A specified portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, or mortgage insurance as they become due. In some states, also referred to as escrow or reserves.

Escrow or reserve payment for items such as taxes, insurance, etc.

portion of the monthly mortgage payment that is placed in an account and held to pay hazard insurance, property insurance, and private mortgage insurance.

(or Reserves) - Portion of a borrower's monthly payments held by the lender to pay for taxes, insurance, and other items as they become due.

To shut up or place in an inclosure called a pound; hence, to hold in the custody of some authority such as police or a court; as, to impound stray cattle; to impound an illegally parked car; to impound a document for safe keeping.

To take and keep an animal or a thing in custody.

take temporary possession of as a security, by legal authority; "The FBI seized the drugs"; "The customs agents impounded the illegal shipment"; "The police confiscated the stolen artwork"

place or shut up in a pound; "pound the cows so they don't stray"

Account: - see "Escrow Account"

see Escrow Interest - The price paid for borrowing money. Interest rate cap - The maximum interest rate which can be charged on an ARM, also called ceiling rate. This is frequently 6% over the initial interest rate. The cap can also be an "interim cap," the amount that the interest rate can be increased at any regular change interval, frequently 2% per year.

See Escrow Payment