Glossary - Mortgage Terms - Page 2 Quiz

A fee paid to the investor to avoid paying taxes and insurance with the regular monthly mortgage payment.

Documents or something else of value, often money, held by a neutral third party in order to be used at a later date to fulfill an obligation.

A separate account paid into by the borrower and held by the lender for payment of taxes, homeowner's insurance and other expenses.

A fee paid to the investor to avoid paying taxes and insurance with the regular monthly mortgage payment.

Documents or something else of value, often money, held by a neutral third party in order to be used at a later date to fulfill an obligation.

A separate account paid into by the borrower and held by the lender for payment of taxes, homeowner's insurance and other expenses.

A fee paid to the investor to avoid paying taxes and insurance with the regular monthly mortgage payment.

Documents or something else of value, often money, held by a neutral third party in order to be used at a later date to fulfill an obligation.

A separate account paid into by the borrower and held by the lender for payment of taxes, homeowner's insurance and other expenses.

Enacted in 1996, this act exercises control over the Credit Report Agencies.

A quasi-governmental agency that buys and sells mortgages that meet their guidelines.

Enacte4d in 2003, this act requires various amendments and addendums to the Fair Credit Reporting Act and primarily affects the Consumer Reporting Agencies.

Enacted in 1996, this act exercises control over the Credit Report Agencies.

A quasi-governmental agency that buys and sells mortgages that meet their guidelines.

Enacte4d in 2003, this act requires various amendments and addendums to the Fair Credit Reporting Act and primarily affects the Consumer Reporting Agencies.

Enacted in 1996, this act exercises control over the Credit Report Agencies.

A quasi-governmental agency that buys and sells mortgages that meet their guidelines.

Enacte4d in 2003, this act requires various amendments and addendums to the Fair Credit Reporting Act and primarily affects the Consumer Reporting Agencies.

A form of ownershop where the lessee has rights to hold or use the property for a specific period of time.

A charge against the property making it security for the payment of the loan.

Private ownership of real estate in which the owner has the right to control, use, and transfer the property at will.

Interest, paid in advanced at closing, to reduce the finance cost over the term of the loan.

The fee charged by either the lender or third party to cover the cost of preparing the closing documents.

A fee charged by the escrow agent to hold and disburse funds.

Interest, paid in advanced at closing, to reduce the finance cost over the term of the loan.

The total charges, as defined in regulation Z, imposed by the lender as a condition of the extension of credit, and paid by the borrower.

A fee charged by the escrow agent to hold and disburse funds.

Interest, paid in advanced at closing, to reduce the finance cost over the term of the loan.

The total charges, as defined in regulation Z, imposed by the lender as a condition of the extension of credit, and paid by the borrower.

A fee charged by the escrow agent to hold and disburse funds.

Interest, paid in advanced at closing, to reduce the finance cost over the term of the loan.

The fee charged by either the lender or third party to cover the cost of preparing the closing documents.

A fee charged by the escrow agent to hold and disburse funds.

A number which indicates statistically how likely a potential borrower is to repay future debts.

A report, issued by a credit bureau that indicates current outstanding debts and past payment history of a borrower.

A score given by each of the Consumer Reporting Agencies representing a level of risk of default on a loan.

A number which indicates statistically how likely a potential borrower is to repay future debts.

A report, issued by a credit bureau that indicates current outstanding debts and past payment history of a borrower.

A score given by each of the Consumer Reporting Agencies representing a level of risk of default on a loan.

A number which indicates statistically how likely a potential borrower is to repay future debts.

A report, issued by a credit bureau that indicates current outstanding debts and past payment history of a borrower.

A score given by each of the Consumer Reporting Agencies representing a level of risk of default on a loan.

An area in a community that has been determined by the Federal Emergency Management Agency to have a high degree of risk for becoming damaged by flood.

An insurance policy required by FEMA if the subject property lies within the 100 year flood plain. This policy will cover any damage to the property if flooding were to occur.

A loan with an interest rate that does not change or adjust during the life of the loan.

An area in a community that has been determined by the Federal Emergency Management Agency to have a high degree of risk for becoming damaged by flood.

An insurance policy required by FEMA if the subject property lies within the 100 year flood plain. This policy will cover any damage to the property if flooding were to occur.

A loan with an interest rate that does not change or adjust during the life of the loan.

An area in a community that has been determined by the Federal Emergency Management Agency to have a high degree of risk for becoming damaged by flood.

An insurance policy required by FEMA if the subject property lies within the 100 year flood plain. This policy will cover any damage to the property if flooding were to occur.

A loan with an interest rate that does not change or adjust during the life of the loan.

A quasi-governmental agency that buys and sells mortgages that meet their guidelines.

A section of the US Department of Housing that insures loans with the full faith and credit of the US Government.

A quasi-governmental agency that buys and sells mortgages that meet their guidelines.

A quasi-governmental agency that buys and sells mortgages that meet their guidelines.

A section of the US Department of Housing that insures loans with the full faith and credit of the US Government.

A quasi-governmental agency that buys and sells mortgages that meet their guidelines.

A complex computer program that uses historical information on millions of loans to determine if the facts presented on the loan application appear to meet the lender's or agency's requirements.

The automated underwriting system created by Fannie Mae.

The automated underwriting system created by Freddie Mac.

The borrower promises to pay a specified amount, under specific terms and conditions and is paid in full by a certain date.

A contract that the owner signs with the lender that pledges the property as security for the loan payment.

A document which pledges real property to secure a loan.