Resources > Glossary > Impound

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Impound

Phonetics: im·pound    \im-'paund\

Function: noun

Definition 1:
The 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 common to have Escrow impounded accounts to pay for future anticipated expenses.