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| Earnest Money |
| Money given by a buyer to a seller as part of the
purchase price to bind a transaction or assure payment. |
| Equal Credit Opportunity Act (ECOA) |
| Is a federal law that requires lenders and other
creditors to make credit equally available without discrimination based on
race, color, religion, national origin, age, sex, marital status or receipt of
income from public assistance programs. |
| Equity |
| The difference between the fair market value and
current indebtedness, also referred to as the owner's interest. The value an
owner has in real estate over and above the obligation against the property.
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| Escrow |
| An account held by the lender into which the home buyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing. |
| Escrow Disbursements |
| The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due. |
| Escrow Payment |
| The part of a mortgagor's monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. |
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