Definition of standard. 1 : a conspicuous object (such as a banner) formerly carried at the top of a pole and used to mark a rallying point especially in battle or to serve as an emblem.
Escrow Account Defined in Simple Terms. An escrow account is a deposit account that is created by a third party, usually an escrow agent, to hold in trust valuable assets that are tied to a transaction process on behalf of the transacting parties.
What is a Net Escrow Payoff? A Net Escrow Payoff allows us to take the balance in your existing escrow account and apply it as a credit toward the payoff of your existing mortgage loan that is being refinanced. Weâre only able to do this on loans AimLoan.com is currently servicing. If you have chosen to escrow property taxes and/or insurance on the new loan, a new escrow account will be set up. There is no additional fee to request a Net Escrow Payoff.