Account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums and/or future insurance policy premiums, required to protect their security.
Insurance covering property against fire, some natural causes, vandalism, etc. Homeowner may add liability insurance and extended coverage for personal property.
A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire parcel of land.
A form of encumbrance that usually makes a specific parcel of real property the security for the payment of a debt or discharge of an obligation. (e.g. judgments, taxes, mortgages, deeds of trust.)
LOAN ESTIMATE (LE)
Form designed to provide disclosures to help borrowers understand the key features, costs and risks of the mortgage loan for which they are applying. Initial disclosure to be given to the borrower three business days after application.
The instrument by which real property is pledged as security for repayment of a loan.
A payment that includes Principal, Interest, Taxes, and Insurance.
POWER OF ATTORNEY
A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an Attorney-in-Fact.
Process of filing documents affecting real property with the appropriate government agency as a matter of public record.
Document providing a detailed breakdown of costs involved in a real estate transaction.
TILA- RESPA INTEGRATED DISCLOSURE ( TRID)
A rule issued by the Consumer Financial Protection Bureau (CFPB) that combines and integrates the disclosures under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Effective October 2015.