IMPOUNDS. A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and/or future insurance policy premiums, required to protect their security. Impounds are usually collected with the note payment. The combined principal, interest, taxes and insurance payment is commonly termed a PITI payment.
IMPOUNDS
By Realtor Michael Marchena|2020-03-01T00:33:48+00:00July 20th, 2012|Categories: Real Estate News|0 Comments