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Mortgage Glossary S-ZHere is a Continuation of the Mortgage Glossary, letters O through R. I hope you find this helpful and informative as well. Special Forbearance: This is a loss mitigation option whereby the lender arranges a revised repayment program for the borrower that might include a temporary reduction (or perhaps a suspension) of the monthly loan payments. Survey: a property diagram which indicates certain legal boundaries, specific easements, rights of way, improvement locations and so on. Sweat equity: using labor to build (or improve upon) a property as part of the down payment Title insurance: This is insurance which protects the lender's business against any and all claims which may be brought about by arguments regarding the actual ownership of the property in question. This insurance is likewise available to the home buyers. Truth-in-Lending: This is essentially a federal law which compels the lender to give a complete written disclosure of any and all fees, terms, as well as every condition affiliated with the loan initial time period and then adjusts an alternate rate which lasts for the duration of the loan in question. Underwriting: This is essentially a matter of analyzing a particular loan application to attempt to summarize the quantity of risk which is involved in making the loan. Underwriting also features a review of the prospective borrower's credit history as well as a judgment of the value of the relevent property. VA: The Dept. of Veterans Affairs. This is a large federal agency that guarantees loans made to veterans. It is basically somewhat similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a default by the veteran borrower. |
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