Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
Settlement Statement — A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction. This form, which is under the jurisdiction of the U.S. Department of Housing and Urban… … Investment dictionary
Real Estate Settlement Procedures Act — The Real Estate Settlement Procedures Act , (known as RESPA ), was an Act passed by the United States Congress in 1974. It is codified at Title 12, Chapter 27 of the United States Code, UnitedStatesCode|12|2601|2617.PurposeIt was created because… … Wikipedia
Origination fee — An origination fee, or activation fee, is a payment associated with the establishment of an account with a bank, broker or other company providing services handling the processing associated with taking out a loan. An activation fee is typically… … Wikipedia
Point (mortgage) — For other uses, see Point (disambiguation). Points, sometimes also called a discount point , are a form of pre paid interest. One point equals one percent of the loan amount. By charging a borrower points, a lender effectively increases the yield … Wikipedia
Yield spread premium — The yield spread premium (YSP) is the cash rebate paid to a mortgage broker based on selling an interest rate above the wholesale par rate that the borrower qualifies for. For example, If a mortgage broker offers a borrower a loan of $100,000 at… … Wikipedia
Good faith estimate — A good faith estimate must be provided by a mortgage lender or broker in the United States to a customer, as required by the Real Estate Settlement Procedures Act (RESPA). The estimate must include an itemized list of fees and costs associated… … Wikipedia
Double closing — A double closing is the simultaneous purchase and sale of a real estate property involving three parties: the original seller, an investor (middleman), and the final buyer. The underlying reasons for having a double closing vary. The most… … Wikipedia
Mortgage fraud — is crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth. In United States… … Wikipedia
Form 5405: First-Time Homebuyer Credit And Repayment Of The Credit — A tax form distributed by the Internal Revenue Service (IRS) and used by first time homeowners or long time residents of a home to claim a tax credit. First time homebuyers applying for the credit cannot have owned another home within three years … Investment dictionary
Dodd–Frank Wall Street Reform and Consumer Protection Act — Full title An Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end too big to fail , to protect the American taxpayer by ending bailouts, to protect consumers… … Wikipedia
