Finance
An 'impound account' and an 'escrow account' in the context of a mortgage are:
ATwo different types of accounts
BThe same thing — accounts held by the lender to collect property taxes and insurance premiums✓ Correct
CAn impound is for taxes only; escrow is for insurance only
DBoth are voluntary accounts
Explanation
Impound account and escrow account are interchangeable terms used by lenders to describe accounts that collect monthly deposits from borrowers to pay property taxes and homeowner's insurance premiums.
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