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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Tax Impound Money paid to and held by a lender for annual tax payments- See Impound and Escrow
Tax Lien Claim against a property for unpaid taxes
Tax Sale The number of years until a loan is due to be paid in full
Third-party Origination When a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
Title A document that gives evidence of ownership of a property, as well as rights of ownership and possession.
Title Company A company that insures the title to the property
Title Insurance Insurance that protects the lender (lender’s policy) or buyer ( owner’s policy) against loss due to disputes over property ownership.
Title Search Examination of municipal records to insure that the seller is the legal owner of the property and that there are no tax-liens or other claims against the property
Total Expense Ratio Total obligations as a percentage of gross monthly income including monthly housing expenses plus other monthly debts.
Transfer Tax Tax paid when a title passes from one owner to another.

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