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Mortgage Glossary S

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Term Definition
Sale lease-back When a seller transfers the deed of a property to a buyer, and the buyer then leases the property back to the seller
Second mortgage A second loan taken out on a property
Second mortgage market The buying and selling of residential mortgage loans, providing capital for lenders
Secured loan A loan that is backed by collateral
Seller carry back An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.
Self-amortization Occurs when monthly payments allow a loan to be repaid, including principal and interest, over its terms without any balloon payments.
Serious delinquency A mortgage that is past due by at least 90-days
Servicing The responsibilities of a mortgage servicer, including the collection of mortgage payments
Setback The distance between the property line and the area where the building may be erected
Settlement (Closing) The process by which all financial dealings and contractual arrangements are completed for the buyer and seller. At the time of settlement, or closing, all debts are paid, adjustments made and money disbursed, and a deed is prepared in the new owner's name.
Short sale This occurs when the borrower can no longer make payments on the loan and sells the property for less than the amount still owed, giving the proceeds to the lender. Both the lender and borrower typically take less of a loss than if the property had gone into foreclosure. A short sale does not necessarily release the borrower from the responsibility of repayment.
Stated/Documented income Some loan products require only that applicants "state" the source of their income without providing supporting documentation such as tax returns.
Strategic default A decision by the borrower to stop making payments on a loan, even though he/she has the financial ability to pay. This occurs most often when the price of the property drops significantly below the amount owed on the loan.
Stripped MBS (SMBS) Securities created by separating the pricipal and interest payments into two classes
Subprime Credit with higher risk characteristics, such as bankruptcy or collection accounts.
Survey 1. A professional examination of a property. A survey usually will reveal the size of a property, its boundary distances, ground contours and where improvements or alterations have been made.
2. A print showing the measurements of the boundaries of a parcel of land, together with the location of all improvements on the land and sometimes its area and topography.
Sweat equity Using manual labor in order to improve upon a property as part of the down payment

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