A clause in an insurance policy listing the priority of claims in the even of damage to the insured property. A mortgagee is generally the party appearing in the clause being paid the amount owed under the mortgage before the owner is paid.

A tax incentive intended to increase the availability of low-income housing. The program provides an income tax credit to owners of newly constructed or substantially rehabilitated low-income rental housing projects. ?

A structure, transportable in one or more sections, which in the traveling mode is 8 body feet or more in width, or 40 body feet or more in length, or which when erected onsite is 320 or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air conditioning, and electrical systems contained in the structure. This term includes all structures that meet the above requirements except the size requirements and with respect to which the manufacturer voluntarily files a certification pursuant to 24 CFR 3282.13 and complies with the construction and safety standards set forth in this 24 CFR 3280. The term does not include any self-propelled recreational vehicle. Calculations used to determine the number of square feet in a structure will include the total of square feet for each transportable section comprising the completed structure and will be based on the structure’s exterior dimensions measured at the largest horizontal projections when erected onsite. These dimensions will include all expandable rooms, cabinets, and other projections containing interior space, but do not include bay windows. Nothing in this definition should be interpreted to mean that a manufactured home necessarily meets the requirements of HUD’s Minimum Property Standards (HUD Handbook 4900.1) or that it is automatically eligible for financing under 12 U.S.C. 1709(b).

The number of basis points a lender adds to the index to determine the interest rate for an Adjustable Rate Mortgage.

A lien placed against property by unpaid workmen or material suppliers.

The most accurate method of land description; “metes” means measurements and “bounds” means boundaries.

A large population nucleus, together with adjacent communities that has a high degree of economic and social integration with that nucleus.

An area with at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core, as measured by commuting ties.

An area with at least one urban cluster of at least 10,000 but less than 50,000 population, plus adjacent territory that has a high degree of social and economic integration with the core, as measured by commuting ties.

The measure used to express a real estate property tax rate; One-tenth of one percent.

A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender’s security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

A pledge of real property given as security for the payment of a debt. Most mortgages mature in more than one year and are considered capital market instruments.

Bond-type instruments representing an undivided interest in a pool of mortgages.

A licensee who brings a borrower and lender together and receives a fee for services performed.

An insurance policy to protect a lender against loss caused by a borrower’s default.

Fees paid by FHA borrowers to obtain a loan (upfront and annual).

The aggregate of mortgage loans held by an investor, or serviced by a mortgage lender.

The party in a mortgage transaction who receives and holds the mortgage as security; the lender.

The party in a mortgage transaction who gives the mortgage as security for the debt; the borrower.

A situation where the loan balance increases over time, rather than decreases. Monthly mortgage payments may be less than required to pay both the interest and principal and the unpaid interest is added to the loan balance.

Provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes. The program is authorized under Title III of the Housing and Economic Recovery Act of 2008.

The value of all assets less total liabilities.

A county-based area designated by the federal Office of Management and Budget to provide an alternative to the county subdivision-based metropolitan areas in New England. ?

A conventional mortgage loan that does not comply with the underwriting criteria established by “Fannie Mae” and “Freddie Mac.”

A written promise to pay a sum of money at a stated interest rate during a specified term; sometimes referred to as a “mortgage note.