T Mortgage Terms | Watkinsville Real Estate
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Third-Party Origination
A process by which a lender uses another party to completely
or partially originate, process, underwrite, close,
fund, or package the mortgages it plans to deliver to
the secondary mortgage market. See Mortgage Broker.
Title
Ownership of Real
Property.
Title Company
A company that specializes in examining and insuring
titles to real estate.
Title Insurance
An insurance policy that protects the buyer or the lender
against loss of their interest in property due to legal
defects in the title. The Title Insurance company performs
a search through the history of the property (see Abstract
of Title) to see if there are any Liens or other obligations
attached to the property.
Total Expense Ratio
Total obligations as a percentage of gross monthly income.
The total expense ratio includes monthly housing expenses
plus other monthly debts.
Transfer of Ownership
Any means by which the ownership of a property changes
hands. Lenders consider all of the following situations
to be a transfer of ownership: the purchase of a property
"subject to" the mortgage, the assumption of the mortgage
debt by the property purchaser, and any exchange of
possession of the property under a land sales contract
or any other land trust device. In cases in which an
inter vivos revocable trust is the borrower, lenders
also consider any transfer of a beneficial interest
in the trust to be a transfer of ownership.
Truth-In-Lending
A federal law that requires lenders to fully disclose,
in writing, the terms and conditions of a mortgage,
including the annual percentage rate (APR) and other
charges.
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