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GLOSSARY 'E' |
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1. |
Earnest Money:
The portion of the down payment delivered to the seller or escrow agent by the purchaser with written offer as evidence of good faith.
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2. |
Earnest Money Deposit:
A sum of money given to bind a sale of real estate.
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3. |
Easement Rights:
The rights of an individual to use another property for a particular purpose.
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4. |
Effective Age:
The physical age of a property, as determined by an appraiser, based on its current condition.
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5. |
End Loan:
The final mortgage loan to the ultimate purchaser of a property.
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6. |
Entitlement:
A right due to an individual.
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7. |
Equal Credit Opportunity Act (ECOA):
Federal law prohibiting lenders from discrimination in lending by reason of race, color, religion, national origin, sex, marital status or age, because any income is derived from public assistance, or because the applicant has exercised any rights under the Consumer Protection Act.
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8. |
Equity:
The difference between the current market value of a property and the principal balance of all outstanding loans.
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Errors and Omissions Insurance (E& 0):
Liability insurance that covers errors and negligence in the usual activities of a mortgage banker, appraiser or attorney.
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10. |
Escrow:
A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties' instructions and assuming responsibility for handling all of the paperwork and distribution of funds.
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11. |
Escrow Payment Fair Market Value:
That portion of a mortgagor's monthly payments held by a lender or servicer to pay taxes, hazard insurance, mortgage insurance, lease payments and other items as they become due.
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