A |
B |
C |
D |
E |
F |
G |
H |
I |
J |
K |
L |
M |
N |
O |
P |
Q |
R |
S |
T |
U |
VWXYZearnest money deposit
A deposit made by the potential home buyer
to show that he or she is serious about
buying the house.
easement
A right of way giving persons other than the
owner access to or over a property.
effective age
An appraiser’s estimate of the physical
condition of a building. The actual age of a
building may be shorter or longer than its
effective age.
effective gross income
Normal annual income including overtime that
is regular or guaranteed. The income may be
from more than one source. Salary is
generally the principal source, but other
income may qualify if it is significant and
stable.
eminent domain
The right of a government to take private
property for public use upon payment of its
fair market value. Eminent domain is the
basis for condemnation proceedings.
Employer-assisted housing
A special Fannie Mae housing initiative that
offers several different ways for employers
to work with local lenders to develop plans
to assist their employees in purchasing
homes.
encroachment
An improvement that intrudes illegally on
another’s property.
encumbrance
Anything that affects or limits the fee
simple title to a property, such as
mortgages, leases, easements, or
restrictions.
endorser
A person who signs ownership interest over
to another party. Contrast with co-maker.
Equal Credit Opportunity Act (ECOA)
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
A homeowner's financial interest in a
property. Equity is the difference between
the fair market value of the property and
the amount still owed on its mortgage.
escrow
An item of value, money, or documents
deposited with a third party to be delivered
upon the fulfillment of a condition. For
example, the deposit by a borrower with the
lender of funds to pay taxes and insurance
premiums when they become due, or the
deposit of funds or documents with an
attorney or escrow agent to be disbursed
upon the closing of a sale of real estate.
escrow account
The account in which a mortgage servicer
holds the borrower’s escrow payments prior
to paying property expenses.
escrow analysis
The periodic examination of escrow accounts
to determine if current monthly deposits
will provide sufficient funds to pay taxes,
insurance, and other bills when due.
escrow collections
Funds collected by the servicer and set
aside in an escrow account to pay the
borrower’s property taxes, mortgage
insurance, and hazard insurance.
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 portion 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. Known as "impounds" or
"reserves" in some states.
estate
The ownership interest of an individual in
real property. The sum total of all the real
property and personal property owned by an
individual at time of death.
eviction
The lawful expulsion of an occupant from
real property.
examination of title
The report on the title of a property from
the public records or an abstract of the
title.
exclusive listing
A written contract that gives a licensed
real estate agent the exclusive right to
sell a property for a specified time, but
reserving the owner’s right to sell the
property alone without the payment of a
commission.
executor
A person named in a will to administer an
estate. The court will appoint an
administrator if no executor is named.
"Executrix" is the feminine form.