Posted by LydiaFL on 7/3/06 2:53am
Msg #130474

Need some clarification

What is an impound account and what document it is normally associated with?

Reply by PAW on 7/3/06 6:55am
Msg #130479

Sounds like a test question ...

Impound = Escrow. From that, you should be able to determine what is needed for escrow and study the different documents to find the information.

BTW, depending on the lender and other requirements, there may be more that one document associated with impound accounts.

Reply by DogmongerCA on 7/3/06 9:18am
Msg #130496

It is a test question

If these people want to pass themselves off as qualified or certified, they should really take their own test:-)

Reply by GF_CA on 7/3/06 10:01am
Msg #130512

The impound account is set by the lender for you, if requested, to prepay taxes and insurance, normally they collect 6 months of taxes and 2 months of hazard insurance and this account is set in Escrow for the closing. When you make your monthly payment, you also pay one month of tax and one month of insurance.

Reply by LkArrowhd/CA on 7/3/06 10:30am
Msg #130518

Re: Need some clarification-Please why are answering this

allow the person to research..........this is the most basic of knowledge.......

Reply by CaliNotary on 7/3/06 1:27pm
Msg #130550

Re: Need some clarification-Please why are answering this

Amen. I don't get it - it sounds like a test question but here's the answer anyway? People need to sink or swim on their own merits. If they can't pass signing service tests, the industry is better off without them.