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Escrow (definition)

Functionality that lets you add additional amounts to regularly scheduled payments that don’t apply to other parts of the loan.

Written by Andy Morrise

Updated on March 7th, 2023

Functionality that is designed to let you add additional amounts to regularly scheduled payments that don’t apply to any other important part of the loan (e.g. interest, principal, discount, fees, etc.). Adding escrow to an account is similar to adding an additional fee to each payment.

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