Definition
Impound Account
Another term for an escrow account, used more commonly in western states.
Nearby terms
Housing Ratio
The front-end debt-to-income ratio, measuring only the housing payment against gross income.
HUD-1
The former settlement statement, replaced by the Closing Disclosure for most consumer mortgages in 2015 but still used in some cash and commercial transactions.
Index
A published benchmark rate an ARM tracks, most commonly SOFR on current loans.
Interest-Only Loan
A loan on which only interest is due for an initial period, with no principal reduction during that time.
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