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15 Cards in this Set
- Front
- Back
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Accrued items |
On a closing statement, expense items that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property. |
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AfBA Affiliated business arrangement |
A package of business Arrangements between real estate brokerage firms and Affiliated mortgage companies or other settlement service providers, when there is more than 1% common ownership between the companies. RESPA requires that come sumer's be informed of the availability and cost of other lenders. |
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Closing |
An event where promises made and sales contract are fulfilled in mortgage loan funds (if any) are distributed to the buyer. |
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Closing disclosure (CD) |
a 5-page form that provides final details about the mortgage loan selected. It includes the loan terms, projected monthly payments, and how much will be paid in fees and other cost to get a mortgage. (Closing costs) |
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Credit |
On a closing statement, an amount entered in a person's favor ---- an amount that the party has paid or an amount for which the party must be reimbursed. |
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Debit |
On a closing statement, and amount charged; that is, an amount that the debited party must pay. |
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Escrow account |
the trust account established by a broker under the provisions of the license law for the purpose of holding funds on the behalf of the Brokers principal or some of the person until they consummation or termination of a transaction. |
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Loan estimate |
A loan estimate is a three-page form that is received after applying for a mortgage. The loan estimate contains important details about the loan requested. |
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Prepaid items |
On closing statements, items that have been paid in advance by sellers, such as insurance premiums and some real estate taxes, for which they must be reimbursed by the buyer. |
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Prorations |
Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing. |
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(RESPA) Real estate settlement procedures Act |
The federal law that requires certain disclosures to customers about mortgage loan settlements. The law also prohibits the payment or receipt of Kickbacks and certain kinds of referral fees. |
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Survey |
The process by which boundaries are measured and land areas are determined. |
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TILA -RESPA
Integrated disclosure rule
TRID |
A rule that took effect on October 3rd 2015, and applies to transactions for which the Creditor or mortgage broker received an application on or after that date. |
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Your home loan toolkit |
A booklet created to comply with federal law pursuant to 12 U.S.C2604.. etc. |
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Impound (escrow) account |
May be required to create a reserve fund to ensure that future tax, property insurance, and other payments are made. |
