Escrow Payment

Escrow payment is the payment made by the borrower through his escrow account for property tax and insurance related expenses. Typically, escrow is collected by the mortgage lender from the borrower, which is held in an escrow account to pay for property-related expenses such as property taxes and homeowners insurance. These payments are part of the borrower’s monthly mortgage payment and ensure that there are sufficient funds available to cover these recurring costs when they come due. A loan management software with escrow module automates these payments for the borrower and ensures timely escrow payments.