Impound “Reserve” Accounts

Setting up an Impound, or “Reserve,” account allows the borrower to conveniently pay their property taxes, insurance premium, and/or homeowner dues when they are due by contributing monthly payments over the course of the year. It also allows the payee to monitor what is being paid into the account and keeps them abreast of possible delinquencies or missed payments.

When a new transaction that includes reserves is established with INCS, we will calculate a Reserve Analysis worksheet for the borrower.

This analysis will show when the annual or semi-annual impound payments are due to the outside agencies and what reserve amount needs to be collected each month to meet those obligations. A new analysis will be sent to the borrower on an annual basis between March and April, after the property tax statements are received.

The monthly reserve amount, determined by INCS, will then be added to the payment amount established in the contract, so one convenient payment can be made each month, by the borrower.

Having a Reserve Account established with INCS offers convenience, security and the assurance that contractual obligations are being monitored and met.

To add this service to your existing account or include it with your initial set up, please print the Reserve Checklist and submit to INCS with copies of the recent billing statements.

To review INCS’ Reserve Procedure, click here. For more information or if you have questions, please call our office at 360-336-5213.