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GLOSSARY 'S' |
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1. |
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.
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2. |
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.
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3. |
Satisfaction:
The discharge of an obligation by paying a party what it is due. (i.e.) liens and judgments.
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4. |
Satisfaction of Mortgage:
The recorded instrument the lender provides to evidence payment in full of the mortgage debt.
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5. |
Seasoned Mortgage:
A mortgage on which payments have been regularly for a year or longer.
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6. |
Second Mortgage/Second Position:
A mortgage made subsequent to another mortgage and subordinate to the first one. Also referred to as "second trust".
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7. |
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.
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8. |
Secondary Market:
A collection of agencies that buy mortgages from primary lenders, then pooled and sold to investors.
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9. |
Secondary Mortgage Market:
The market where lenders and investors buy and sell existing mortgages or mortgage-backed securities.
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10. |
Securitization:
The process of pooling loans into mortgage-backed for sale into the secondary mortgage market.
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11. |
Security Instrument:
Mortgage or deed of trust evidencing the pledge of real estate as collateral for the loan.
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12. |
Self-Employment:
A person who owns at least 25% of the entity for which generates income for that person.
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13. |
Seller Financing:
An agreement in which a seller provides financing needed by a buyer to purchase the seller's home.
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14. |
Senior Mortgage:
A first mortgage.
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15. |
Servicing Fee/ Servicing Rate:
The fee earned by a servicer for administering a loan for an investor.
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16. |
Servicing Release:
A stipulation in the agreement for the sales of mortgages in which the seller is not responsible for loan administration.
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17. |
Servicing Retained:
A stipulation in the agreement for the sale of mortgages in which the seller is responsible for loan administration.
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18. |
Settlement:
The closing of a mortgage loan.
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19. |
Settlement Agent:
An entity that coordinates a settlement.
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20. |
Settlement Costs/Closing Costs:
Money paid by borrowers and sellers to effect the closing of a mortgage loan.
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21. |
Stipes:
Also referred to as conditions. This is documentation that an underwriter requests based on guidelines.
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22. |
Straw Buyer:
One who purchases property for another to conceal the identity of the real purchaser.
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23. |
Subordinate Lien:
A lien on real estate whose priority is inferior to another's recorded interest in the same property.
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24. |
Subordination:
The act by which a person's rights are ranked below the rights of others.
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25. |
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.
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26. |
Survey:
A measurement of land prepared by a surveyor showing the location and dimensions of the property and of its improvements.
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27. |
Sweat Equity:
Equity created by a purchaser performing work on a property being purchased.
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