Resources > Glossary > Escrow Payment

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Escrow Payment

Function: noun

Definition 1:
The portion of a mortgagor's monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Escrow payments are known as "impounds" or "reserves" in some states.