower's down payment
c.To pay the loan officer's commission
d.To reduce the interest rate
Giải thích
An escrow/impound account collects a portion of taxes and insurance each month so the servicer can pay those bills when due. It is not for the down payment, commissions, or lowering the rate.
Trích dẫn luật: RESPA / Regulation XLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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