3888彩票手机版本下载

3888彩票手机版本下载

365彩票客户端app下载他后來去了美國,擔任加州大學東方語言文學教授  至此,瞄準方向,經驗平移,大力出奇跡,字節跳動系入侵中視頻戰場的故事,已經講好了開頭

36选7基本走势图表图  以創作者訴訟為例,三名創作者各自在TikTok上有100多萬或200多萬的粉絲,他們在判決書中不僅提到了具體的商務合作,認為TikTok禁令影響了他們的收入,也主張商務部禁令剝奪了創作者在平臺自由表達言論的權利,以及成千上萬跟他們一樣的創作者在平臺自由表達言論、自由獲得各類信息的權利,并且他們無法在其他平臺上獲得相似的表達機會  日前,新京報記者實地探訪該試驗場地,揭秘這些神奇的驅鳥術

360彩票中心电话許多美聯儲觀察人士希望得到關于央行資產負債表政策的更多前瞻指引,但預計聯邦公開市場委員會11月4-5日會議不會給出任何新線索他后來去了美國,擔任加州大學東方語言文學教授

3888彩票手机版本下载

365足球比分查找原文發現,這是一篇只有三段的讀者來信,寫的是竹子開花:  讀下來可以發現,Tingle當年四月在山東經歷了他聞所未聞的竹子開花,當地老百姓視為不祥之兆,因而寫信給Nature讀者求教:“Canyourbotanicalreadersgivemeanyinformationaboutthefloweringofthebamboo?”  此君落款是山東省濟南府皇家省立學堂,想必是一位外教或者傳教士  而在對創作者的資金支持上,YouTube有成熟的向內容創作者分成的廣告機制,YouTube分45%,創作者可分55%,形成完整商業閉環,讓創作者實現了穩定收入來源

    1003
  • The Fannie Mae reference number for the “Uniform Residential Loan Application.” This form is a standard shared by Fannie Mae and Freddie Mac and is the most commonly used form for loan application.1004
  • The Fannie Mae reference number for the “Uniform Residential Appraisal Report.” This form is a standard shared by Fannie Mae and Freddie Mac and is the most commonly used form for residential appraisals.1040 FEDERAL TAX RETURN
  • The Federal tax form used by U.S. citizens and residents to report their annual income to the Federal government. The 1040 tax return must be accompanied by any applicable schedules, which provide line-item detail of various sources of income. 1065 FEDERAL TAX RETURN
  • The Federal tax form used by U.S. partnerships to report their annual income to the Federal government. 1099
  • A document that reports to the Federal government gross and net income earned by individuals who receive pension, social security or miscellaneous income, such as income from contract work. 1120 FEDERAL TAX RETURN
  • The Federal tax form used by U.S. corporations to report their annual income to the Federal government. 1STPOSITION LIEN
  • A secured claim against a property that will be the first claim to be repaid should the property owner declare bankruptcy or default on the secured loan. 203(B)
  • FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four-family housing; characterized by low downpayments, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount. 203(K)
  • FHA mortgage insurance program which enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.2065
  • Abbreviated appraisal form.2-4 UNIT PROPERTY
  • A property that consists of a structure that provides living space for two to four families, although a single mortgage or deed of trust evidences ownership of the structure. 3 Cs
  • Lenders consider three factors -- credit, capacity and collateral -- when considering a credit application. Credit is the borrower’s proven willingness to repay a debt. Capacity is the borrower’s financial ability to repay a debt. Collateral refers to the property used to secure a loan transaction. 30-DAY LATES, 60-DAY LATES, etc.
  • Designations of the severity of mortgage delinquency. A mortgage payment is considered 30 days late when two payments are due. A mortgage payment is considered 60 days late when three payments are due. ABSTRACT (OF TITLE)
  • A historical summary of all the recorded transactions that affect the title to the property. An attorney or a title company will review an abstract of title to determine if there are any problems affecting the title to the property. All such problems must be cleared before the buyer can be issued a clear and insurable titleABSTRACT OF JUDGMENT
  • A summary of the essential provisions of a court judgment which, when recorded in the county recorder’s office, creates a lien upon the property of the debtor in that county. ACCELERATION CLAUSE
  • A loan provision giving the lender the power to declare all sums owing lender immediately due and payable upon the violation of a specific loan provision, such as the sale of the property or the failure to make loan payments on time. ACCRUED INTEREST
  • Interest on a note, bond, etc., which has been earned but not yet paid. ACKNOWLEDGMENT
  • Formal declaration before a public official (typically a Notary Public) that one has signed a document; required before recording real estate legal documents, such as deeds of trust. ACRE
  • A measure of land equal to 43,560 square feet. ACTUAL CASH VALUE
  • An amount equal to the replacement value of damaged property minus depreciation.ADDENDUM
  • An attachment to a contract, deed or other document that incorporates additional terms of information to the original. ADJUSTABLE RATE MORTGAGE (ARM)
  • A mortgage loan where the interest rate is not fixed for the entire term of the loan, and can change during the life of the loan in line with movements of an index rate (also known as a variable-rate loan, usually offering a lower initial rate than fixed-rate loans). 1% ARM
  • An adjustable-rate mortgage with a 1% annual-rate adjustment cap (i.e., the interest rate canincrease a maximum of 1% annually).2% ARM
  • An adjustable-rate mortgage with a 2% annual-rate adjustment cap (i.e., the interest rate canincrease a maximum of 2% annually).2/1 ARM
  • An adjustable-rate mortgage that has an initial fixed-interest rate for the first 2 years and an annual interest rate adjustment after this initial period. 3/1 ARM
  • An adjustable-rate mortgage that has an initial fixed-interest rate for the first 3 years and an annual interest rate adjustment after this initial period.3/3 ARM
  • An adjustable-rate mortgage that has an initial fixed-interest rate for the first 3 years and an interest rate adjustment every 3 years beyond this initial period.5/1 ARM
  • An adjustable-rate mortgage that has an initial fixed-interest rate for the first 5 years and an annual interest rate adjustment after this initial period.7/1 ARM
  • An adjustable-rate mortgage that has an initial fixed-interest rate for the first 7 years and an annual interest rate adjustment after this initial period.10/1 ARM
  • An adjustable-rate mortgage that has an initial fixed-interest rate for the first 10 years and an annual interest rate adjustment after this initial period.15/1 ARM
  • An adjustable-rate mortgage that has an initial fixed-interest rate for the first 15 years and an annual interest rate adjustment after this initial period.7/23; 5/25 ARM
  • Mortgages with a one-time rate adjustment after 7 and 5 years, respectively.ADJUSTABLE RATE RIDER
  • A rider is an addition to a security instrument. The adjustable-rate rider outlines terms and conditions specific to an adjustable-rate loan. It must be recorded along with the security instrument at the county recorder’s office. ADJUSTMENT CAP
  • The adjustment cap limits the degree of interest rate changes during a specific period within the life of the loan.ADJUSTMENT PERIOD
  • The time between interest-rate adjustment dates for an ARM. For example, if the adjustment period is six months, then the interest rate will remain fixed for six months before adjusting. AGREEMENT OF SALE
  • A written signed agreement between the seller and the purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement (also known as contract of purchase, purchase agreement, offer and acceptance, earnest money contract or sales agreement). ALIMONY
  • Periodic payments made under a divorce decree or a written separation agreement toward the support of a former spouse. Alimony may be taken as a deduction from adjusted gross income by the person who pays it, while the person who receives it must claim it as a taxable income. ALTA
  • An acronym for American Land Title Association (commonly used in reference to a particular type of title policy). AMENITY
  • A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (woods, water) or man-made (swimming pool or garden).AMERICAN LAND TITLE ASSOCIATION (ALTA)
  • An organization composed of title insurance companies, which has adopted certain insurance policy forms to standardize title insurance coverage on a national basis. AMORTIZATION
  • The repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow ownership of the home at the end of a specific time period (for example, 15 or 30 years).FULL (POSITIVE) AMORTIZATION
  • The payment of a mortgage in installments over an agreed-upon period, during which principal and interest are paid off in equal payments.POTENTIAL (NEGATIVE) AMORTIZATION
  • A mortgage repayment plan wherein the minimum monthly payments do not cover the monthly principal and interest amounts due (the difference is added to the principal, increasing the loan’s outstanding balance).AMORTIZATION SCHEDULE
  • Provided by mortgage lenders, the schedule shows how the principal portion of the mortgage payment increases and the interest portion decreases over the life of the mortgage loan.ANNUAL PERCENTAGE RATE (APR)
  • The effective rate of interest for a loan per year. This rate is typically higher than the note rate because it takes into account closing costs. This is one way to compare loan programs offered by different lenders. Caution: the APR is sometimes computed differently by different lenders and can be misleading. ANNUITY
  • Fixed payments an individual receives for a lifetime or specified number of years at consistent intervals. For example, an annuity can derive from a pension plan or an investment. APPLICATION
  • The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.APPLICATION FEE
  • The fee that a mortgage lender charges to cover processing costs related to a mortgage application.APPRAISAL
  • A report by a qualified person setting forth an opinion or estimate of value. Also, the process by which this estimate is obtained.APPRAISER
  • A professional who conducts an analysis of the property, including references to sales of comparable properties, in order to develop an estimate of the value of the property. APPRECIATION
  • An increase in value. Example: an increased value of property due to either a positive improvement of the area or the elimination of negative factors. APR
  • Acronym for Annual Percentage Rate. ARBITRATION
  • A process whereby disputes are settled by involving an impartial third party (arbitrator) chosen by the disputing parties who agree in advance to abide by the decision of the arbitrator. There is a hearing where both parties have an opportunity to be heard, after which the arbitrator issues the decision.ARM
  • Adjustable Rate Mortgage: a mortgage loan subject to changes in interest rates.ARM'S LENGTH TRANSACTION
  • A transaction among parties, each of whom is acting in their own best interest. AS IS CONDITION
  • Premises accepted by a buyer or tenant relative to the condition of a property at the time of sale or lease, including all physical defects. ASBESTOS
  • A toxic material that was once used to make insulation and fireproofing materials in houses. Because some forms of asbestos have been linked to certain lung diseases, it is no longer used in new home construction. ASSESSED VALUE
  • Value placed upon property for property-tax purposes by the tax assessor. ASSESSMENT
  • A local tax levied against a property for a specific purpose, such as street lights. ASSESSOR
  • A government official who is responsible for determining the value of a property for the purpose of taxation.ASSETS
  • Everything of value an individual owns.ASSUMABLE MORTGAGE
  • A mortgage that can be transferred from a seller to a buyer. Once the loan is assumed by the buyer, the seller is no longer responsible for repayment (there may be a fee and/or a credit package involved in the transfer of an assumable mortgage).ASSUMPTION
  • An act that occurs when the buyer of a property assumes the seller's debt or obligation without obtaining new financing. This must be approved by the lender and be permitted under the terms of the note that the seller executed with the lender. ATTACHMENT
  • A legal process whereby the judgment creditor may obtain a lien against the debtor’s property. ATTORNEY CLOSINGS
  • A practice prevalent in states where attorneys’ opinions are used in place of title reports. Closings by attorneys follow much the same procedures as escrow closings: the lender delivers to the attorney the settlement statement and the net loan proceeds, as well as instructions for their use. ATTORNEY IN FACT
  • A person given the authority to act on behalf of another under a power of attorney. ATTORNEY'S OPINION OF TITLE (IN ABSENCE OF A TITLE COMPANY)
  • A statement issued by an attorney in states that do not use a Preliminary Title Report or Title Commitment. All liens recorded against the property are disclosed in this statement. BACK-END DEBT RATIO
  • This refers to the borrower's debt ratio and is calculated using a borrower’s total monthly payments due on credit obligations divided by the borrower’s gross monthly income (expressed as a percentage). BALLOON (PAYMENT) MORTGAGE
  • A mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10 years); after that time period elapses, the balance is due or can be refinanced by the borrower.BALLOON MORTGAGE
  • A mortgage with monthly payments based on a 30-year amortization schedule, and the unpaid principal balance due in a lump sum payment at the end of a specific period (usually 5 or 7 years). The mortgage contains an option to reset the interest rate to the current market rate and to extend the maturity date provided certain conditions are satisfied.BALLOON PAYMENT
  • A large payment due at the end of a loan contract (equal to the remaining principal balance plus any interest and charges due). BANKRUPTCY
  • Court proceedings to relieve the debts of an individual or business unable to pay its creditors. BENEFICIARY
  • The lending entity that funds the loan and to which the loan is owed. BENEFICIARY'S DEMAND
  • Written instructions by a beneficiary under a deed of trust or mortgage stating and demanding the amount necessary for payoff of a lien in full. BINDER
  • 1) A title insurance binder is the written commitment of a title insurance company to insure title to the property subject to the conditions and exclusions shown on the binder. 2) A preliminary agreement, normally secured with earnest money, between a buyer and a seller as an offer to purchase real estate. BI-WEEKLY MORTGAGE
  • A mortgage which requires 1/2 the normal monthly payment every two weeks. Over the course of the year, 26 half-payments are made, which is equivalent to 13 full mortgage payments. As a result of this extra payment, the loan amortizes much faster than a loan with normal monthly payments. BLANKET MORTGAGE
  • A mortgage covering more than one piece of property. Example: a developer subdivides a tract of land into lots and obtains a blanket mortgage on the whole tract. BOND
  • 1) A debt instrument in the capital markets. The U.S. government, corporations and municipalities use bonds to raise money. Bonds can also be backed by mortgages. The best-known bond is the 30-year treasury bond issued by the U.S. government. 2) A sum of money given to a court to guarantee against a loss. For example, if there is a lien on a property, the owner may remove the lien by posting a bond. BORROWER
  • A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.BORROWER SAVINGS
  • The monthly savings a customer will experience by consolidating/paying off debt with a debt consolidation loan. BRIDGE LOAN
  • An interim loan typically used when the buyer is unable to sell his/her house, but needs money to close the transaction on the house he/she is buying. The bridge loan is made on the buyer’s current residence to finance the new residence; the loan is then paid off when the buyer’s current residence is sold. BROKER
  • One who acts as an intermediary between parties to a transaction in exchange for a fee or commission. BUDGET
  • A detailed record of all income earned and spent during a specific period of time.BUILDING CODE
  • Based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.BUSINESS FOR SELF (BFS)
  • Customers who own their own business (another term for self-employed). BUSINESS LICENSE
  • A license that authorizes a business to operate and is typically required and issued by the city in which the business is located. BUY DOWN
  • Obtaining a lower interest rate (buying down the rate) by paying additional points to the lender. The lower rate may apply for the full duration of the loan or for just the first few years. A buy down may be used to qualify a borrower who would otherwise not qualify. BUYER’S BROKER
  • An agent hired by a buyer to locate a property for purchase. The broker represents the buyer and negotiates with the seller’s broker for the best possible deal for the buyer. BUYERS’ MARKET
  • Market conditions that favor buyers, i.e. there are more sellers than buyers in the market. As a result buyers have ample choice of properties and may negotiate lower prices. Buyers markets may be caused by an economic slump or overbuilding. BYLAWS
  • A set of regulations by which an organization conducts its business. Example: a condominium association prepares bylaws that state the minimum number of owners required to conduct a meeting to decide policies. CANCELED CHECK
  • A check that has been cashed by the bank on which the check was drawn. CAP
  • A limit, such as that placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease.CAPACITY
  • Your ability to make your mortgage payments on time. This depends on your income and income stability, your assets and reserves, and the amount of monthly income available after housing costs, debts and other obligations have been paid.CAPITAL GAINS
  • Profit earned from the sale of real estate. A seller may defer taxes on the capital gain of his/her primary residence by buying a higher-priced residence within two years. CAPS
  • The maximum increase of an adjustable-rate mortgage period and lifetime. Example: the original loan is made at 10% with a 6% cap. The interest rate on the loan may never exceed 16%, regardless of index changes. CASH FLOW
  • The amount of cash derived over a certain period of time from an income-producing property. The cash flow should be large enough to pay the expenses of the income-producing property (mortgage payment, maintenance, utilities, etc.). CASH RESERVES
  • A cash amount sometimes required to be held in reserve in addition to the downpayment and closing costs (the amount is determined by the lender).CASH VALUE
  • The amount of money one would receive today by selling an asset in the marketplace. CASHIER’S CHECK
  • A check drawn by a bank on itself rather than on a depositor’s account. A cashier’s check is generally acceptable to close a sale without waiting for the check to clear. CASH-OUT
  • A refinance transaction in which the borrower receives cash that may be used for any purpose. CASH-OUT EXPLANATION LETTER
  • A handwritten, signed and dated letter provided by customers who are receiving cash from the loan to explain how they intend to use that cash. Generally used to verify that borrowers aren’t planning to use the cash to incur additional debt that will add to their monthly obligations and decrease disposable monthly income. CAVEAT EMPTOR
  • A legal term meaning “let buyer beware.” The buyer must examine the property and buy at his/her own risk. Example: a property may be offered in “as is” condition with no expressed or implied guarantee of quality or condition. CEILING
  • The highest interest rate that may be assessed on an adjustable-rate loan during the life of the loan based on the start rate and lifetime cap. CERTIFICATE OF ELIGIBILITY
  • The document issued by the Veterans Administration to those who qualify for a VA loan which may be used to buy a house with zero down. Certificates of eligibility may be obtained by sending a DD-214 form to the local VA office along with VA form 1880. CERTIFICATE OF OCCUPANCY
  • Document issued by a local governmental agency that states a property meets the local building standards for occupancy and is in compliance with public health and building codes. This document is normally required by a lender prior to closing the loan. CERTIFICATE OF REASONABLE VALUE (CRV)
  • An appraisal performed by a VA-approved appraiser which establishes the property's current market value. This value then establishes the ceiling on the maximum VA mortgage loan principal. CERTIFICATE OF TITLE
  • An opinion rendered by an attorney as to the status of title to a property according to the public records. This certificate does not provide the same level of protection as title insurance. CERTIFIED COPY
  • A copy attested to be true by the individual or entity holding the original. CHAIN OF TITLE
  • The chronological order of conveyance of a parcel of land from the original owner to the present owner. Example: an abstractor can research title to property going back to the date that the property was originally granted to the United States. CHANGE DATE
  • This is a date established in an adjustable rate loan contract when a new interest rate will be assessed (also known as the adjustment date). CHAPTER 13 BK
  • Chapter 13 is a debt reorganization plan where debts are repaid under a court-supervised repayment plan. Debtors submit part of their income for distribution among creditors. Also known as the wage-earner plan. CHAPTER 7 BK
  • A Chapter 7 BK is a straight liquidation bankruptcy where the debtor submits all of non-exempt assets to the trustee for liquidation; proceeds are then disbursed to creditors. CHARGE-OFF
  • A delinquent credit account with a balance owed that was never fully satisfied. Although the creditor removes it from the books for accounting purposes, the debtor still owes payment in full. CHILD SUPPORT
  • Periodic payments made under a divorce decree or a written separation agreement for the support of the children. CLEAR TITLE
  • A marketable title, free of clouds and disputed interests. Most lenders require a clear title prior to closing. CLOSING
  • Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower assumes the loan obligation, pays all closing costs, and receives title from the seller.CLOSING AGENT
  • The party designated to conduct the loan closing, and ensure the mortgage or deed is recorded and the funds disbursed on time. CLOSING COSTS
  • Money paid by the borrower to affect the closing of a mortgage loan, including the costs associated with title insurance premiums, appraisal fees, lender fees, closing agent fees, recording fees, etc. CLOSING STATEMENT
  • A statement required by Federal law (the Real Estate Settlement Procedures Act) that itemizes all changes imposed on the borrower and seller (if any) in connection with a mortgage-secured loan transaction. Also known as a settlement statement, HUD-1 or HUD-1A CLOUD ON TITLE
  • An outstanding claim or encumbrance that, if valid, would affect or impair the owner's title. Compare with clear title. CO-BORROWER
  • A 2nd borrower on a loan. COLLATERAL
  • Property which is pledged as security for a debt. In the case of a mortgage, the collateral would be the land, the house, and other buildings and improvements.COMBINED LOAN TO VALUE (CLTV)
  • The total of all liens on the subject property divided by the appraised value of the property. COMBINED MONTHLY HOUSING EXPENSE
  • Monthly expenses for the customer’s primary residence, which include rent or mortgage payments, other financing, hazard and flood insurance, mortgage insurance, real estate taxes, utilities and homeowner association dues. COMMERCIAL PROPERTY
  • A property used for business purposes. COMMISSION
  • An amount, usually a percentage of the property sale price, collected by a real estate professional as a fee for negotiating the transaction.COMMITMENT
  • A written document provided by a lender agreeing to make a loan on specific terms to a borrower or builder. COMMITMENT LETTER
  • A letter from a lender that states the amount of the mortgage, the number of years to repay the mortgage (the term), the interest rate, the loan origination fee, the annual percentage rate and the monthly charges.COMMUNITY PROPERTY
  • Property owned equally by a husband and wife. This classification of property is only used in certain states. COMPARABLE (COMP)
  • Properties used to determine the value of a specific property for comparative purposes in the preparation of an appraisal. COMPENSATING FACTORS
  • Positive characteristics about an applicant's credit, such as employment history, that contribute to a loan being a sound risk or investment. CONCESSION
  • Special or unusual terms offered by the seller that may warrant the buyer paying a higher price for the property. CONDEMNATION
  • 1) The taking of private property for public use with compensation to the owner under eminent domain. Used by governments to acquire land for streets, schools and freeways, and by utilities to acquire necessary property. 2) Declaring a structure unfit for use due to violations in housing codes or other reasons. CONDITIONAL COMMITMENT
  • A written document provided by a lender agreeing to make a loan provided certain conditions are met prior to closing. CONDOMINIUM (CONDO)
  • A form of ownership of real property. The owner receives title to a particular unit and a proportionate interest in certain common areas. Each unit is generally defined as a separately owned space to the interior surfaces of the perimeter walls, floor, and ceilings. CONDOMINIUM ASSOCIATION
  • An association of owners of condominium units. CONSIDERATION
  • Anything of value given to induce another to enter into a contract. Earnest money deposited to secure a sales contract is consideration. CONSTRUCTION LOAN
  • A short-term loan to pay for the construction of buildings or homes. These loans typically provide periodic disbursements to the builder as each stage of the building is completed. When construction is fully completed,a take-out or permanent loan is used to pay off the construction loan. CONSUMER CREDIT
  • Credit owed by the individual, not secured by real estate. CONTINGENCY
  • Conditions which must be satisfied before the buyer can close the purchase of a property. Contingencies are generally outlined in the purchase contract between the buyer and seller. CONTRACT
  • An agreement between competent parties to do or not do certain things for consideration. Example: to have a valid contract for the sale of real estate there must be: 1. an offer; 2. an acceptance; 3. competent parties;4. consideration; 5. legal purpose; 6. written documentation; 7. description of the property; 8. signatures by principals or their attorney-in-fact.CONTRACT OF SALE
  • Same as the Agreement of Sale.CONTRACT SALE OR DEED
  • A real estate installment selling arrangement where the buyer may occupy the property but the seller retains the title until the agreed-upon sales price has been paid (also known as an installment land contract). Example: John sells Mary a house. Mary has to pay a lump sum of $10,000 and $1,000 per month for 24 months, after which time she will receive title to the property. CONVENTIONAL LOAN
  • A private sector loan not guaranteed or insured by the U.S. government.CONVERSION CLAUSE
  • A provision in some Adjustable Rate Mortgages (ARMs) that allows a borrower to change the ARM to a fixed-rate loan at some point during the term. CONVERTIBLE ARMS
  • Some variable loans come with options to convert to a fixed loan based on a pre-determined formula, during a given time period. CONVEYANCE
  • The written instrument by which title to real property is transferred from one party to another. COOPERATIVE (CO-OP)
  • A form of multiple ownership of real estate in which a corporation or business trust entity holds title to a property and grants the occupancy rights to particular apartments or units to shareholders by means of proprietary leases or similar arrangements. CORPORATION
  • An artificial person or legal entity created by or under the authority of the law of a state. May have limited liability, perpetual life, freely transferable shares and centralized management. COSMETIC REPAIR
  • Repairs that improve the appearance of the property. COUNTER-OFFER
  • An offer made in return by the person who rejects the previous offer.COVENANTS, CONDITIONS, AND RESTRICTIONS (CC&Rs)
  • The basic rules establishing the rights and obligations of owners of real property within a condominium, townhouse, PUD, subdivision or other tract of land. An association, typically made up of property owners, is organized for the purpose of operating and maintaining property commonly owned by the individual owners. CREDIT
  • The ability of a person to borrow money, or obtain goods with payments over time, as a consequence of the favorable opinion held by a lender as to the person's financial situation and reliability.CREDIT AUTHORIZATION LETTER
  • A letter signed by the borrower that authorizes a lender to conduct a credit investigation. CREDIT BUREAU
  • A company that collects and organizes information about an individual’s credit and payment habits. The three U.S. credit bureaus are Experian, TransUnion and Equifax. CREDIT BUREAU SCORE
  • A number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan.CREDIT DENIAL LETTER
  • A letter that is sent to a credit applicant advising him or her that the application has been denied and the reason for the denial. CREDIT DEPTH
  • The number of years a borrower has established credit. This information shows up on the borrower’s credit report. CREDIT EXPLANATION LETTER
  • A letter that is sent to a mortgage company by a credit applicant in order to explain past derogatories on a credit report.CREDIT HISTORY
  • A credit history is a record of credit use. It is comprised of a list of individual consumer debts and an indication as to whether or not these debts were paid back in a timely fashion or "as agreed." Credit institutions have developed a complex recording system of documenting credit histories (i.e., a credit report).CREDIT LENGTH
  • The length of time a customer has had established credit. CREDIT REPORT
  • A report provided by a credit reporting bureau that provides a detailed account of the applicant's credit history. CREDIT SCORE
  • A computer-generated number that summarizes an individual's credit profile and predicts the likelihood that a borrower will repay future obligations.CREDITOR
  • An individual or entity to whom money is owed. CREDITWORTHY
  • One’s ability to qualify for credit and repay debts.CURRENT LIBOR INDEX
  • An interest rate indicator used in adjustable-rate mortgage loans. The LIBOR Index changes daily and is published in The Wall Street Journal.DATEDOWN ADDENDUM
  • An update to the Preliminary Title Report/Title Commitment that reflects any changes to title since the original title report was prepared. Same as Update Addendum. DEBT
  • A sum of money owed by one person or institution to another person or institution.DEBT CONSOLIDATION LOAN
  • A loan that combines debt obligations into a single debt. DEBT LOAD
  • The total amount of debt a customer currently owes. DEBT RATIO (DR)
  • The percentage of the customer’s gross monthly income allocated to pay the monthly installments on debt owing. DEBTOR
  • One who owes debt. DEBT-TO-INCOME RATIO
  • The percentage of gross monthly income that goes toward paying monthly housing expenses, installment debts, alimony, child support, car payments, and payments on revolving or open-ended accounts such as credit cards.DEED
  • A written document by which title to real property is transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the state where the property is located, and should be delivered to the buyer at closing. DEED IN LIEU
  • A deed given by a mortgagor to a mortgagee to satisfy a debt and avoid foreclosure. DEED OF RECONVEYANCE
  • A document used to transfer legal title from the trustee back to the borrower after a debt secured by a deed of trust has been paid in full. DEED OF TRUST
  • A legal document in which the borrower conveys the title to a 3rd-party (trustee) to hold as security for the lender. When the loan is paid in full the trustee reconveys the deed to the borrower. If the borrower defaults on the loan the trustee will sell the property and pay the lender the mortgage debt.DEED RESTRICTION
  • A clause in a deed that limits the use of land. Example: a deed might prevent the building of a road on the land. DEED-IN-LIEU
  • To avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process does not allow the borrower to remain in the house, but helps avoid the costs, time, and effort associated with foreclosure.DEFAULT
  • Failure to meet legal obligations of a contract, such as the failure to make the monthly mortgage payment or the failure to pay property taxes when due or maintain hazard insurance on the property. DEFECTIVE TITLE
  • Any recorded instrument that would prevent a grantor/seller from giving a clear title. Example: the seller has a contractor lien on the property that was filed when he/she failed to pay the contractor for the kitchen remodel. The seller may obtain clear title by paying the contractor and removing the lien. DEFERRED MAINTENANCE
  • Repairs necessary to restore a property to good condition. DEFICIENCY JUDGMENT
  • The imposition of personal liability on a borrower for the unpaid balance of a mortgage-secured loan after foreclosure has failed to satisfy the full amount due to the lender. DELINQUENCY
  • Failure of a borrower to make timely mortgage payments under a loan agreement.DEMAND
  • A letter from a lender showing the total amount due to pay off a mortgage or trust deed, inclusive of unpaid principal, interest, impound amounts, prepayment penalty, etc. Also known as a Demand for Payoff Request or Beneficiaries Demand Letter. DEMAND FEATURE
  • A feature that defines circumstances under which the remaining principal and interest amount of the loan is due and payable on demand. DEPOSIT
  • The amount of money put down on a house to hold it.DEPRECIATION
  • Decline in the value of a house due to wear and tear, obsolescence, adverse changes in the neighborhood, or any other reason. DEROG LETTER
  • A letter written by the borrower that explains any derogatory information or reporting on the credit report. DISBURSEMENTS
  • Payments made on behalf of the borrower pursuant to the instructions on the HID Settlement Statement. DISCHARGE
  • Following a completed bankruptcy proceeding, discharged debts are no longer enforceable. The customer has successfully completed the process and debtors are either paid in full or eliminated based on the plan. DISCOUNT POINT
  • Normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to the lender to reduce the interest rate on a loan.DIVORCE DECREE
  • A document issued by the court that dissolves the marriage relation. DOCS
  • Abbreviation for mortgage loan documents. DOCUMENTARY TAX STAMPS
  • Stamps affixed to a deed showing the amount of transfer tax. DOWER
  • The rights of a widow or child to part of a deceased husband's or father’s property. DOWER RIGHTS
  • A common-law interest that a wife acquires in her husband's property at the time of his death. Dower has been abolished in most states. DOWNPAYMENT
  • The amount paid for the purchase of a property in addition to the mortgage, but not including any closing costs. Example: John buys a house for $100,000 and obtains a loan for $80,000. His downpayment is $20,000. DR
  • An acronym for debt ratio. DRAGNET CLAUSE
  • A provision in a mortgage that pledges several properties as collateral. A default in the mortgage could lead to foreclosure proceedings on any of the properties in the dragnet. DUE ON SALE CLAUSE
  • A clause in the Deed of Trust or Mortgage that states that the entire loan is due upon the sale of the property. DUPLEX
  • Any building containing two separate dwelling units. EARNEST MONEY
  • A deposit made by a buyer of real estate towards the downpayment to evidence good faith. This money is typically held by the real estate brokers or the escrow company. EASEMENT
  • The right to use the land of another for a specific purpose. Easements may be temporary or permanent. Example: the utility company may need an easement to run electric lines. EEM
  • Energy Efficient Mortgage is an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchaseEFFECTIVE AGE
  • Age of a structure based upon its present condition rather than actual age (takes into account rehabilitation and maintenance). EFFECTIVE DATE
  • This is the date a new mortgage payment is effective (the month following the rate change date). EMINENT DOMAIN
  • The right of the government or a public utility to acquire property for necessary public use with proper compensation to the owner. ENCROACHMENT
  • Generally, an improvement, such as a wall, fence or building, that extends onto the property of another. ENCUMBRANCE
  • A legal right or interest in land that affects a good or clear title and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants. A title search will reveal the existence of such encumbrances, and encumbrances do not legally prevent transfer of the property to another. ENDORSE
  • The act of a payee or holder of a note, bill, check or other negotiable instrument of assigning and transferring said instrument to another by signing the back of the instrument, with or without qualifications. ENDORSEMENT
  • An addition to a title insurance policy that adds or subtracts coverage. EQUAL CREDIT OPPORTUNITY ACT (ECOA)
  • A Federal act passed in 1974 that prohibits discrimination in lending on the basis of sex, marital status, race, color, religion, national origin, age or receipt of public assistance. EQUITABLE INTEREST
  • An ownership interest in a property that is demonstrated by actions such as the payment of the current mortgage, property taxes or property insurance rather than by legal ownership. EQUITY
  • The value in a home above the total amount of the liens against the home. If $100,000 is owed, but the market value is $130,000, the equity in the home is $30,000. EQUITY LINE OF CREDIT
  • A combination of a line of credit and equity loan secured by real property. A maximum loan amount is established based on credit and equity. A mortgage is recorded against the potential borrower’s property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the credit line. EQUITY SHARING
  • Joint ownership of a property between the owner/occupant and the owner/investor that results in tax advantages for both parties. Upon sale of the property the joint owners split profits based on the percentage each owns. ESCHEAT
  • The reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs. ESCROW
  • The holding of money or documents by a neutral third party prior to closing. ESCROW ACCOUNT
  • A separate account into which the lender deposits a portion of each monthly mortgage payment to fund expenses such as property taxes, homeowner insurance, mortgage insurance, etc.ESCROW INSTRUCTIONS
  • Instructions signed by both buyer and seller which enable the escrow agent to carry out the procedures necessary to transfer real property, a business or other assignable interest . ESTATE (REAL PROPERTY)
  • Describes the extent and character of a person’s rights and interest in real property. Two types of estates frequently financed by mortgage lenders are the fee simple and the leasehold estate. See also Fee Simple Estate and Leasehold Estate.EXCEPTIONS TO TITLE
  • Claims against the property as of the date of the title report. EXECUTOR (EXECUTRIX - FEMININE FOR EXECUTOR)
  • A person named in a will to carry out its provisions for the disposition of the estate. EXPERIAN (EXP)
  • The name of a national credit bureau. EXTERNAL OBSOLESCENCE
  • Any influence negatively affecting a property’s value that falls outside the specific property site. An example of this would be a property located within an airport flight pattern. FACE AMOUNT (LIFE INSURANCE)
  • The amount the surviving party will receive in the event of death. FAIR HOUSING ACT
  • A law that prohibits discrimination in the homebuying process on the basis of race, color, national origin, religion, sex, familial status, or disability.FAIR MARKET VALUE
  • The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.FANNIE MAE
  • The Federal National Mortgage Association (FNMA) is a federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers.FARMER'S HOME ADMINISTRATION (FMHA)
  • An agency within the U.S. Department of Agriculture that administers assistance programs for purchasers of homes and farms in small towns and rural areas. FEDERAL HOME LOAN BANK BOARD (FHLBB)
  • Provides financing to farmers. FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC, FREDDIE MAC)
  • Purchases loans from members of the Federal Reserve and the Federal Home Loan Bank Systems, securitizes them and sells FHLMC mortgage-backed securities on Wall Street. FEDERAL HOUSING ADMINISTRATION (FHA)
  • An agency within the U.S. Department of Housing and Urban Development (HUD) that administers loan programs and issues loan guarantees to make more housing available. FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, FANNIE MAE)
  • Purchases loans from lenders, securitizes them and sells FNMA mortgage-backed securities on Wall Street. FEDERAL RESERVE SYSTEM
  • The central federal banking system that regulates and provides services to member commercial banks. Also has the responsibility for conducting federal monetary policy. FEDERAL TAX LIEN
  • A lien attaching to a property for nonpayment of a Federal tax. A Federal tax lien differs from other liens in that it is not automatically eliminated by a senior lien holder foreclosing on a mortgage or trust deed recorded before the tax lien. FEE SIMPLE (FEE ABSOLUTE OR FEE SIMPLE ABSOLUTE)
  • Absolute ownership of real property; the owner is entitled to the entire property with unconditional power of disposition during the owner’s life and upon his death the property descends to the owner's designated heirs. FEE SIMPLE ESTATE
  • An estate under which the owner is entitled to unrestricted powers to dispose of the property, and under which the property can be left by will or inherited (commonly a synonym for ownership). See also Estate (Real Property). FHA
  • Established in 1934 to advance homeownership opportunities for all Americans, the Federal Housing Association assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults. This in turn encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.FIAR
  • Fully Indexed Accrual Rate: can be used in the qualification of ARM products. Identifies the adjustable rate the borrower will be obliged to pay when the margin is applied to the index (thus bypassing any issues generated by the teaser rate).FICO
  • Acronym of Fair Isaac Corp., the consulting company that developed the FICO score. FICO is the name given to a numerical score assigned by credit bureaus to measure a borrower’s credit characteristics. See Credit Score. FIDELITY BOND
  • An assurance, generally purchased by an employer, to cover employees who are entrusted with valuable property or funds. Example: a landlord employs a clerk who collects rents. To safeguard these funds during the collection process, the landlord purchases a fidelity bond to cover the clerk. FIDUCIARY
  • A person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients. FINAL DISPOSITION
  • The “end” of the loan application process, which may happen via denial, withdrawal, incompleteness or funding. FINANCE CHARGE
  • This is the amount of interest, prepaid finance charges, loan fees and certain insurance premiums the customer will pay over the life of the loan. FIRST LIEN POSITION
  • A secured claim against a property that will be the first claim to be repaid should the property owner someday declare bankruptcy or default on the secured loan.FIRST MORTGAGE
  • A mortgage that has priority as a lien over all other mortgages. In the case of a foreclosure the first mortgage will be satisfied before other mortgages. FISCAL YEAR
  • The accounting year used by corporations for tax purposes. A fiscal year runs 12 months, but does not necessarily begin in January. FIXED INCOME
  • Income of a specified and consistent value that is received at specified and consistent intervals. Types of fixed income include social security benefits, VA benefits, pension income, permanent disability benefits, welfare/aid income and child support/alimony. FIXED-RATE MORTGAGE
  • A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.FIXTURE
  • Improvements or personal property, such as draperies or a chandelier, attached to the property so as to become a part of the real estate. Fixtures are transferred to the buyer upon sale of the property. FLOOD INSURANCE
  • Insurance indemnifying against loss by flood damage. Required in federally designated special Flood Hazard Areas, the insurance is private but federally subsidized. FLOOR
  • The lowest rate an adjustable-rate mortgage can charge during the life of the loan. FLOOR RATE
  • The start rate on an adjustable-rate program. FORBEARANCE
  • An agreement that temporarily allows less than the full amount of the mortgage payment to be made, or no payment at all, during the forbearance period. Mortgage companies may consider forbearance when it can be shown that funds from a bonus, tax refund, or other source can be used to bring the mortgage current at a specific time in the futureFORECLOSURE (REPOSSESSION)
  • A legal process by which the lender forces a sale of a property because the borrower has not met the terms of the mortgage. FOSTER CARE AGREEMENT
  • A document that designates an individual as the foster parent of a child. These agreements usually state the income the individual will receive for being a foster parent. FREDDIE MAC
  • The Federal Home Loan Mortgage Corporation (FHLMCis a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors, thus providing lenders with funds for new homebuyers.FREE AND CLEAR
  • Real property against which there are no liens, especially voluntary liens. FRONT-END DEBT RATIO
  • This refers to the debt ratio calculation using only principal, interest, tax and insurance divided by gross monthly income. It’s expressed as a percentage. FSBO
  • For sale by owner (a property for sale that is not listed with a real estate broker). FULL DISCLOSURE
  • In real estate, the revealing of all known facts that may affect the decision of a buyer or tenant. FULLY ADJUSTED RATE
  • See Fully Indexed Rate. FULLY INDEXED ACCRUAL RATE
  • FIAR: can be used in the qualification of ARM products. Identifies the adjustable rate the borrower will be obliged to pay when the margin is applied to the index (thus bypassing any issues generated by the teaser rate).FUNCTIONAL OBSOLESCENCE
  • Anything about the design or construction of a property that negatively affects its value. An example of this would be a property with five bedrooms and only one bathroom. FUNDING
  • The disbursement of loan funds, either by check or by wire transfer to the title company. GARNISHMENT
  • A legal proceeding under which a person’s money is in control of another and is taken for payment of a debt. The amount that may be taken is set by statute and, in most states, a judgment is necessary before garnishment. GENERAL WARRANTY DEED
  • A deed in which the grantor (seller) agrees to protect the grantee (buyer) against any other claim to title of the property. See also Warranty Deed. GIFT LETTER
  • A letter to the lender from the donor stating a gift of money has been made to the buyer in order to purchase specific property. The relationship of the donor and donee is stated, as well as the amount of the gift, and the fact that the money is not to be repaid. GINNIE MAE
  • The Government National Mortgage Association (GNMA) is a government-owned corporation overseen by the U.S. Department of Housing and Urban Development. Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.GOOD FAITH ESTIMATE
  • An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA, GINNIE MAE)
  • A government agency overseen by HUD that buys VA and FHA loans from lenders, securitizes them and sells Ginnie Mae securities to investors. GRACE PERIOD
  • The period of time between the contractual due date and the date a late charge will be assessed. GRADUATED PAYMENT MORTGAGE (GPM)
  • A mortgage that has lower payments initially (with potential negative amortization) which increase each year until the loan is fully amortized. GRANDFATHER CLAUSE
  • An exception allowing an old rule to continue to apply to some existing situations, when a new rule will apply to those same situations in the future.GRANT DEED
  • A written instrument used to transfer or convey real property, a grant deed contains warranties against prior conveyances or encumbrances. GRANTEE
  • One who received property rights when a grant was made (generally the buyer or purchaser of real property). GRANTOR
  • One who grants property or property rights to another. GROSS INCOME (BUSINESS)
  • The total income earned, either actual or estimated, from a business or property before expenses are factored. GROSS MONTHLY INCOME
  • The income earned in a month before taxes and other deductions. Under certain circumstances, it may also include rental income, self-employed income, income from alimony, child support, public assistance payments, and retirement benefits.GROSS MONTHLY INCOME (BORROWER)
  • The total amount the borrower earns per month, before any expenses are deducted. GROSS RENTAL INCOME
  • The monthly rental income received before mortgage payments, taxes, insurance and the cost of vacancies are deducted. HAZARD INSURANCE (FIRE INSURANCE, HOMEOWNER'S INSURANCE)
  • Insurance protecting real property against loss caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy. HELP
  • The Homebuyer Education Learning Program is an educational program from the FHA that counsels people about the homebuying process. HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium (ranging from 2.25% to 1.75% of the home purchase price).HOLDBACK
  • A portion of a mortgage loan held back by the lender from the customer until a contingency is met by the customer. An example of a contingency would be repairs needed for a property’s roof. Upon completing the required repairs, the lender releases the held back funds to the borrower. Same as Withhold. HOME INSPECTION
  • A professional inspection of a home to review the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.HOME WARRANTY PLAN
  • Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; coverage extends over a specific time period and does not cover the home's structure.HOMEOWNER'S INSURANCE
  • An insurance policy that combines protection against damage to a dwelling and its contents with protection against claims of negligence or inappropriate actionthat result in injury or property damage.HOMEOWNERS’ ASSOCIATION (HOA)
  • An association of homeowners in a particular subdivision, planned unit development (PUD), or condominium organized to manage the common area of the development and enforce the association rules and regulations. HOMEOWNERS’ ASSOCIATION DUES
  • A monthly payment made to the association for the maintenance and care of the common areas. HOMESTEAD EXEMPTION
  • Status provided to a homeowner’s principal residence by some state statutes; protects a home against judgments up to specified amounts and allows the assessed value of a principal residence to be reduced by the amount of the exemption for the purposes of calculating property tax. Example: John's principal residence is assessed at $100,000 and the homestead exemption is $7,000. His property taxes will be based on $93,000. HOUSING AND URBAN DEVELOPMENT (HUD)
  • A U.S. government agency established to implement certain federal housing and community development programs. HOUSING CODE
  • A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings. HOUSING COUNSELING AGENCY
  • Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing and homebuying.HOUSING EXPENSE RATIO
  • The percentage of gross monthly income that goes toward paying housing expenses.HUD
  • The U.S. Department of Housing and Urban Development; established in 1965. HUD works to create a decent home and suitable living environment for all Americans by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.HUD-1 (OR HUD-1A) STATEMENT
  • Also known as the "settlement sheet," it itemizes all closing costs and must be provided to the borrower at or before closing.HUD-1 SETTLEMENT STATEMENT
  • Final statement of the actual settlement costs of the loan which itemizes the sales price, downpayment and all closing costs. It must be provided to the borrower at or before closing. Same as HUD-1. HVAC
  • Heating, Ventilation and Air Conditioning (a home's heating and cooling systems).HYPOTHECATE
  • To pledge a property as security without having to give up possession of it. IMPOUND ACCOUNT
  • That portion of a borrower's monthly payments held by the lender or servicer to pay taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves. IMPROVEMENTS
  • Additions to raw land such as buildings, streets, etc. that add value to the land. INCOME APPROACH
  • A method used by an appraiser to estimate the value of a property based on the income it generates. INCOME PROPERTY
  • Real estate that generates rental income. Examples: apartment buildings, office buildings and shopping centers. INDEX
  • A published interest rate against which lenders measure the difference between the current interest rate on an adjustable-rate mortgage and that earned by other investments. The Index is then used to adjust the interest rate on an adjustable-rate mortgage. Examples include LIBOR, the Prime Rate and Treasury indices. The Wall Street Journal publishes index information. INDIVIDUAL RETIREMENT ACCOUNT (IRA)
  • A tax-deferred plan that can help build a retirement nest egg.INFLATION
  • The situation in which the number of dollars in circulation exceeds the amount of goods and services available for purchase, resulting in a decrease in the dollar's value.INGRESS AND EGRESS
  • The right to go in and out of a piece of property but not the right to park on it. See also Easements. INITIAL ADJUSTMENT CAP
  • This is the first rate adjustment on an adjustable-rate mortgage loan. INQUIRIES
  • An indication of credit investigations made by companies that are considering granting credit to a person who appears on the credit report. INQUIRY
  • A request for a copy of a credit report. An inquiry occurs every time a credit application is filled out and/or a request for more credit is made. Too many inquiries on a credit report can lower the credit score.INSTRUCTIONS TO TITLE
  • A form that instructs the title company how to record a lien against a property and issue a title insurance policy. Same as Title Instructions. INSURANCE
  • Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.INTEREST
  • The cost paid to borrow money, interest is usually expressed as a percentage of the amount borrowed.INTEREST BEARING
  • A form of interest calculation in which the loan is charged at a daily or monthly rate on the current outstanding balance. INTEREST-ONLY MORTGAGE A mortgage on which, for a defined period, the monthly payment consists of interest only. During this period, the loan balance remains unchanged.INTEREST RATE
  • Percentage paid for the use of money, usually expressed as an annual percentage. INITIAL INTEREST RATEThe starting percentage a borrower pays for the use of money on an adjustable-rate mortgage.INVESTMENT INCOME
  • Money earned from investments of money, such as stock dividends and annuity payments. INVESTMENT PROPERTY
  • Property not occupied by the borrower and used for investment purposes. INVOLUNTARY LIEN
  • A lien imposed against property by law or legal action without the consent of an owner. Examples include taxes, special assessments, federal income tax liens, judgment liens, mechanics liens and materials liens. JOINT AND SEVERAL LIABILITY
  • A situation wherein the creditor demands full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share. JOINT OWNERSHIP
  • Legal title shared by two or more persons or entities, such as joint tenancy, tenancy in common and community property. JOINT TENANCY
  • Ownership of a property by two or more people, each of whom has an undivided interest with the right of survivorship. Example: John and Mary own a house in joint tenancy. Each owns half of the entire (undivided) property. If John dies, Mary will own the entire property and vice versa. JUDGMENT
  • The decision of a court of law; debts resulting from a court order for payment. Money judgments, when recorded, become a lien against the defendant’s property. JUDGMENT LIEN
  • The claim on the property of a debtor resulting from a judgment. JUDICIAL FORECLOSURE
  • A court supervised foreclosure process used when a trust deed or mortgage deed does not have a power of sale clause.JUMBO LOAN
  • Loan size that is larger than the limit established by Fannie Mae or Freddie Mac. JUNIOR MORTGAGE
  • A mortgage subordinate to another mortgage. In the case of a foreclosure, a senior mortgage will be paid prior to a junior mortgage. JURAT
  • A certificate attached to a document stating where, when, before whom and by whom the document was signed. KEOGH FUNDS
  • A tax-deferred retirement-savings plan for small business owners or self-employed individuals who have earned income from their trade or business. Contributions to the Keogh plan are tax deductible.KICKER
  • A payment required by a mortgage in addition to normal principal and interest (sometimes known as a participation loan). LAND
  • Undeveloped property. LAND BURDEN
  • An agreement granting limited permission to use a property. Same as Servitude. LAND CONTRACT
  • A real estate installment selling arrangement whereby the buyer may use and occupy land, but no deed is given by seller until the sales price has been paid. LEASE OPTION TO PURCHASE
  • A lease containing a clause that allows the tenant the right to purchase the property under specified conditions. LEASE PURCHASE
  • Assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a downpayment.LEASE WITH OPTION TO PURCHASE
  • A lease under which the lessee has the right to purchase the property. The option may run for a portion or for the full length of the lease. LEASEHOLD
  • A tenant’s right to occupy real estate during the term of the lease. This is a personal property interest. LEASEHOLD ESTATE
  • A kind of real estate ownership through which the property owner does not hold title to the property, but instead has use of the property subject to the terms of the lease. See also Estate (Real Property). LEGAL DESCRIPTION
  • A method of geographically identifying a parcel of land that is acceptable in a court of law. LEGAL TITLE
  • The manner in which property ownership is recorded with the county in which the property is located. See also Vesting. LESSEE
  • A person to whom property is rented under a lease (tenant).LESSOR
  • A person who rents property to another under a lease (landlord) LIABILITIES
  • The debts of a person or business. LIBOR
  • An acronym for London Interbank Offered Rate, one of several published indices. It is the average rate of interest that major London banks charge one another. LIEN
  • A claim against the property for the payment of a debt, judgment, mortgage or taxes. Example: unpaid contractors may file a mechanic's lien. LIEN POSITION
  • The order in which liens will be repaid when the property is transferred to a new owner. LIFE ESTATE
  • An estate in real property for the life of a living person. The estate then reverts back to the grantor or to a third party. LIFETIME CAP
  • The highest an interest rate can increase over the life of an adjustable-rate mortgage loan. Example: start rate + 6% = Lifetime Cap. LINE OF CREDIT
  • A type of mortgage loan against which borrowers can write a check or draw funds. Some lines of credit are also balloon loans. Usually the borrower is given 5 to 10 years to use the line of credit. After this period, many lines of credit require the borrower to pay the loan in full. Others may require the loan to be paid in full over the next 10 to 15 years. LIQUID ASSETS
  • Cash or assets, such as checking/savings accounts, stocks/bonds, immediately convertible to cash. LIS PENDENS
  • A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally "suit pending." LOAN
  • Money borrowed that is usually repaid with interest.LOAN AMOUNT
  • The amount of money originally lent to a borrower. LOAN APPLICATION (1003)
  • The form potential customers must complete to apply for a home loan. This application is commonly referred to as “the 1003” and is produced by the Federal government. LOAN FRAUD
  • Purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.LOAN MODIFICATION
  • A loan modification is a written agreement between borrower and mortgage company that permanently changes one or more of the original terms of the note to make the payments more affordable. Common loan modifications include:
  • Adding missed payments to the existing loan balance;
  • Converting an adjustable-rate mortgage into a fixed-rate mortgage;
  • Extending the number of years to repay.LOAN ORIGINATION POINTS
  • Charges by a lender or broker connected with originating a loan. This is different from discount points which are used to buy down the rate of interest. LOAN ORIGINATION FEES
  • The fee paid to the mortgage lender for processing the mortgage application. This fee is usually in the form of points. One point equals 1% of the mortgage amount.LOAN RISK
  • The risk category assigned to a loan, which estimates the probable risk of delinquency and loss in the future. LOAN SERVICING
  • The act of collecting loan payments, handling property taxes and insurance escrows, foreclosing on defaulted loans and remitting payments to investors. LOAN TERM
  • The loan term is the period of time over which the loan will be paid. First mortgage loans typically have terms of 30, 20 or 15 years. LOAN-TO-VALUE (LTV) RATIO
  • A percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash required as a downpayment.LOCK-IN
  • Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.LOCK-IN RATE
  • A written agreement guaranteeing a specific interest rate guaranteed for a specific period of time.LOSS MITIGATION
  • A process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.LOSS PAYABLE CLAUSE
  • A clause in an insurance policy listing the priority of claims in the event of destruction of the property insured. Generally, a mortgage or beneficiary under a deed of trust is the party appearing in the clause, being paid up to the amount owing under the mortgage or deed of trust before the owner is paid. LOW-DOWNPAYMENT FEATURE
  • A feature of a mortgage, usually a fixed-rate mortgage, that allows the purchase of a home with as little as a 3% downpayment.MARGIN
  • The amount (expressed as a percentage) added to the index for an ARM to establish the interest rate on each adjustment date.MARKET VALUE
  • The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time. MARKETABILITY
  • The probability of selling a property at a specific time, price and terms. MARKETABLE TITLE
  • Title that is free of liens, clouds and other legal defects and, hence, is readily acceptable by a buyer. MECHANICS LIEN
  • A lien created by state law for debts owed to a carpenter, contractor, plumber or other entity hired by the property’s titleholder for services performed or materials provided to repair or improve the property. MERGED CREDIT PROFILE (MPR)
  • A report combining credit information from as many as three different credit bureaus. MIXED-USE PROPERTY
  • A property in which a portion is used for commercial or retail purposes and the other portion is used for residential purposes. Example: a multi-unit dwelling with the front unit used as a commercial store and the back unit used as a dwelling. MODIFICATION AGREEMENT
  • In the mortgage lending industry, a written directive to stipulate modifications to a mortgage deed or to correct a typographical error on instructions to title. MORTGAGE
  • A written instrument that creates a lien upon real estate as collateral for the payment of a specified debt. The borrower retains possession and use of the property. MORTGAGE BACKED SECURITY (MBS)
  • A bond or other financial obligation secured by a pool of mortgage loans. MORTGAGE BANKER
  • A non-depository financial institution that specializes in originating and servicing loans. Generally, mortgage bankers sell their loans to investors, but may continue to service them. MORTGAGE BROKER
  • A mortgage broker is arranges financing for borrowers by placing loans with lenders. Mortgage brokers are paid a fee by either borrower or the lender when the loan closes. MORTGAGE INSURANCE (MI)
  • A policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.MORTGAGE INSURANCE PREMIUM (MIP)
  • A monthly payment, usually factored into the mortgage payment, paid by a borrower for mortgage insurance.MORTGAGE LATE
  • A payment not delivered by the date due, including any grace period (i.e., generally 30 days past due). MORTGAGE LENDER
  • The lender providing funds for a mortgage. MORTGAGE MODIFICATION
  • A loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan in order to reduce the monthly payment.MORTGAGE NOTE
  • A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of indebtedness, and states the manner in which repayment will occur. MORTGAGE RATE
  • The cost, or the interest rate, paid to borrow the money to buy a home.MORTGAGEE
  • The lender. MORTGAGOR
  • The borrower. MUTUAL FUNDS
  • A fund that pools the money of its investors to buy a variety of securities.NATIONAL NOTARY ASSOCIATION
  • An association that sends out necessary application materials and supplies to initiate one’s notary commission. NEGATIVE AMORTIZATION
  • An increase in principal balance which occurs when the monthly payments do not cover all the interest cost. NET DISPOSABLE INCOME
  • Money left after subtracting the principal, interest, taxes and insurance and all other obligations from the monthly net income. Basically, the surplus amount the borrower has available for living expenses after housing expenses are subtracted. NET EFFECTIVE INCOME
  • The borrower’s gross income minus federal income tax. NET INCOME
  • The difference between adjusted gross income and operating expenses. May or may not include depreciation. NET MONTHLY INCOME
  • Take-home pay after taxes. It is the amount of money actually received in the paycheck.NET RENTAL INCOME
  • The monthly gross rental income minus the monthly mortgage payment, insurance, maintenance, taxes and other miscellaneous payments. NET WORTH
  • The difference between total assets and total liabilities of an individual or corporation. NON-CONFORMING LOAN
  • Loans that do not comply with Fannie Mae or Freddie Mac guidelines. NON-CONFORMING USE
  • A property that does not conform to the current zoning of the area where it is located. NON-OWNER OCCUPIED
  • A property occupied by a renter/tenant instead of the owner of the property. NON-RECURRING CLOSING COSTS
  • Fees and costs associated with the closing of a loan, such as title, appraisal, and notary fees, occurring only once in the transaction and not recurring. NOTARY PUBLIC
  • One who is authorized by the state or Federal government to administer oaths and to attest to the authenticity of signatures. NOTE
  • An agreement containing an expressed and absolute promise of the signer to pay to a named person or bearer a definite sum of money on a specified date or on demand. Usually provides for interest and, if concerning real property, is secured by a mortgage or trust deed. NOTICE OF DEFAULT (NOD)
  • A notice filed with a county records office to show that the borrower under a mortgage or deed of trust is in default. NOTICE OF RECISION
  • Borrowers’ signed acknowledgement that they wish to cancel their loan. See Notice of Right to Cancel.NOTICE OF RIGHT TO CANCEL
  • The document notifying borrowers that they are entering into a transaction that will result in a lien against their primary residence. Must include the right to cancel the transaction, at no cost, within three business days from the date of signing the loan closing documents. NOTIFICATION OF INCOMPLETENESS LETTER
  • A letter sent to the borrower requesting additional information to continue with the loan application process. OBLIGATIONS
  • Any debt or recurring payment the borrower is obligated to pay, except for mortgage payments. OBSOLESCENCE
  • Condition or process of falling into disuse. OFFER
  • A formal bid from the homebuyer to the home seller to purchase a home.OFFEREE
  • One who receives the offer. When the buyer makes an offer to the seller, the seller is the offeree. OFFEROR
  • One who makes the offer. When the buyer makes an offer to the seller, the buyer is the offeror. OFFICE OF COMPTROLLER CURRENCY
  • The oldest federal financial regulatory body that oversees the nation's federally chartered banks. OFFICE OF THRIFT SUPERVISION
  • The OTS charters federal thrift institutions and is the primary regulator of all federal and many state-chartered thrift institutions. OPEN END MORTGAGE
  • A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions. OPEN HOUSE
  • When the seller's real estate agent opens the seller's house to the public for previewing.OPTION PAYMENTThe various payment options borrowers are given monthly from which to choose. Examples: minimum payment due, interest-only payment, fully amortized payment.OPTIONEE
  • One who receives or purchases an option. OPTIONOR
  • One who gives or sells an option. ORAL CONTRACT
  • A verbal agreement. Verbal agreements for the sale or use of real estate are normally unenforceable. ORIGINATION
  • The process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.ORIGINATION FEE
  • The charge for originating a loan; usually calculated in the form of points and paid at closing.OVERIMPROVEMENT
  • An improvement, excessive in cost or size, in relation to land value or value of surrounding improvements. OWNER-OCCUPIED
  • Designation given to property used as the owner’s residence. OWNER OF RECORD
  • The individual named on a deed recorded at the county recorders office. P & L
  • An abbreviation for profit and loss statement. PACKAGE MORTGAGE
  • Mortgage covering both real and personal property. PAPER
  • A mortgage, deed of trust or land contract provided in lieu of cash. PAR
  • The principal amount of a mortgage with no premium or discount. PARTIAL CLAIM
  • A loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date.PARTIAL RELEASE
  • A provision in a mortgage that allows some of the property secured to be freed from serving as collateral. PARTICIPATION MORTGAGE
  • A mortgage that allows the lender to share in part of the income or resale proceeds. PARTNERSHIP
  • An agreement between two or more individuals or entities to go into business or invest together. Either partner may bind the other, within the scope of the partnership, and each is liable for all the partnership’s debts. PASS-THROUGH CERTIFICATES
  • Interests in a pool of mortgages sold by mortgage bankers to investors. Money collected as monthly mortgage payments is distributed to those who own certificates. PAY STUB
  • The portion of the paycheck the employee retains for his/her records. The pay stub verifies pay-period and year-to-date gross and net earnings. PAYMENT CHANGE DATE
  • On an adjustable rate mortgage, this is the date the new mortgage payment is effective after an interest rate change. It is usually the 1st of the month following the interest rate change date. PAYMENT SCHEDULE
  • This schedule outlines the number of payments due, the amount of each payment, and the date payments are due. PENSION AWARD LETTER
  • Documentation specifying the frequency and amount of pension payments an individual is eligible to receive. PERIODIC ADJUSTMENT CAP
  • This cap limits how much the interest rate can change in the future on an adjustable-rate mortgage. PERIODIC RATE
  • The interest rate described in relation to a specific amount of time, e.g., the monthly periodic rate is the cost of credit per month and the daily periodic rate is the cost of credit per day.PERMANENT LOAN
  • The mortgage used to pay off a construction loan on a completed property. PERMIT
  • A document issued by a government regulatory authority that allows the bearer to take some specific action, e.g., an occupancy permit allows the owner of a building to occupy or rent the building. PIGGYBACK LOAN
  • See Secondary Financing. PITI
  • Abbreviation for principal, interest, taxes and insurance, which may be combined in a single monthly mortgage payment. PLAINTIFF
  • An individual or entity who files a legal action against another. PLANNED UNIT DEVELOPMENT (PUD)
  • A single-family residence located in a community with association dues and other required monthly payments. PLAT
  • A plan or map of a specific land area. PLAT BOOK
  • A public record containing maps of land, showing the division of the land into streets, blocks, and lots and indicating the measurements of the individual parcels. PLAT MAP
  • A map dividing a parcel of land into lots, as in a subdivision. For example, a Title/Commitment report and an appraisal report will provide a plat map showing the location of the property within the subdivision . PMI
  • An acronym for private mortgage insurance: privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with downpayments less than 20% of the purchase price.POINT OF REFERENCE
  • A starting point used to put a customer’s canceled checks or mortgage statements in chronological order by establishing either the date and amount of the last mortgage payment made or the date and amount of the next mortgage payment due. POINTS
  • Fees paid to lenders wherein one point equals 1% of the loan amount. On a $100,000 loan, one point is $1000. Points may be further classified into origination points or discount points. PORTFOLIO LOAN
  • A loan that is held as an investment by a bank or savings and loan, and not sold on the secondary market to investors. POWER OF ATTORNEY
  • A written document authorizing a person to act on the behalf of another person. That person does not have to be an attorney. See Attorney-in-fact. PRE-APPROVAL
  • A commitment by a lender to a potential borrower, with the commitment remaining as long as the borrower still meets the qualification requirements at the time of purchase.PREDATORY LENDING
  • Abusive lending practices that include making a mortgage loan to an individual who does not have the income to repay it. Or repeatedly refinancing a loan, charging high points and fees each time, and "packing" credit insurance on to a loan.PRE-FORECLOSURE SALE
  • Allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.PRELIMINARY TITLE REPORT (PRELIM)
  • A report showing all current claims against a property prior to a sale or loan transaction, and identifying those items that must be removed to obtain a 1st lien position. After completion of the transaction, a title insurance policy is issued. Same as Title Commitment. PREMIUM
  • An amount paid on a regular schedule by a policyholder for insurance coverage.PREPAID FINANCE CHARGE
  • The finance charges due at closing exclusive of interest, such as points, processing and application fees, and tax certification. PREPAID INTEREST CHARGE
  • The interest charged to borrowers at closing to cover the cost of borrowing for the balance of the month. For example, if a loan closes on the 19th of the month and the first payment is due on the 1st of the following month, the lender will charge 12 days of prepaid interest. PREPAYMENT
  • Full or partial payment of the principal before the due date. This might occur if the borrower makes extra payments, sells the property, or refinances the existing loan. PREPAYMENT PENALTY
  • A charge assessed when a loan is paid before it is due to compensate the investor for the loss of anticipated interest income. The penalty is typically disclosed in the note.PRE-QUALIFY
  • A lender informally determines the maximum amount an individual is eligible to borrow.PRIMARY CUSTOMER
  • The primary borrower on the loan. PRIMARY MORTGAGE MARKET
  • Companies that originate and service mortgage loans (banks, savings & loans, credit unions, mortgage bankers, institutional lenders) make up the primary mortgage market. PRIMARY RESIDENCE
  • The property in which a person resides the majority of the time. PRIME RATE
  • The lowest commercial interest rate charged by a bank on short-term loans to their most creditworthy customers. PRIME RATE INDEX
  • A rate index which is the prevailing rate that banks charge to lend money to corporations. PRINCIPAL
  • The outstanding balance on a loan (excludes interest).PRINCIPAL AND INTEREST (P&I)
  • This refers to the principal and interest portions of a monthly mortgage payment. PRINCIPAL, INTEREST, TAXES & INSURANCE (PITI)
  • The total of the monthly mortgage payment due, which includes principal, interest, taxes and insurance. PRIVATE MORTGAGE INSURANCE (PMI)
  • Privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with downpayments less than 20% of the purchase price.PRO RATE
  • To divide in proportionate shares, such as taxes, insurance, rent or other items that buyer and seller share as of closing, or another agreed-upon time. PROBATE
  • Court process to establish the validity of the will of a deceased person. PROFIT AND LOSS STATEMENT (P & L)
  • A statement documenting business revenues and expenses for a specified time period to establish whether a business gained a profit or suffered a loss. PROMISSORY NOTE
  • A written promise by the borrower to pay a debt owed, within a specified time, to the holder of the note under conditions mutually agreed upon. PROPERTY APPRECIATION
  • See Appreciation.PROPERTY TAX
  • A government levy based on the market value (as assessed by the county assessor's office) of the property. PUBLIC SALE
  • An auction of property with notice to the general public. PURCHASE AGREEMENT
  • The agreement made between the buyer and seller of a property, containing the purchase price and contingencies of the sale. PURCHASE MONEY MORTGAGE
  • A mortgage used to finance the purchase of a property. QUALIFY
  • See Underwriting.QUIET TITLE (ACTION)
  • A court action to settle a title dispute. QUIT CLAIM DEED
  • A deed which transfers whatever interest the maker of the deed may have in a particular parcel of land. A quit claim deed is often given to clear the title when the grantor's interest in a property is questionable. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has. By accepting such a deed, the buyer assumes all riskRADON
  • A radioactive gas found in some homes that, if occurring in strong enough concentrations, can cause health problems.RATE CAP
  • The limit on the amount that the interest rate on an ARM can increase or decrease during any one adjustment period.RATE CHANGE DATE
  • On an adjustable rate loan, this is the date a new interest rate will be put into effect. This change can occur every 6 months, 24 months or 36 months depending on the terms of the note. RATIFIED SALES CONTRACT
  • A contract that shows both buyer and seller have agreed to the buyer’s offer. This offer may include sales contingencies, such as obtaining a mortgage of a certain type and rate, acceptable inspections, making repairs, and closing by a certain date.REAL ESTATE AGENT
  • An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.REAL ESTATE BROKER
  • An individual who often owns a real estate company or is in a management position, and is licensed to represent a buyer or a seller in a real estate transaction. REAL ESTATE INVESTMENT TRUSTS (REIT)
  • A trust that uses investors’ money to purchase and manage real estate. REAL ESTATE PROFESSIONAL
  • An individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller. REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
  • A law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships.REAL PROPERTY
  • Land and all attachments to the land, such as buildings, crops or mineral rights. Ownership of real property can be divided into various types of interests and rights. REALTOR
  • A real estate professional who is a member of the National Association of Realtors. REBUILD LETTER
  • A letter provided by the appropriate municipality, stating a structure on a specific property can be rebuilt as originally constructed in the case of damage or destruction. RECISION
  • The cancellation of a contract. When refinancing a mortgage on a principal residence, the law gives the homeowner three days to cancel the contract. RECONVEYANCE (RECON)
  • When a mortgage is paid off in full, the lender conveys the property back to the owner. RECORDING
  • The act of entering into a book of public records instruments affecting title to the real property. A lender requires that a deed of trust or a mortgage be recorded to evidence the debt against the property.
  • The act of recording a document such as a deed or mortgage in a public registry thereby giving notice to future purchasers, creditors or other interested parties. Recording is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded. RECORDING CONFIRMATION
  • Notification from the title company verifying the lien was recorded as instructed. RECORDING FEES
  • The amount charged by a public records office to record the security instrument within the county. RECOURSE
  • The right of the holder of a note secured by a mortgage or deed of trust to claim money from the borrower in default, in addition to the property pledged as collateral. REDLINING
  • The practice of refusing to provide loans or insurance in a certain neighborhood. REFINANCE (REFI)
  • Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).REGULATION Z (REG Z)
  • Federal Reserve regulation issued under the Truth-in-Lending Law, which requires a credit purchaser be advised in writing of all costs connected with the credit portion of the purchase. REHABILITATION MORTGAGE
  • A mortgage that covers the costs of rehabilitating (repairing or improving) a property; some rehabilitation mortgages, like the FHA's 203(k), allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.REINSTATEMENT
  • A reinstatement occurs when you pay your mortgage company the total amount in arrears in a lump sum by a specific date in order to bring the loan current. RELEASE OF LIEN
  • When a lien against the property is satisfied, the note holder records a document that reflects the discharge of the obligation and releases the lien recorded against the property. RELEASE OF MORTGAGE
  • A recordable instrument that transfers title from the mortgagee to the mortgagor when title is held as collateral security for a debt (most commonly used upon payment in full of the mortgage). RENTAL AGREEMENT
  • A contract used by property owners who rent their property to another individual. Rental agreements should state the amount the rentee will collect from the renter. REPAYMENT PLAN
  • A repayment plan is an agreement that allows a fixed amount of time to repay the amount in arrears by combining a portion of what is past due with the regular monthly payment. REPLACEMENT COST
  • The cost to replace damaged personal property without a deduction for depreciation.REQUEST FOR FULL RECONVEYANCE
  • Written instructions provided by the beneficiary to the trustee to issue a deed of reconveyance when the conditions of obligation have been fulfilled. REQUIREMENTS TO BE MET
  • Exceptions to be cleared and other actions that must be taken for a title company to issue a final title policy per the lender’s instructions. RE-RECORDING
  • The recording of a deed for a second time to correct an error contained in the deed originally recorded. RESCIND
  • To void or cancel in such a way as to treat the contract, or other object of the rescission, as if it never existed. RESTRICTIVE COVENANTS
  • Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer. REVERSE MORTGAGE
  • A loan available to seniors (62 and over in the U.S.) to release the equity in their property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (i.e., into aged care). RIDER
  • A rider is an addition to the security instrument. RIGHT OF SURVIVORSHIP
  • The right of a surviving joint tenant to acquire the interest of a deceased joint owner. ROLLOVER LOAN
  • A loan that is amortized over a long period of time (e.g., 30 years), but the interest rate is fixed for a short period (e.g., 5 years). The loan may be extended or rolled over, at the end of the shorter term, based on the terms of the loan. ROOM RENTS
  • Income a homeowner receives from renting rooms in the same property in which they live. RURAL
  • A term used to describe a property’s location. For example, rural properties are in remote locations, are less than 25% developed, and are more than 10 miles from support services. SATISFACTION
  • Discharge of an obligation by payment of the amount due, as on a mortgage, trust deed or contract. Or payment of a debt awarded, such as a satisfaction of a judgment. SAVINGS & LOAN
  • Depository institutions that specialize in originating, servicing and holding mortgage loans primarily on owner-occupied residential property. SCHEDULE A
  • A section of the Preliminary Title Report/Title Commitment that lists the name of the proposed insured, amount of title insurance, estate or interest in the land, how legal title is vested, and the legal description of the property. SCHEDULE B
  • A section of the Preliminary Title Report/Title Commitment that lists any exceptions to title. SECOND HOME
  • Also known as a vacation home. This home is different from an investment property as it is not rented, but used occasionally by the owners. SECOND LIEN POSITION
  • A secured claim against a property that will be the second claim to be repaid should the property owner someday declare bankruptcy or default on the secured loan.SECOND MORTGAGE
  • A second mortgage, on the same property, that is in a junior lien or subordinate position. Second mortgages generally carry a higher interest rate than a first mortgage since they represent a higher risk for an investor. SECONDARY MORTGAGE MARKET
  • The financial markets where groups of loans are sold to investors. Example: Primary mortgage lenders originate loans while the secondary market sells funded loans. SECONDARY RESIDENCE
  • A property used by a person as a second residence, not as an investment. Same as Second Home.SECTION 1031
  • The section of the IRS that deals with tax-free exchanges of certain property. SECTION 32
  • A section of the Federal Truth-in-Lending Act pertaining to high-fee loans and the restrictions and compliance issues with which this type of loan transaction must comply. SECTION 8 HOUSING
  • Privately owned rental units participating in the low-income rental assistance program. Landlords receive subsidies on behalf of qualified low-income tenants, allowing the tenants to pay a limited proportion of income toward rent. SECURITIES
  • A financial form that shows the holder owns a share or shares of a company (stock) or has loaned money to a company or government organization (bond).SECURITY
  • Property that serves as collateral for a debt. SECURITY INSTRUMENT
  • The security instrument is used to identify and encumber the real property used as collateral for the loan. It is notarized and then recorded with the county in which the property is located. Once recorded, it secures an interest in, or lien against, the property. The security instrument used is state specific. Examples are: deed of trust, security deed, trust deed or mortgage. SERVICING
  • The operations a lender or servicer performs post-origination to manage a loan, such as collection of payments, payment of taxes, insurance and property inspections. SERVITUDE
  • An agreement granting limited permission to use a property. Same as Land Burden. SETTLEMENT
  • Another term for closing.SETTLEMENT COST (HUD GUIDE)
  • A booklet that provides an overview of the lending process and is required to be given to borrowers after the loan application is completed. SETTLEMENT STATEMENT
  • Final statement of the actual settlement costs of the loan which itemizes the sales price, downpayment and all closing costs. It must be provided to the borrower at or before closing. Same as HUD-1. SHARED APPRECIATION MORTGAGE
  • A residential loan with a fixed interest rate that is below market, wherein the lender is entitled to a specified share of appreciation of the property over an agreed upon time interval. SHERIFF'S DEED
  • A deed given at the sheriff's sale in the foreclosure of a mortgage. SIMPLE INTEREST
  • Interest computed on the unpaid principal balance of a loan, as opposed to compounded interest. SINGLE-FAMILY RESIDENCE (SFR)
  • A standard home, intended to be occupied by one family, with no common areas, no sharing of common walls, and no homeowners’ dues.SITE ANALYSIS
  • The study of a specific land parcel to determine its suitability for a specific use, i.e., commercial versus residential. SLAB
  • A concrete floor used as a foundation in homes without a basement. SOCIAL SECURITY AWARD LETTER
  • Documentation specifying the frequency and amount of Social Security payments an individual is eligible to receive. Re-issued annually. SOLE OWNERSHIP
  • Legal title in the name of a single individual or entity. SOLE PROPRIETORSHIP
  • Ownership of a business, with no formal entity as a vehicle or structure. The sole proprietorship reports its tax information on Federal tax form 1040. SPEC HOUSE
  • A single family dwelling constructed by a builder in anticipation of finding a buyer. SPECIAL ASSESSMENT
  • A special tax imposed on property, individual lots or all property in the neighborhood to pay for improvements, such as street lights and sidewalks. SPECIAL FORBEARANCE
  • A loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.SPECIAL WARRANTY DEED
  • Used to transfer title to property and indemnify the new owner against any claim arising from the previous owner’s actions. SPECIFIC PERFORMANCE
  • A legal action in which the court requires a party to a contract to perform the terms of the contract when the party has refused to fulfill its obligations. STANDARD COVERAGE POLICY
  • A title insurance policy used in several states, not having as broad coverage as the nationally recognized American Land Title Association policies. STANDARD UNIFORM LOAN APPLICATION (FORM 1003)
  • A standard loan application widely used in the mortgage industry. START RATE
  • The initial interest rate charged on an adjustable-rate mortgage loan. STATEMENT OF INFORMATION
  • A confidential form filled out by buyer or seller to help a title company determine if any liens are recorded against either (very helpful when people with common names are involved). SUBDIVISION
  • A tract of land divided into lots suitable for home-building purposes. SUBJECT TO (PURCHASING SUBJECT TO A MORTGAGE)
  • The buyer agrees to make payments on the existing mortgage without notifying the lender. The seller remains liable for making payments on the loan if the buyer fails to do so. See also Assumable Mortgage SUBMISSION
  • This refers to a complete loan application package submitted for loan approval. SUBORDINATE (SUBORDINATION)
  • A loan in a lower priority, e.g., a second mortgage is subordinate to a first. SUBORDINATION AGREEMENT
  • An agreement by which a lienholder accepts a lien position junior to that of a later-recorded lien. Subordinations may apply not only to mortgages, but also to leases, real estate rights and any other types of debt interests. SUBSTITUTION OF TRUSTEE
  • A document that is recorded to change the trustee named in a deed of trust. SUBURBAN
  • The developed area around a city. SUPPLEMENTAL TAXES
  • Additional taxes assessed by the city and/or county on property. These taxes are in addition to any taxes impounded in an escrow account. SURETY BOND
  • Obligation of a guarantor to pay a second party upon default by a third party in the performance it owes to the second party. SURVEY
  • A document prepared by a licensed surveyor that verifies the accuracy of a property’s legal description, plat maps, easements or other information found in a title search. SWEAT EQUITY
  • Value added to a property due to improvements made personally by the owner. TAKEOUT FINANCING
  • A commitment to provide permanent financing upon completion of construction, typically used to pay off the construction loan. TAX LIEN
  • A lien for outstanding or delinquent property taxes, or federal or state taxes. Tax liens for delinquent property taxes are the most common and attach only to the property upon which the taxes are unpaid. Property tax liens always take priority over other liens. TAX SALE
  • Public sale of a property at an auction by a government authority as a result of non-payment of taxes. TEASER RATE
  • A low initial interest rate on a mortgage. TEMPORARY DISABILITY AWARD LETTER
  • A letter issued to employees who are awarded temporary disability benefits because they are unable to work due to medical disability. TEMPORARY WORKER
  • An individual who registers with a temporary employment agency to be placed on work assignments at companies on a temporary basis. TENANCY AT SUFFERANCE
  • Tenancy established when a person who had been a lawful tenant wrongfully remains in possession of a property after expiration of the lease. TENANCY AT WILL
  • A license to use or occupy land and buildings at the will of the owner. The tenant may decide to leave the property at any time or must leave at the landlord’s request. TENANCY BY THE ENTIRETY
  • A form of ownership by husband and wife whereby each holds title to the entire property with right of survivorship. In the event of the death of one, the survivor takes ownership of the entire property to the exclusion of the deceased's heirs. TENANCY FOR YEARS
  • Created by a lease for a fixed term, such as 6 months, 2 years, etc. TENANCY IN COMMON (TIC)
  • Ownership of a property by two or more persons, each of whom has an undivided interest, without the right of survivorship. Upon the death of one of the owners, the ownership share of the deceased is inherited by the beneficiary designated in the owner's will. TENANCY IN SEVERALTY
  • Ownership of property by one person. TIME IS OF THE ESSENCE
  • Legal phrase in a contract requiring all references to specific dates and times noted in the contract be interpreted exactly. TIME SHARE
  • A form of property ownership under which a property is held by a number of people, each with the right of possession for a specified time interval. Used primarily for vacation properties. TITLE
  • The right or ownership in land; also, the evidence of such ownership. TITLE 1
  • An FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to the home; Title I loans less than $7,500 do not require a property lien.TITLE CLOSING
  • The process in which the title company oversees the closing or document signing of the loan in close conjunction with the entity performing the escrow function on the loan. Once the loan documents are signed and all contingencies are satisfied, the title company records the security instrument and releases the proceeds of the loan. TITLE COMMITMENT
  • A written report showing all current claims against a property before a sale or loan transaction. After completion of the transaction, a title insurance policy is issued. Same as Preliminary Title Report. TITLE INSTRUCTIONS
  • A document that instructs a title company how to record a lien against a property and issue a title insurance policy. Same as Instructions to Title. TITLE INSURANCE
  • Insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.TITLE REPORT
  • A document indicating the current state of title. The report includes information on the current ownership, outstanding deeds of trust or mortgages, liens, easements, covenants, restrictions, and any defects. TITLE SEARCH
  • A review of all recorded documents affecting a specific piece of property to determine the present condition of claims against the property. TOTAL MONTHLY INCOME
  • Gross monthly income from all income sources, after appropriate deductions are taken. TOWNHOUSE
  • Residence which normally has two or more floors and is attached to other similar units. Townhouses are commonly found in planned unit developments (PUDs) and condominiums. TRACT
  • A parcel of land, generally held for subdividing. TRADELINE
  • Credit items reported on a credit report. TRANSFER TAX
  • Tax paid to the city, county, state or other government entity upon sale of a property. TRIPLE-NET LEASE
  • One in which the tenant pays all operating expenses for the property. The landlord receives the net rent. TRUST ACCOUNT
  • A separate bank account maintained by a broker or escrow company to handle all money collected for clients. TRUST DEED
  • An instrument used in many states in place of a mortgage. Grants an interest in the property as collateral for a loan and, when recorded with the county, creates a lien having priority over later-filed mortgages or trust deeds. Same as Deed of Trust. TRUSTEE
  • A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. TRUTH-IN-LENDING ACT (TILA)
  • Federal law which requires disclosure of a truth-in-lending statement for consumer loans. The statement includes a summary of the total cost of credit such as the APR and other specifics of the loan.TRUTH-IN-LENDING DISCLOSURE
  • Disclosure required by law which mandates full disclosure of a loan amount, finance charges and APR. TWO-STEP MORTGAGE
  • A mortgage where the interest rate stays the same for a stated period then has a one-time adjustment, typically after 5 to 7 years. TYPES OF SECURITY INSTRUMENTS
  • In a real estate-secured transaction, the borrower and lender enter into a loan agreement that is legally documented or evidenced by a security instrument. This security instrument can be either a mortgage or a deed of trust. UNDERWRITING
  • The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.UNDIVIDED INTEREST
  • An ownership right to use and possess a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property. UNEMPLOYMENT COMPENSATION AWARD LETTER
  • A letter issued to employees who are awarded unemployment benefits when their employment is terminated through no fault of their own. The benefits they receive are called unemployment compensation. UNIFORM RESIDENTIAL APPRAISAL REPORT (URAR)
  • The most common appraisal form in use, the URAR documents the methods used to determine the market value of single-family residences and planned unit developments. Same as 1004 Form.UNIFORM RESIDENTIAL LOAN APPLICATION
  • A standard mortgage application that requests income, assets, liabilities and a description of the property to be purchased. Same as the 1003 Form.UNIMPROVED PROPERTY
  • Land that has received no development. UNINCUMBERED PROPERTY
  • Real estate with free and clear title. UNRECORDED DEED
  • A document that transfers title from the grantor to the grantee without recording (i.e., providing public notice). UPDATE ADDENDUM
  • An update to the Preliminary Title Report/Title Commitment that reflects any changes to title since the original title report was prepared. Same as Datedown Addendum.URBAN
  • A term used to describe a property’s location. Urban properties have paved access roads and streets, are close to neighboring properties, and have support services less than 10 miles away. USAGE RESTRICTION
  • Claims listed on a title report outlining conditions of use or usage rights on a property. Examples would be easements for public utilities and property improvement encroachments. USURY
  • Charging a rate of interest greater than that permitted by law. VA
  • Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from borrower default.VA LOAN
  • Home loan guaranteed by the U.S. Veterans Administration, enabling a veteran to buy a home with no money down. VACANCY FACTOR
  • A multiple by which gross monthly rental income is multiplied. The vacancy factor reduces the owner's monthly rental income to allow for months when units are vacant and the owner is not receiving full rental income. VALUATION
  • The estimating of value. VARIABLE INTEREST RATE
  • An interest rate that fluctuates as a result of changes in a controlling index rate. With adjustable-rate mortgages, there are usually ceilings as to the frequency and amount of fluctuation. VERFICATION OF MORTGAGE (VOM)
  • Documentation that establishes the customer’s mortgage payment history. VERIFICATION OF DEPOSIT (VOD)
  • A document signed by the borrower's bank or other financial institution verifying the account balance and history. VERIFICATION OF EMPLOYMENT (VOE)
  • Documentation that confirms the borrower works in the job and at the employer listed on the loan application and receives a stream of income from this source. Verifications of Employment confirm position and title, date of hire, employment type, hours of work per week, salary and frequency of payment. VERIFICATION OF SECONDARY FINANCING FUNDS FORM
  • A form that must accompany all loans that have secondary financing. VESTING
  • Names of the borrowers and the manner in which they hold legal title to the property. May include marital status. VOLUNTARY LIEN
  • A secured financial interest in a property that is created by agreement between a creditor and the borrower. Basically, the borrower is agreeing to use the property as collateral for the loan. The most common example of a voluntary lien is the one created by a mortgage given for a home loan. W-2
  • A document that reports to the Federal government income earned by salaried employees. This document reports employees’ total gross and withholdings made during the previous tax year. WAIVER
  • The voluntary renunciation, abandonment, or surrender of some claim, right, or privilege. WAREHOUSING
  • Mortgage bankers and other financial institutions make loans that are then periodically sold on the secondary market. After the loan is made, but before it is sold, the loan is said to be in the lender’s warehouse. WARRANTIES
  • Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.WARRANTY DEED
  • A deed conveying the title to a property with a warranty of a clear marketable title. WHOLESALE LENDER
  • A lender who works only with mortgage brokers to underwrite completed loan packages. Wholesale lenders offer mortgage brokers discounted pricing in return for the up-front work done by the mortgage broker. WITHHOLD
  • Portion of a loan held back by the lender until a condition is satisfied or met, usually regarding the appraisal and repairs to be made to the property which secures the loan. Same as Holdback. WRAPAROUND MORTGAGE
  • A loan arrangement whereby the existing loan is retained and a new loan is added to the property. ZERO LOT LINE
  • A form of housing where individual units are on separate lots, but are attached to one another (e.g., PUD or townhouse). ZONING
  • Areas zoned to specify use of a property (i.e., residential, commercial, or agricultural). These zoning ordinances are normally enforced by the city or the county.




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