|
Word |
Definition |
| Second Mortgage |
A mortgage made subsequent to another mortgage and subordinate to the first one |
| Secondary Mortgage Market |
The market where primary mortgage lenders sell the mortgages the make to obtain more funds to originate more new loans. It provides liquidity for the lenders security |
| Security |
Real or personal property pledged by a borrower as additional protection for the lender's interest. |
| Servicing |
The steps and operations a lender performs to keep a loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections and the like |
| Settlement Statement |
A statement prepared by broker, escrow, or lender, giving a complete breakdown of costs involved in a real estate transaction. |
| Simple Interest |
Interest which is computed only on the principal balance |
| Statutory Lien |
An involuntary lien, includes tax liens, judgement liens, mechanic liens, etc. |
| Substitute of Trustee |
A document which is recorded to change the trustee under the deed of trust. |
| Survey |
A measurement of land, prepared by a registered land surveyor, showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any buildings. |
| Sweat Equity |
Equity created by a purchaser performing work an a property being purchased |
