Montrose, CO Office

Moab, UT Office

Sale Agreement - Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

Satisfaction - The payment of a debt which satisfies an obligation.

Secondary Mortgage Market - The market into which primary mortgage lenders sell the mortgages to obtain funds to originate more new loans. Includes investors like Fannie Mae and Freddie Mac.

Second Mortgage - A subordinate mortgage made in addition to a first mortgage.

Servicing (or Loan Administration) - The collection of mortgage payments from borrowers and related responsibilities (such as handling escrows for property tax and insurance, foreclosing on defaulted loans and remitting payments to investors).

Settlement (or Closing) - Meeting between the buyer, seller and lender or their agents at which property and funds legally change hands.

Settlement Costs - See Closing costs.