Escrow & Title
What is an impound account (escrow account) in Nevada mortgage lending?
AAn account where the borrower deposits their earnest money
BAn account maintained by the lender to collect and pay property taxes and insurance premiums on behalf of the borrower✓ Correct
CAn account where the title company holds closing funds
DA savings account required by Nevada law for first-time homebuyers
Explanation
An impound (or escrow) account held by the lender collects monthly contributions from the borrower for property taxes and insurance premiums. The lender pays these obligations directly when due, ensuring they are paid and protecting the lender's collateral.
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