Finance
An impound (escrow) account for a Utah mortgage requires:
AThe borrower to pay all taxes and insurance directly
BMonthly payments into an account held by the lender to pay future property taxes and insurance✓ Correct
CThe title company to manage future payments
DThe borrower to invest money in a separate savings account
Explanation
An impound/escrow account is maintained by the lender, funded by a portion of each monthly payment, to pay property taxes and insurance on behalf of the borrower when due. Lenders use this to protect their collateral from tax liens and uninsured losses.
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