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.
Escrow Account. An escrow account is a sum of money accrued through your loan and used to pay taxes and insurance payments. Deposited by the borrower and managed by the lender, the escrow account exists to make necessary payments related to the property.The payments help to protect both the lender and borrower's interests.oan Modification. Job loss, income decrease, divorce, birth of a child and other changes of circumstances can be grounds for a loan modification. Lenders offer their borrowers opportunities to redeem themselves when it comes to their loans through the modification process.