Mortgage terms starting with S

16 terms

  1. Second Lien Modification Program (2MP) program that provides homeowners a way to modify their second mortgages to make them more affordable when their first mortgage is modified under the HAMP.
  2. Second Mortgage a loan with a second-priority claim against a property in the event that the homeowner defaults.
  3. Secondary Mortgage Market The market for buying and selling existing mortgages; this could be in the form of whole mortgage or MBS sales.
  4. Securitization Securitization is the process of pooling various types of debt - mortgages, car loans, or credit card debt, for example - and packaging that debt as…
  5. Self-Amortizing Loans Loans in which periodic payments of principal and interest are scheduled over the life of the loan.
  6. Senior Preferred Stock Purchase Agreement (PSPA) Entered into at the time the conservatorships were created, the PSPAs authorize the Enterprises to request and obtain funds from Treasury, which in turn…
  7. Servicemen’s Readjustment Act Enacted in 1944 and also known as the GI Bill, this Act offered veterans of the Second World War educational and financial benefits, including long-term…
  8. Servicer A business, often a bank or mortgage company, that accepts and records mortgage payments from borrowers, negotiates workout plans and supervises the…
  9. Servicing transfer when one servicer is replaced by another.
  10. Short Sale when the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than…
  11. State Code A two-digit FIPS (Federal Information Processing Standards) code that identifies the state where the property is located.
  12. Subprime “Prime” and “Subprime” refers to the interest rate and terms of the loan based on the borrower’s credit history.
  13. Subprime Mortgages A classification of mortgages with a higher perceived risk of default than prime and Alt-A loans.
  14. Suspension The temporary disqualification of a firm or individual from contracting with the government or participating in government programs, pending the outcome…
  15. Swap When you swap or exchange securities, you sell one security and buy a comparable one almost simultaneously.
  16. Syntactical Edits The loan applications will not be loaded to the FFIEC database. If they should be included on the FFIEC database, the data must be corrected.