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Mortgage > Meanings > Flashcards

Meanings Flashcards

1
Q

Property

A

Something that is owned, real or personal & includes the rights of ownership in that thing.

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2
Q

Pension Funds

A

Sources of large sums of capital looking for high returns investments, which are now playing a bigger role in real estate finance via secondary market &a mortgage brokers

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3
Q

Subdividing

A

Splitting a large parcel of land into several smaller parcels

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4
Q

Character

🤸🏾‍♂️👔👶🏾…set🔙💵hon

A

Stability in job &a responsibility such that, even with set backs, financial obligations will be honored by the borrower

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5
Q

Mutual savings bank

A

State chartered banks, located mostly in the northeast U.S, owned by depositors and operated by their benefits, usually, a large portion of their assets are mortgages

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6
Q

Leon Theory State

A

States where a mortgagee holds only a lien against property (not actual tittle) until the loan is repaid. The mortgagors holds the actual title. Compare to tittle theory states.

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7
Q

Rescind

A

Takes back or withdraw an offer or contract. See right to rescind.

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8
Q

Personal Property

A

Tangible items that are usually not permanently attached to, or part of, the real estate. Also call personalty or chattel

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9
Q

Specific Tax Policies

A

Tax laws that encourage or discourage a particular behavior or activity

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10
Q

Assessment

A

Tax levied (fees) only against properties that benefit from a public improvement (new sewer line)

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11
Q

Transferablility

A

The ability to freely buy, sell, encumber, or dispose of property in any way the owner sees fit.

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12
Q

Recording

A

The act of filing a document at the county records office so it will be placed in the public record

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13
Q

Trustor

A

The borrower in a trust deed

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14
Q

Contributory Value

A

The actual amount that a particular item or feature of a property actually adds in value

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15
Q

Value

A

The amount of goods and survives offered in the marketplace in exchange for something else.

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16
Q

Down payment

A

The amount of money a buyer pays to obtain a property in addition to the money that the buyer borrows.

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17
Q

Civil Law

A

The body of law concerned with the rights & liabilities of one individual in relation to another.

18
Q

Portfolio

A

The collection of mortgages and other securities held by a lender and not sold on the secondary market

19
Q

Police Power

(CPSLG ….EEL….HSMGW

A

The constitutional power of state &a local government to enact and enforce laws protecting the public’s health, safety, morals and general welfare.

20
Q

Escrow Instructions

C-A,PCSC

A

The contract that authorizes an escrow agent to deliver items deposited in escrow once parties have complied with specified conditions. This can be the purchase contract for real estate or separate document.

21
Q

Underwriting Standards

C…d…bpQ

A

The CRITERIA an underwriter uses to determine if a borrower or property qualifies for a loan.

22
Q

Root of Title

DDT….GB…TRS

A

The DEED or other DOCUMENT of TRANSFER that was the most recently recorded, GOING BACK as of the TIME REQUIRED by the STATE.

23
Q

Quality of stable monthly Income

A

The dependability of a borrower’s income . (Stable monthly income)

24
Q

Equity

A

The difference between market value of a property and the sum of the mortgages and Liens against it.

25
Q

Frontage

A

The dimension across the access side of a parcel of land. When referring to lot size, frontage is the first number. E.g. Lot size is 150 x 100 frontage is 150.

26
Q

Pledge

DPPD…CSD

A

The deposit of personal property by a debtor with a creditor as security for a debt.

27
Q

Satisfaction of Mortgage

A

The document a mortgagee gives the mortgagor when a mortgage debt has been paid in full, acknowledging that the debt has been paid and the mortgage is no longer a lien on the property.

28
Q

Entitlement

$ALG…EVE

A

The DOLLOR AMOUNT of LOAN GUARANTEE to which an ELIGIBLE VETERAN is ENTITLED.

29
Q

Fed Funds Rate
Or
Federal Funds Rate

🎯

A

The Federal reserve target for short-term rates

30
Q

FSLIC

A

The Federal savings and loan Insurance Corporation, which formerly provides deposits insurance to S&L’s, but was abolished in 1990 with the passage of FIRREA. S&L deposit insurance is now provided by FDIC.

31
Q

Section 245 FHA loan
Or
Graduated Payment Loan

A

The FHA ISURED payment loan program which makes payments lower in the early years of the loan. The Borrower must meet ALL FHA qualifying standards and property cost cannot exceed max FHA mortgage loan amounts.

32
Q

Section 234 FHA Loan
Or
Condominium loan (Condominium FHA Loan Program)

A

The FHA insured loan program for condominium, available only for FHA qualified single family condos. The borrower must meet all FHA qualifying standards and property cost must not exceed the max FHA mortgage amount.

33
Q

Eminent Domain

A

The government’s constitutional power to take (appropriate or condemn) private property for public use, as long as the owner it is paid just compensation.

34
Q

Section 203 (i) FHA loan
Or
Rural Properties

A

The FHA insured loan program for rural properties. There are no income limits on this type of loan. The borrower must meet all FHA qualifying standards & the property may included up to 2.5 acres of land but may only be 75% of maximum FHA mortgage amount.

35
Q

Loan Application

A

The form lenders require potential borrower to complete, listing all pertinent information about the borrower and property.

36
Q

Section 203 (k) FHA Loan
Or
Rehabilitation Loans

A

The FHA insured loan program that allows a buyer to buy property & borrow extra money to repair it. Borrower must meet all FHA qualifying standards & must spend at least $5,000 in rehab costs; property cannot exceed max FHA mortgage amounts & must be brought up to FHA standards.

37
Q

Notice of Default

A

The first step in the foreclosure process, a letter or other communication stating that the borrower has failed to meet the debt obligation & demanding payment is made in full.

38
Q

FiScal Policy

STDM

A

The government’s plan for spending, taxation & debt management

39
Q

Fee Simple

A

The greatest estate one can have in real property. It is freely transferable & inherited. And of indefinite duration, with no conditions on the title.

40
Q

Panic Pedding
Or
Blockbusting

A

The illegal practice of inducing owners to sell their home (often at a deflated price) by suggesting that the ethic or racial composition of the neighborhood is changing.m which implication that property values will decline as a result.

41
Q

Residual Income
Or
Cash flow analysis method

A

The Income a borrower has left after subtracting taxes, housing expense & all recurring debt & obligations (used for VA loan qualifying).

Mortgage (2 decks)

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