The purpose of escrow for a mortgage is to efficiently and easily manage the taxes and insurance related to your home. Rather than having to pay these expenses separately, escrow allows you to automatically set money aside in your mortgage payment that goes towards these expenses until they need...
Billing Accountis the checking account from which all Service fees will be automatically debited. Escrow Deposithas the meaning set forth in Section 2.1. Collection AccountsAs defined in Section 3.10(a). Settlement Accountmeans an account established at a financial institution designated by Merchant as...