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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all
 
Satisfaction (of a Mortgage)
An instrument provided by the lender as evidence that the loan has been paid off and the lien is satisfied. Usually, it is up to the borrower to record the document. To remove the lien from the public record.
 
Second Mortgage
A mortgage with lower rights than a first mortgage on the same property. In the event of a foreclosure, the first mortgage must be satisfied before any payment can go to the second.
 
Secondary Market
An infrastructure where the vast majority of mortgages are sold. Individual mortgages grouped together into large pools called Mortgage Backed Securities ("MBS"). Shares in MBSs are sold to investors, providing funds for more mortgages. Fannie Mae and Freddie Mac are two large purchasers of, primarily, fixed rate mortgages.
 
Servicing, Servicer
See Loan Servicing
 
Settlement
Another name for closing .
 
Settlement Statement
A statement that shows the seller’s net proceeds and the buyer’s net payment at closing. A standard form itemizing all of the monies paid at closing, including Real Estate commissions, loan fees, points, and initial escrow amounts. Also known as a HUD-1.
 
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.
 
Subordinate Loan
Any mortgage or lien(s) that has a priority lower than the first mortgage.
 
Survey
A drawing or map, showing the boundaries of a property, easements, rights of way, encroachments, and other limits. The process of creating or verifying a survey map, usually required by a lender prior to making a loan.
 
Sweat Equity
An owner’s labor or services in the construction or rehabilitation of a property, instead of, or in addition to cash
 
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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