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Question 1

TAX LIEN

Answer 1

A type of involuntary lien placed on a property title due to a homeowner’s failure to pay property taxes.

Question 2

TABLE FUNDING

Answer 2

A type of wholesale lending arrangement in which mortgage brokers are permitted to originate, close, and fund a loan using funds provided by a lender. The loan is then immediately assigned to the lender that provided the funds. Table funding may also be used to describe the practice of funding a loan on the same day that it is settled.

Question 3

TEMPORARY BUY-DOWN

Answer 3

A financing tool used to temporarily reduce the interest rate and monthly payments on a mortgage.

Question 4

TITLE SEARCH

Answer 4

An examination of county and/or municipal records to determine the legal status of real property. Usually performed by a title company or an attorney.

Question 5

TITLE THEORY STATE

Answer 5

States in which the lender’s interest in a home is secured by a deed of trust. The lender is the beneficiary of the deed of trust, and a third party (“trustee”) holds the title to the property during the loan term. In title theory states, foreclosure is a non-judicial process that occurs outside of the court system.

Question 6

TITLE BINDER

Answer 6

Temporary title insurance expected to soon be replaced by a title insurance policy.

Question 7

TITLE ABSTRACT

Answer 7

A report containing the history of the title associated with a particular property.

Question 8

TITLE

Answer 8

A document that gives evidence of an individual’s ownership of property.

Question 9

TRIGGER TERM

Answer 9

A term used in advertising that triggers the requirement to provide additional specific information required under the federal Truth-in-Lending Act.