 |
|
| Earnest Money |
The cash deposit paid by the prospective buyer of real property, as evidence of good faith intentions, to complete the purchase transaction.
|
| Effective Age |
Age of a structure based upon its present condition rather than actual age. Takes into account rehabilitation and maintenance.
|
| Effective Date |
This is the date a new mortgage payment is effective-the month following the rate change date .
|
| Encroachment |
Generally, an improvement, such as a wall, fence or building, that extends onto the property of another.
|
| Encumbrance |
A claim, lien, charge or liability attached to and binding real property. Any right to, or interest in, land which may exist in one other than the owner, but which will not prevent the transfer of fee title subject to such encumbrances.
|
| Endorse |
The act of a payee or holder of a note, bill, check or other negotiable instrument, of assigning and transferring said instrument to another by signing the back of the instrument, with or without qualifications.
|
| Endorsement |
An addition to a title insurance policy that adds or subtracts coverage.
|
| Equal Credit Opportunity Act (ECOA) |
A Federal act passed in 1974 that prohibits discrimination in lending on the basis of sex, marital status, race, color, religion, national origin, age or receipt of public assistance.
|
| Equitable Interest |
An ownership interest in a property that is demonstrated by actions such as the payment of the current mortgage, property taxes or property insurance rather than by legal ownership.
|
| Equity |
Interest or value that an owner has in real estate over and above the liens against it.
|
| Equity Line of Credit |
A combination of a line of credit and equity loan secured by real property. A maximum loan amount is established based on credit and equity. A mortgage is recorded against the potential borrower's property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the credit line.
|
| Escrow |
Delivery of something of value by a grantor to a 3rd party for delivery to the grantee upon the happening of a contingent event. In some states, all instruments necessary to the sale are delivered to a 3rd party, with instructions as to their use.
|
| Escrow Instructions |
For purchase transactions, instructions signed by both buyer and seller, which enable the escrow agent to carry out the procedures necessary to transfer real property, a business or other assignable interest.
|
| Estate (Real Property) |
Describes the extent and character of a person's rights and interest in real property. Two types of estates frequently financed by mortgage lenders are the fee simple and the leasehold estate. See FEE SIMPLE ESTATE, LEASEHOLD ESTATE
|
| Exceptions to Guidelines |
The consideration of approving a loan having characteristics that don't fit into Drew Mortgage guidelines when it makes sense to do so.
|
| Exceptions to Title |
Claims against the property as of the date of the title report.
|
| Experian (EXP) |
The name of a national credit bureau.
|
| Explanation of Cash-Out Letter |
See CASH-OUT EXPLANATION LETTER
|
| External Obsolescence |
Any influence negatively affecting a property's value that falls outside of the specific property site. An example of this would be a property located under an airport flight pattern.
|
