escrow news

Impound Escrow Accounts – Easier for Buyers and Lenders

What is an impound escrow account?

An impound escrow account is set up for a real estate mortgage loan to pay certain property-related expenses such as private mortgage insurance, homeowner’s insurance and property taxes. Frequently, lenders require these impounds to be paid with the borrower’s monthly loan payment. Often, loan regulations require impounds to be set up for a mortgage loan collateralized by a personal residence. Escrow accounts are far from simple as they may be required or restricted by an array of state and federal laws and regulations. Generally, there is a legal instrument that places a lien on the homeowner’s property, such as a deed of trust or mortgage, that requires reserves or impounds for property taxes and insurance.

Accruit Expands Services, Acquires Bankers Escrow Corporation

Accruit, LLC, the nation’s leading provider of qualified intermediary and 1031 like-kind exchange program solutions, today announced a definitive agreement to acquire all of the assets of Bankers Escrow Corporation, one of the largest full service escrow companies in Colorado.
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