Mortgage 4/23

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Across
  1. 4. an additional insurance policy paid by the borrower to protect the lender against loss on a defaulted loan.
  2. 6. The legal proceeding in which a bank or creditor sells or repossesses a parcel of real estate due to the owner's failure to comply with an agreement to repay a debt.
  3. 9. reissue checks that were originally issued from a mortgage escrow account x document that displays interest paid and some other relevant tax information
  4. 10. The process to have the remaining monthly mortgage payments spread across the remaining term to reduce the monthly amount due after a large principal payment.
  5. 12. Insurance that protects the investor in the event that a customer defaults on their mortgage
  6. 14. A mortgage loan that allows the lender to periodically adjust the interest rate based on a specified index rate agreed upon in the Note.
  7. 15. an additional system available to Customer Service agents that can be used to look at additional mortgage notes.
  8. 17. where a signer(s) of a mortgage is replaced by another qualified customer
  9. 18. a real estate loan with an initial period of low or no monthly payment.
Down
  1. 1. The amount of debt remaining on a loan, excluding interest
  2. 2. copy of a mortgage document that was once provided to a customer to be reproduced.
  3. 3. tax vendor that makes and manages property taxes.
  4. 4. refers to a contractual agreement where the right, or rights, to service an existing mortgage are sold by the original lender to another party who specializes in the various functions of servicing mortgages.
  5. 5. the process where insurance payments in settlement of a claim for damages to a mortgaged property.
  6. 7. Official appraisal used to value the collateral for a real estate loan closing
  7. 8. An account used to collect funds and make payments towards taxes/insurance for mortgage owners.
  8. 11. a document that provides a projection of set payment amounts to pay off a mortgage by its maturity date and is only available for fixed rate mortgages
  9. 13. A deed relinquishing all interest, title or claim an owner has in a property.
  10. 16. When a customer has both a first and second mortgage and decides to either payoff or refinances their first mortgage, their second mortgage automatically moves into 1st position on the deed