When the borrower is required to make payments to the loan provider for deposit into an escrow account for the purpose of property related payment of taxes, insurance premiums, and other charges the provider shall make payments from the escrow account for such taxes, insurance premiums, and other charges in a timely manner as such payments become due.

Escrow Account Administration services maintain escrow accounts on behalf of borrowers and meets or exceeds the accounting and reporting requirements set forth by the Real Estate Settlement Act (RESPA). This service is provided in concert with the loan servicing, trust accounting and ach express modules. It allows the delegation of unrelated functions to the appropriate department and provides an affordable in-house software solution.

The following are the main features of maintaining an ESCROW Account:

1. A minimum balance is to be maintained
2. Submission of documents can be multiple throughout the day
3. Companies place their stamp on the upper left hand corner of each document
4. Receive documents in a bundle format
The outsourcing company providing mortgage loan services also takes acts as a broker and opens an ESCROW Account in the name of the customer to track his deposits.