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An underground storage tank system (UST) is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. Under RCRA, EPA has established regulatory programs to prevent, detect, and clean up releases from USTs containing petroleum or hazardous substances.
- Browse Related Terms: Clean Air Act (CAA), Clean Water Act (CWA), Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Emergency Response (ER), Emergency Response Notification System (ERNS), Environmental Response Team (ERT), National Contingency Plan (NCP), Oil Pollution Act (OPA), Potentially Responsible Parties (PRP), Spill Prevention, Control and Countermeasures (SPCC), Underground Storage Tank (UST)
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Refers to the first mortgage when there is a wraparound mortgage. See "wraparound mortgage."
- Browse Related Terms: All-inclusive deed of trust, End loan, Interim loan, Junior mortgage, Permanent mortgage, Piggyback loan, second mortgage, Third mortgage, Underlying mortgage, Wraparound mortgage
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A professional who approves or denies a loan to a potential homebuyer based on the homebuyer's credit history, employment status, assets, debts and other factors such as loan guidelines.
- Browse Related Terms: Assessments, balance sheet, Capital or Cash Reserves, Chapter 7 Bankruptcy, General partnership, Liquid asset, Liquidity, Mutual savings bank, net worth, Nonliquid Asset, Underwriter, Uniform Residential Loan Application
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The process a lender uses to determine loan approval. It involves evaluating the property and the borrower's credit and ability to pay the mortgage.
The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.
- Browse Related Terms: Automated Underwriting, Collection Account, credit counseling, Credit Life Insurance, Credit Report, Credit score, FICO Score, Inquiry, Pre-Approval, Pre-Qualification, Predictive Variables, Qualifying Guidelines, Risk Based Pricing, Risk Scoring, Underwriting
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A standard mortgage application your lender will ask you to complete. The form requests your income, assets, liabilities, and a description of the property you plan to buy, among other things.
- Browse Related Terms: Assessments, balance sheet, Capital or Cash Reserves, Chapter 7 Bankruptcy, General partnership, Liquid asset, Liquidity, Mutual savings bank, net worth, Nonliquid Asset, Underwriter, Uniform Residential Loan Application
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A standard document prescribed by the Real Estate Settlement Procedures Act containing information for closing which must be supplied to both buyer and seller.
- Browse Related Terms: assets, Closing, Closing (or settlement) costs, Closing Agent, Closing Costs, Closing Statement, Consideration, Escrow, Good faith estimate, HUD1 Statement, No Cost Loan, Punch List, Real Estate Settlement Procedures Act (RESPA), RESPA, Settlement, Settlement Statement, Uniform Settlement Statement
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A loan that is not backed by collateral.
- Browse Related Terms: Collateral, Commercial bank, Credit Grantor, creditor, Demand loan, Equity loan, Federal savings bank, HECM (Reverse Mortgage), Line of Credit, Mortgagee, Primary Mortgage Market, Reverse Mortgage (HECM), Truth-In-Lending Act (TILA), Unsecured Loan
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The fees charged to homeowners by the lender at the time of closing a mortgage loan. This includes points, broker's fees, insurance, and other charges.
- Browse Related Terms: Annual Percentage Rate (APR), application fee, Cash Reserves, loan origination fee, Loan origination fees, Origination fee, points (aka discount points), Purchase price, settlement costs, Up Front Charges
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Periodic housing costs for water, electricity, natural gas, heating oil, etc.
- Browse Related Terms: Amenity, Bracket Sign, Landscape improvement, maintenance costs, Mature tree, Occupiable space, Real property, Story, utility costs