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NE Real Estate

NE Real Estate Unit 14

TermDefinition
accured items items of expense that are incurred but not yet payable
affiliated business arrangement (ABA) companies offering a package of services to consumers
closing promises in a sales contract are fulfilled and mortgage loan funds distributed to the buyer
escrow account trust account holding funds on behalf of principal until the consumption or termination of transaction
closing disclosure itemized form of all charges that are normally paid by a borrower and a seller
closing statement detailed cash accounting showing all cash charges, credits made
credit on a closing statement an amount entered in a person's favor
debit on closing statement an amount charged; debited party must pay
escrow closing escrow agent coordinate the closing activities on behalf of the buyer/seller
impound account account that the lender may require borrower to have to accumulate funds to pay future RE taxes and insurance premiums
loan estimate a form of info that historically shows the interest rate, monthly payments and closing cost to consumers
mortgage disclosure improvement act (MDIA) require mortgage loan cost disclosures to consumers
mortgage servicing transfer statement prepaid items if lender intends to sell or assign the loan to another loan servicer they must notify borrower 15 days before effective date
prorations expenses prepaid or paid in arrears are divided or distributed btwn buyer and seller at closing
real estate settlement procedures act (RESPA) federal law requires certain disclosures to consumers about mortgage loan settlements; prohibits payment or receipt of kickbacks
survery boundaries are measured and land areas are determined; on-site measurement of lot lines, dimensions, or any existing encroachments or easements
TILA-RESPA integrated disclosure Rule (TRID) federal govt regulates the lending practices of mortgage lenders
Created by: SevitaM
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