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- Sales Concession:
Something a seller pays of value to a purchaser in order to entice the purchaser
to buy the home. Also referred to as seller contribution.
- Sales Contract/Sales Agreement:
An agreement contract between a purchaser and a seller of real estate to convey
title after certain conditions have been met.
- Satisfaction:
The discharge of an obligation by paying a party what it is due. (i.e.) liens
and judgments
- Satisfaction of Mortgage:
The recorded instrument the lender provides to evidence payment in full of the
mortgage debt.
- Seasoned Mortgage:
A mortgage on which payments have been regularly for a year or longer.
- Second Mortgage/Second Position:
A mortgage made subsequent to another mortgage and subordinate to the first one.
Also referred to as "second trust".
- Secondary Financing:
A funding method using a loan secured by a second mortgage on a property. Sometimes
used to refer to any financing technique other than equity and first mortgage
debt.
- Secondary Market:
A collection of agencies that buy mortgages from primary lenders, then pooled
and sold to investors.
- Secondary Mortgage Market:
The market where lenders and investors buy and sell existing mortgages or mortgage-backed
securities.
- Securitization:
The process of pooling loans into mortgage-backed for sale into the secondary
mortgage market.
- Security Instrument:
Mortgage or deed of trust evidencing the pledge of real estate as collateral for
the loan.
- Self-Employment:
A person who owns at least 25% of the entity for which generates income for that
person.
- Seller Financing:
An agreement in which a seller provides financing needed by a buyer to purchase
the seller's home.
- Senior Mortgage:
A first mortgage.
- Servicing Fee/ Servicing Rate:
The fee earned by a servicer for administering a loan for an investor.
- Servicing Release:
A stipulation in the agreement for the sales of mortgages in which the seller
is not responsible for loan administration
- Servicing Retained:
A stipulation in the agreement for the sale of mortgages in which the seller is
responsible for loan administration.
- Settlement:
The closing of a mortgage loan
- Settlement Agent:
An entity that coordinates a settlement.
- Settlement Costs/Closing Costs:
Money paid by borrowers and sellers to effect the closing of a mortgage loan.
- Stipes:
Also referred to as conditions. This is documentation that an underwriter requests
based on guidelines
- Straw Buyer:
One who purchases property for another to conceal the identity of the real
purchaser.
- Subordinate Lien:
A lien on real estate whose priority is inferior to another's recorded interest
in the same property.
- Subordination:
The act by which a person's rights are ranked below the rights of others.
- Subordination Agreement:
A document by which parties acknowledge, by written record, that the debt of one
is inferior to the debt of another in the same property.
- Survey:
A measurement of land prepared by a surveyor showing the location and dimensions
of the property and of its improvements.
- Sweat Equity:
Equity created by a purchaser performing work on a property being purchased.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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