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Second Mortgage
A mortgage that has rights
that are subordinate to the
rights of the first mortgage
holder.
Secondary
Mortgage Market
The buying and selling of
existing mortgages.
Seller
Contributions
See Seller-Provided Funds.
Seller-Provided
Funds
Seller-provided funds include
all transaction costs paid
by the seller except the real
estate agent's (or broker's)
fee. May include items such
as points, origination fees,
insurance premiums, etc. Since
these are normally paid by
the buyer, it is assumed that
some or all of the seller
provided items are added to
the sales price of the home,
typically allowing 3% on 95%
LTV and 6% on 90% LTV. (Also
called "Seller Contributions.")
Servicer
The party who has entered
into an agreement with the
insured to service a loan.
Settlement
See
Closing.
Single
Premium
A premium which provides coverage
for more than one year.
Spread
See
Margin.
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