Glossary of Mortgage Terminology T-U
Tax Lien: A claim against a property for unpaid taxes.
Tenants In The Entirety: Ownership of real property by a husband and wife, with equal rights of possession. No disposition of any interest can take place without the consent of both, and the property passes to the survivor in the event of the death of one of them.
Title: Written evidence of the right to or ownership interest in property. In the case of real estate, the documentary evidence of ownership is the title deed that specifies whom the legal estate is vested to and the history of ownership and transfers. Title may be acquired through purchase, inheritance, devise, and gift or through foreclosure of a mortgage.
Title Insurance Property: A contract in which an insurer, usually a title insurance company, agrees to pay the insured party a specific amount for any loss caused by defects in the title on real estate in which the insured has an interest as purchaser, mortgage or otherwise.
Title Search: An examination of public records to disclose the past and the current facts regarding the ownership of a given piece of real estate.
Treasury Index: The Treasury Index is the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of 2, 3, or 5 years, as made available by the Federal Reserve Board.
Truth in Lending Act (TILA): A federal law requiring a disclosure of credit terms using a standard format to facilitate comparison between the lending terms of financial institutions.
Two Step Mortgage: A mortgage where the interest rate stays the same for a stated period of time, and then changes, typically after 5 or 7 years.
Underwriting: An analysis of risk and setting of an appropriate rate and term based on that analysis for a mortgage on a given property for given borrowers.
Uniform Residential Appraisal Report (URAR): Standard form used by appraisers to detail facts supporting the value of single-family properties (a.k.a. FNMA Form 1004/FHLMC 65).
Uniform Residential Loan Application (URLA): Standard form where mortgage applicants provide the lender with information essential to loan approval (a.k.a. FNMA form 1003).
Unimproved Land: Raw land
