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Hi, Im Mark, I teach Loan Signing System. Im frequently asked by new notary loan signing agents, What is the difference between an escrow account and an impound account? and they also ask me, What does PITI stand for? and the biggest question I get is, How do lenders actually calculate what to collect on a monthly basis for this impound account? When youre doing a loan signing, the borrower may have specific questions about their impound account, so you need to understand how they work. In this video youll learn the basics of what an impound account (or an escrow account) is. First and foremost, an impound account and an escrow account are the exact same thing. One can say that their taxes and insurance are impound accounts, or they can say that they have an escrow account for their taxes and insurance. So, what is an escrow account or an impound account? But before I can answer that, its important to understand how property taxes and homeowners insurance is billed. Lets s