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 Accounts. An escrow account is a fund held by your servicer that you pay into for property taxes and homeowners insurance. Your escrow payment typically is part of your monthly mortgage payment. The servicer then uses your escrow account to pay your taxes and insurance as they become due during the year.