Finance
A North Dakota lender 'collects in escrow' for property taxes and insurance. This means:
AThe lender deducts these amounts and pays them directly at year end
BA portion of each monthly mortgage payment goes into an escrow account for taxes and insurance✓ Correct
CThe lender pays these costs from the loan proceeds
DThe buyer pays these directly to the county and insurance company
Explanation
Impound or escrow accounts collect monthly amounts for property taxes and insurance (1/12 of annual amounts per month), ensuring these bills are paid on time. The lender manages the account and pays bills when due.
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