Tag Archive for: impounds

Impounds vs. No Impounds; Sometimes No Choice

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We often get asked for advice in regard to taking an impound account or not. An impound (or escrow) account is an account held by a lender or a servicer that accumulates property tax and/or hazard insurance payments. The lender/servicer then uses those funds to make the semi-annual or annual property tax and insurance payments […]Read More

When Can Seller Sign? No Impounds If LTV 89.9% Or Less

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Two Reminders: Sellers can sign documents at almost anytime after escrow opens for conventional and jumbo transactions (as long as escrow has all necessary terms and time to prepare documents). Sellers do not need to wait for the buyer’s loan documents to get to title before they can sign. With an FHA transaction, however, sellers […]Read More