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| S |
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| Satisfaction of Mortgage
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| The document issued by the mortgagee when the
mortgage loan is paid in full. Also called a (release of mortgage). |
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| Second Mortgage |
| A mortgage made subsequent to another mortgage
and subordinate to the first one.
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| Secondary Mortgage Market |
| The place where primary mortgage lenders sell the
mortgages they make to obtain more funds to originate more new loans. It
provides liquidity for the lenders. |
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| Servicer |
| An organization that collects principal and
interest payments from borrowers and manages borrowers' escrow accounts. The
servicer often services mortgages that have been purchased by an investor in
the secondary mortgage market. |
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| Servicing |
| All the steps and operations a lender performs to
keep a loan in good standing, such as collection of payments, payment of taxes,
insurance, property inspections and the like. |
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| Settlement/Settlement Costs
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| see closing/closing costs
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| Simple Interest
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| Interest which is computed only on the principle
balance. |
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| Standard Payment Calculation
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| The method used to determine the monthly payment
required to repay the remaining balance of a mortgage in substantially equal
installments over the remaining term of the mortgage at the current interest
rate. |
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| Survey
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| A measurement of land, prepared by a registered
land surveyor, showing the location of the land with reference to known points,
its dimensions, and the location and dimensions of any buildings. |
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| Sweat Equity
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| Equity created by a purchaser performing work on
a property being purchased.
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