Bridge Finance & Consulting
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| Sale-Leaseback A transaction in which the buyer leases the property back to the seller for a specified period of time. |
| Second Mortgage A mortgage that has a lien position subordinate to the first mortgage. |
| Secondary Mortgage Market The market in which mortgage loan and mortgage-backed securities are bought and sold. |
| Secured Loan A loan that is backed by property such as a house, car, jewelry, etc. |
| Security The property that will be given or pledged as collateral for a loan. |
| Seller Take-Back An agreement in which the seller of a property provides financing to the buyer for the home purchase. See also "Owner Financing" |
| Servicer A firm that performs servicing functions, including collecting mortgage payments, paying the borrower's taxes and insurance and generally managing borrower escrow accounts. |
| Servicing The tasks a lender performs to protect the mortgage investment, including the collection of mortgage payments, escrow administration, and delinquency management. |
| Settlement The process of completing a loan transaction at which time the mortgage documents are signed and then recorded, funds are disbursed, and the property is transferred to the buyer (if applicable). Also called closing or escrow in different jurisdictions. See also "Closing" |
| Settlement Statement A document that lists all closing costs on a real estate purchase or refinance transaction. |
| Single-Family Properties One- to four-unit properties including detached homes, townhouses, condominiums, and cooperatives, and manufactured homes attached to a permanent foundation and classified as real property under applicable state law. |
| Soft Second Loan A second mortgage whose payment is forgiven or is deferred until resale of the property. |
| Subordinate Financing Any mortgage or other lien with lower priority than the first mortgage. |
| Survey A precise measurement of a property by a licensed surveyor, showing legal boundaries of a property and the dimensions and location of improvements. |
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8517 Olive Blvd., St. Louis, MO 63132
Phone: (314)606-0924 Fax: (314)628-0520
