Each residential mortgagee, including any insurance company with articles of incorporation filed under section 26.1-01-03, intending to maintain an escrow account for the payment of taxes, assessments, insurance premiums, and other charges upon the mortgagor‘s residence shall furnish annually each mortgagor with a detailed statement showing all debits and credits to the account.

Terms Used In North Dakota Code 47-10.2-05

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.

                                                                

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