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 Mortgage Loan Glossary - 'S'

Use the alphabet letters below to navigate to the words in this glossary.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

- S -

SAFE Act

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) is a federal law enacted in 2008 to provide additional protection for consumers and reduce mortgage lending fraud. Under the SAFE Act all individual mortgage loan originators (MLOs) must be registered in the Nationwide Mortgage Licensing System and Registry (NMLS). MLOs and NMLS IDs can be looked up at

http://www.nmlsconsumeraccess.org/ Citi has provided this link as a convenience to you and makes no guarantees or warranties regarding the accuracy of the information provided. Please note this 3rd-party website whose privacy policy and security practices may differ from Citi standards.
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Second Mortgage

An additional (second) loan on the same property based on equity in the property. Second mortgages generally carry a higher rate than a first mortgage since they represent a higher risk for an investor. See also Home Equity Line of Credit (HELOC) or Home Equity Loan.
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Seller

The property owner selling the property.
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Servicer

An organization that collects monthly mortgage principal and interest payments from homeowners and manages escrow accounts for paying real estate taxes and insurance premiums on behalf of a mortgage lender or holder.
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Settlement

Please see Closing.
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Settlement Statement

Please see HUD-1 Settlement Statement.
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