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Covenant

A clause in a mortgage that obligates or restricts the borrower and that, if violated, can result in...

Fee Simple

The greatest possible interest a person can have in real...

Vested

Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can...

Escrow Collections

Funds collected by the servicer and set aside in an escrow account to pay the borrower's property taxes, mortgage insurance, and hazard...

Servicer

An organization that collects principal and interest payments from borrowers and manages borrowers' escrow accounts. The servicer often...

Qualifying Ratios

Calculations that are used in determining whether a borrower can qualify for a mortgage. They consist of two separate calculations: a...

Wraparound Mortgage

A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full...

Money Market Account

A savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions apply...

Escrow Account

The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses....

Certificate Of Reasonable

A document issued by the Department of Veterans Affairs (VA) that establishes the maximum value and loan amount for a VA mortgage....