An account required by some mortgage lenders to fund annual property tax assessments and hazard insurance premiums for the mortgaged property.... read full article
An account required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums for the mortgaged property. Funded through monthly contributions by the mortgagor.
When a mortgage loan is provided to a borrower, the lender establishes a fund called a tax and insurance escrow to accumulate the debtor's monthly payments for property taxes and insurance premiums for the mortgaged property.