An account from which funds can be withdrawn only for specific reasons stated in a contract. In lending, these accounts are usually used to hold and disburse real estate taxes and hazard insurance premiums which are paid in advance by the borrower.
An account from which funds can be withdrawn only for specific reasons stated in a contract. In lending, these accounts are usually used to hold and disburse real estate taxes and hazard insurance premiums which are paid in advance by the borrower.