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For escrows of computer source code, see source code escrow. An escrow is: a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or.
Purpose of Mortgage Escrow Account. A mortgage escrow is not the same as a real estate transaction escrow used by the buyer and the seller in the process of a home purchase. A mortgage escrow concerns the homeowner and the mortgage lender.he homeowner is responsible for depositing funds into the mortgage escrow account on a monthly basis as part of the mortgage payment arrangement. When the property taxes and insurance premium become due, the escrow firm will transfer the funds to cover the payments.