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Loans & Lending Practices MCQs

What is meant by the term "Impound"?

Customary costs above and beyond the sale price of a property that must be paid to cover the transfer of ownership at closing

The portion of a borrower's monthly payments held by the lender or service provider to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due

The time frame of a mortgage

The implied interest rate

Answer

Correct Answer: The portion of a borrower's monthly payments held by the lender or service provider to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due

Explanation:

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