Impound Schedule

An impound schedule, the same as an escrow schedule, is a detailed schedule that outlines the periodic payments a borrower must make into an escrow account, typically held by a lender or a servicer, for future expenses such as property taxes, homeowner’s insurance, and other property-related costs. This schedule ensures that funds are available to cover these expenses when they come due, thus protecting both the borrower and the lender from potential defaults or lapses in necessary coverage.