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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
S
- SAM
- See Shared Appreciation Mortgage
- Satisfied Mortgage
- Mortgage loan that has been repaid in full with all agreed terms met.
- Scheduled Mortgage Payment
- Scheduled recurring payment for a mortgage loan made in an amount that is either fixed or varies according to the loan agreement. Monthly payment schedules are most common, but other schedules are available such as bimonthly and biweekly payments.
RELATED MORTGAGE TERMS: Bimonthly Mortgage|Biweekly Mortgage|Mortgage Payment
- Seasoning
- Amount of time that an individual officially owned a property or asset.
- Seasoning of Assets
- Bank or lender requirement for an individual to hold a certain value of assets for a specified period of time before approving them for a less expensive loan program.
- Seasoning of Funds
- Amount of money that is required to be held by an individual for a specific period of time as a bank or lender requirement for being approved for a better mortgage loan program.
- Seasoning Requirements
- Typically refers to an amount of time that a lender requires an individual to have owned a property before approving them for certain loan programs. Such loan programs may use a current, and usually higher, appraised home value to determine the interest rate, maximum loan amount, and other loan features. Otherwise the purchase price for the property is used to determine these terms, which usually results in a more expensive loan program.
- Second Home
- In terms of a mortgage loan application, it is a property that is owned but not used as the borrower's primary residence. Property in this category is not used for income purposes, includes vacation and work housing, and usually carry mortgage loan interest rates that are higher than those for a primary residence.
RELATED MORTGAGE TERMS: Investment Property (IP)|Single Family Residence (SFR)|Uniform Residental Loan Application (1003)
MORTGAGE LOAN EXAMPLES: Second Home
- Second Mortgage
- Mortgage loan that uses the equity in a property to secure a second loan rather than refinancing the primary loan. Second mortgages such as a home equity line of credit (HELOC) are used to accomplish an individual's goals ranging from reducing credit card debt to making improvements to a property.
RELATED MORTGAGE TERMS: Home Equity Line of Credit (HELOC)|Lien Position|Piggyback Loan
MORTGAGE LOAN EXAMPLES: Second Mortgage Loan
- Secondary Market
- Refers to the investors that purchase mortgage loans at a bulk rate and uses them as securities in their portfolio.
RELATED MORTGAGE TERMS: Investor
- Security
- Assets such as property, stocks, bonds, and other documented value that may be used as collateral.
- Self Employed
- Employment status of an individual who owns a business or knows a trade which generates their income. In terms of a mortgage loan application, slightly different documentation requirements for showing income and employment may be applied by the mortgage bank or lender.
RELATED MORTGAGE TERMS: Documentation Requirements|Stips
- Seller Carryback
- Agreement made between the buyer and seller of a property where the property is financed by the owner.
SIMILAR MORTGAGE TERMS: Owner Financing
- Seller Contribution
- In terms of a real estate transaction, it is an amount applied towards the down payment or settlement costs of the buyer's mortgage loan.
- Serious Deliquency
- Mortgage loan payment that has not been made for over 60 days. Such borrower deliquency may result in a default on the mortgage and place the property into foreclosure.
RELATED MORTGAGE TERMS: Default|Deliquency|Foreclosure
- Servicing
- See Loan Servicing
- Service Agent
- Provider of loan servicing to the borrower of a mortgage loan. This may be the bank or lender that originated the mortgage loan, or a third party loan servicing company.
RELATED MORTGAGE TERMS: Loan Servicing
- Service Transfer
- A change in provider for the servicing of a mortgage loan.
RELATED MORTGAGE TERMS: Loan Servicing
- Settlement
- See Closing
- Settlement Costs
- See Closing Costs
- SFR
- See Single Family Residence
- Shared Appreciation Mortgage (SAM)
- Mortgage loan program offered with an interest rate that is below the index as a trade for a share in the profit from the sale of the accumulated equity in the property.
MORTGAGE LOAN EXAMPLES: Shared Appreciation Mortgage Loan
- Short Sale
- See Pre-foreclosure Sale
- Silent Second
- Second mortgage loan that is acquired at the same time as a first mortgage loan for the purchase or refinance of a property. Such mortgages are acquired for various reasons including the use to cover the down payment of a property purchase or to cover the closing costs of a mortgage refinance.
RELATED MORTGAGE TERMS: Second Mortgage|80/20 Mortgage Loan
MORTGAGE LOAN EXAMPLES: Silent Second Mortgage Loan
- Simple Interest Mortgage
- Mortgage loan where the monthly payment is calculated using only a daily interest rate, the number of days since the prior payment date, and the unpaid principal loan balance.
SIMILAR MORTGAGE TERMS: Standard Payment Calculation
- Single Family Residence (SFR)
- Property type in which only one family resides. In terms of a mortgage loan application, it is a property that is occupied as the borrower's primary residence.
RELATED MORTGAGE TERMS: Investment Property (IP)|Second Home|Uniform Residental Loan Application (1003)
MORTGAGE LOAN EXAMPLES: Single Family Residence
- Source of Income
- In terms of a mortgage loan loan application, this field refers to an individual's primary source of income.
RELATED MORTGAGE TERMS: Uniform Residential Loan Application (1003)
- Special Forebearance
- See Loss Mitigation
- Standard Payment Calculation
- General mortgage loan formula for calculating the monthly payment which is based on the original loan amount, entire loan term, and the interest rate.
SIMILAR MORTGAGE TERMS: Simple Interest Mortgage
- Statement of Information (SI)
- Mortgage loan disclosure used primarily by the title company to verify a borrower's information and request a copy of the property's title report.
RELATED MORTGAGE TERMS: Stips
MORTGAGE LOAN EXAMPLES: Statement of Information
- Stated Income
- Mortgage loan that is obtained by an individual without providing documentation that verifies their income. Borrowers that state their income typically are charged a higher interest rate for not fully satisfying a mortgage bank or lender's documentation requirements.
RELATED MORTGAGE TERMS: Full Documentation|Stips
MORTGAGE LOAN EXAMPLES: Stated Income Mortgage Loan
- Step Rate Mortgage
- Adjustable rate mortgage loan program where the interest rate increases for a set period of time and then remains fixed for the remaining term of the loan.
MORTGAGE LOAN EXAMPLES: Step Rate Mortgage Loan
- Stips
- Term used by many mortgage loan professionals that refers to the documentation that is required from a borrower in order to submit a loan application for official approval. A common list of stips include signed borrowers authorization and statement of information disclosures, mortgage statements for existing loans, homeowner insurance policy, current year W-2 or 1099 IRS tax forms, and official identification.
RELATED MORTGAGE TERMS: Borrowers Authorization|Disclosures|Property Insurance|Statement of Information (SI)
MORTGAGE LOAN EXAMPLES: Stips
- Streamlined Refinance
- For borrowers that qualify, this mortgage loan program carrys reduced documentation requirements that are usually imposed by a mortgage bank or lender.
RELATED MORTGAGE TERMS: Documentation Requirements
MORTGAGE LOAN EXAMPLES: Streamlined Mortgage Loan
- Subordinate
- In terms of a mortgage loan, it refers to a loan that is ranked lower than the primary loan. One example of a subordinate mortgage loan is a second mortgage.
RELATED MORTGAGE TERMS: Lien Position|Second Mortgage
MORTGAGE LOAN EXAMPLES: Subordinate Mortgage Loan
- Subordinate Financing
- Refers to a refinance mortgage loan which does not repay any existing subordinate loans in order to be obtained.
- Subordination Policy
- Bank or lender policy for a second mortgage loan regarding their permission of subordinate financing.
RELATED MORTGAGE TERMS: Subordinate Financing
- Subprime Borrower
- Mortgage loan borrower that has a poor credit history, especially when it is a result of reported mortgage deliquencies.
RELATED MORTGAGE TERMS: Credit History|Mortgage Late|Serious Deliquency
- Subprime Lender
- Mortgage loan lender that specialize in catering to subprime borrowers.
RELATED MORTGAGE TERMS: Prime Lender | Subprime Borrower
MORTGAGE LOAN EXAMPLES: Subprime Mortgage Loan Lender
- Suburb
- Residential areas that are located either outside or near the edge of official city limits.
RELATED MORTGAGE TERMS: Rural Property
MORTGAGE LOAN EXAMPLES: Suburb
- Sub 500 FICO
- In terms of a mortgage loan, it refers to credit scores of an individual that are below 500 FICO. Mortgage banks and lenders that approve mortgage loans for individuals with a sub 500 FICO score are very limited.
MORTGAGE LOAN EXAMPLES: Sub 500 Mortgage Loan Lender
- Survey
- Precise diagram for the characteristics of a property including legal boundaries, parcel measurements, and other features which are drawn to scale.
- Sweat Equity
- Equity accumulated in real estate that was earned through labor driven improvements to the property.
MORTGAGE LOAN EXAMPLES: Sweat Equity
MORTGAGE LOAN COLLECTION
MORTGAGE LOAN TERMS | 0-9
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MORTGAGE LOAN GLOSSARY
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MORTGAGE LOAN COLLECTION
