How is Escrow Advance defined in a legal contract?
- Escrow Advance means an obligation agreed upon by a servicing entity for a mortgage loan, including real estate taxes, insurance premiums which the obligor is unable to cover. Seen in 30 SEC filings.
- Escrow Advance means any upfront payment made to cover taxes, insurance premiums or other costs that would otherwise be covered by a borrower's escrow account, if not for a shortfall. Seen in 21 SEC filings.
- Escrow Advance means the total outstanding amount attributed to an advance. Seen in 5 SEC filings.
- Escrow Advance means any payment made in relation to real estate taxes, insurance premiums required to be paid on behalf of the related Mortgagor under the terms of the related Mortgage Loan that the Servicer can claim back. Seen in 5 SEC filings.
- Escrow Advance means any disbursement made with respect to any Mortgage Pool required to pay tax obligations or insurance premiums, in case the funds in the related escrow account are insufficient. Excluding any advance made by an Interim Servicer. Seen in 5 SEC filings.
- Escrow Advance means a total outstanding escrow advance balance. Seen in 3 SEC filings.
- Escrow Advance means a total outstanding number balance. Seen in 2 SEC filings.
- Escrow Advance means any advance made to offset costs such as paying for taxes, insurance premiums, which would have been funded by a shortfall in an Escrow account. Seen in 2 SEC filings.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Escrow Advance means an upfront payment made by a servicing entity to cover mortgage-associated costs.
Relevant Contract Types
Relevant Circumstances
- Purchase of property requiring a mortgage loan
- Acquisition of property through financing
- Properties with high insurance premiums or tax obligations
Relevant Sectors
Genie Definition 2
- Escrow Advance means the total outstanding amount from such upfront payment.
Relevant Contract Types
Relevant Circumstances
- Negotiations for debt settlement
- Loan acquisition involving escrow advance
- Cases of loan refinancing
Relevant Sectors
Genie Definition 3
- Escrow Advance means a payment to settle mortgage-related expenses when a borrower's escrow account funds are insufficient.
Relevant Contract Types
Relevant Circumstances
- Mortgage loan under agreement with insurance expenses
- Loan delinquency scenarios
- Case of borrowers with limited financial resources
Relevant Sectors
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Escrow Advance means an upfront payment made by a servicing entity to cover mortgage-associated costs
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