Michael Petruccelli asks; What is a servicer?

Michael Petruccelli says; An organization that collects principal and interest payments from borrowers and manages borrowers' escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.

Michael Petruccelli asks; What is servicing?

Michael Petruccelli says; The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

Michael Petruccelli asks; What is a settlement statement?

Michael Petruccelli says; Settlement Statement also know as a HUD-1 settlement statement. A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."

Michael Petruccelli asks; What is a survey?

Michael Petruccelli says;  A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

Michael Petruccelli asks; What is a subdivision?

Michael Petruccelli says;  A housing development that is created by dividing a tract of land into individual lots for sale or lease.

Michael Petruccelli asks; What is subordinate financing?

Michael Petruccelli says;  Any mortgage or other lien that has a priority that is lower than that of the first mortgage.