FinanceCâu 82 / 100
The account in which a lender holds a portion of a borrower's monthly payment to pay property taxes and insurance is the:
a.Escrow (impound) account
b.Acceleration account
c.Amortization account
d.Discount account
Giải thích
An escrow or impound account is where the lender collects a portion of taxes and insurance with each monthly payment and pays those bills when due. This ensures property taxes and hazard insurance stay current. The account is analyzed periodically and adjusted.
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