A formal evaluation of property value done by a licensed Appraiser. This is ordered generally for Bank purposes.

A

A sale that must occur due to hardship where the liens are greater than the value. An example of this would be a mortgage of $600,000 against a home that’s valued at $300,000.

S

Securitization

S

These terms refer to the insurer or the investor of the note both of which are regulated by the federal government.

F

A loan servicer is the party responsible for collecting payments and escrow and then managing payments made for property taxes and insurance. In the event of foreclosure, the servicer is the party that negotiates terms between the borrower and Investor. The investor is the owner of the note; the servicer handles the day‐to‐day responsibilities of the note.

L

An agreement between the lender and borrower describing the terms of the agreement.

N

a loan collateralized by real property. A Coop is not real property and cannot have a mortgage recorded against it. Therefore a UCC1 is filed which is a type of lien showing position.

M