Terms Used In Kansas Statutes 58-2339

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Lender: means all state and national banks, trust companies, state and federally chartered savings and loan associations, federally chartered savings banks or state and federally chartered credit unions or any person making a home loan;

    (b) "selling lender" means a lender who sells, assigns or transfers the servicing of a loan to a purchasing lender or a servicing agent;

    (c) "purchasing lender" means a lender or servicing agent who buys the servicing of a loan from a selling lender;

    (d) "home" means a dwelling or dwellings for not more than four families. See Kansas Statutes 58-2337

  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.

Each purchasing lender requiring an escrow account shall provide to the mortgagor an annual summary of all transactions of such escrow account on or before February 15. The summary shall include the amount of each transaction and the purpose for which the money was spent.