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S
sale-leaseback
A technique in which a seller deeds property to a buyer for a consideration,
and the buyer simultaneously leases the property back to the seller.
second
mortgage
A mortgage that has a lien position subordinate to the first mortgage.
secondary
mortgage market
The buying and selling of existing mortgages.
secured
loan
A loan that is backed by collateral.
security
The property that will be pledged as collateral for a loan.
seller
take-back
An agreement in which the owner of a property provides financing, often
in combination with an assumable mortgage. See owner financing.
servicer
An organization that collects principal and interest payments from borrowers
and manages borrowers’ escrow accounts. The servicer often services
mortgages that have been purchased by an investor in the secondary mortgage
market.
servicing
The collection of mortgage payments from borrowers and related responsibilities
of a loan servicer.
settlement
See closing.
settlement
sheet
See HUD-1 statement.
single-family
properties
One- to four-unit properties including detached homes, townhomes, condominiums
and cooperatives.
special
deposit account
An account that is established for rehabilitation mortgages to hold the
funds needed for the rehabilitation work so they can be disbursed from
time to time as particular portions of the work are completed.
standard
payment calculation
The method used to determine the monthly payment required to repay the
remaining balance of a mortgage in substantially equal installments over
the remaining term of the mortgage at the current interest rate.
step-rate
mortgage
A mortgage that allows for the interest rate to increase according to
a specified schedule (i.e., seven years), resulting in increased payments
as well. At the end of the specified period, the rate and payments will
remain constant for the remainder of the loan.
subdivision
A housing development that is created by dividing a tract of land into
individual lots for sale or lease.
subordinate
financing
Any mortgage or other lien that has a priority that is lower than that
of the first mortgage.
subsidized
second mortgage
An alternative financing option known as the Community Seconds® mortgage
for low- and moderate-income households. An investor purchases a first
mortgage that has a subsidized second mortgage behind it. The second mortgage
may be issued by a state, county, or local housing agency, foundation,
or nonprofit corporation. Payment on the second mortgage is often deferred
and carries a very low interest rate (or no interest rate). Part of the
debt may be forgiven incrementally for each year the buyer remains in
the home.
survey
A drawing or map showing the precise legal boundaries of a property, the
location of improvements, easements, rights of way, encroachments and
other physical features.
sweat
equity
Contribution to the construction or rehabilitation of a property in the
form of labor or services rather than cash.
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