Which of the following items is typically associated with an impound or escrow account?

An impound or escrow account is specifically designed to hold funds for certain recurring expenses associated with homeownership, primarily property taxes and homeowners insurance. This arrangement allows borrowers to contribute to these costs monthly as part of their mortgage payment, ensuring that the necessary funds are available when the payments are due.

By using an escrow account, lenders and borrowers can manage these expenses more effectively. It provides a systematic approach to budgeting for taxes and insurance, which are mandatory for maintaining ownership and protecting the property. Home repair costs and utilities, on the other hand, are typically the homeowner's responsibility and are not included in impound accounts because they are variable and not required by the lender. Loan origination fees are one-time charges associated with the mortgage process itself and are not an ongoing expense managed through an escrow account.