Across
- 4. an additional insurance policy paid by the borrower to protect the lender against loss on a defaulted loan.
- 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.
- 9. reissue checks that were originally issued from a mortgage escrow account x document that displays interest paid and some other relevant tax information
- 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.
- 12. Insurance that protects the investor in the event that a customer defaults on their mortgage
- 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.
- 15. an additional system available to Customer Service agents that can be used to look at additional mortgage notes.
- 17. where a signer(s) of a mortgage is replaced by another qualified customer
- 18. a real estate loan with an initial period of low or no monthly payment.
Down
- 1. The amount of debt remaining on a loan, excluding interest
- 2. copy of a mortgage document that was once provided to a customer to be reproduced.
- 3. tax vendor that makes and manages property taxes.
- 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. the process where insurance payments in settlement of a claim for damages to a mortgaged property.
- 7. Official appraisal used to value the collateral for a real estate loan closing
- 8. An account used to collect funds and make payments towards taxes/insurance for mortgage owners.
- 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
- 13. A deed relinquishing all interest, title or claim an owner has in a property.
- 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