That's so Basic!
A special type of loan used by buyers of real estate to finance their purchase.
What is Mortgage?
Fidelity, First American, Old Republic, Stewart
What are Underwriters?
A fraud prevention practice where a settlement agency sends their escrow bank a list of checks printed each day.
What is Positive Pay?
Money the borrower must bring to the closing in order to complete the transaction
What is Cash to Close?
Document that includes Schedule A, Requirements and Exceptions
What is Title Commitment?
A physical act that takes place on a specific date, usually at the settlement agency, in which an attorney or settlement agent walks through the signing with the buyer and seller.
What is The Closing?
Largest Loan Origination System (LOS) in the country. This system is used by mortgage lenders to process loans.
What is Encompass?
A fraud-detection practice in which a bank sends transaction information to Qualia. AKA Auto-Clearing
What is Reverse Positive Pay?
Payment made by the buyer to be held by the settlement agent. Used to prove that the buyer in good faith plans to complete the transaction
What is Earnest Money?
A unique, government-issued ID for a piece of land
What is Parcel ID?
A collective term for all legal rights to own and use land.
What is the Title?
Qualia's provider of eRecording services
What is Simplifile?
What is another name for a Closing Protection Letter?
What is Insured Closing Letter?
A lender sends the title company the full amount of the loan, and the title company sends back any fees that are owed to the lender.
What is Gross Funded Loan?
The verbiage on a title that gives a right for someone to enter a property even without the owner’s consent.
What is an Easement?
One of the two fundamental real estate transaction types, along with ‘Purchase’.
What is Refinance?
Data broker for recording fees and transfer taxes nationwide.
What is Closing Corp?
Protects the lender against losing the loan funds while they’re in escrow.
What is a Closing Protection Letter?
Payment between the buyer and seller of a property to fairly split the cost of taxes and other property-related charges
What is Proration?
Additional pieces of title insurance coverage
What are Endorsements?
This legislation, put into effect in 2015, requires the Closing Disclosure (“CD”) to be distributed during all closings involving a new mortgage loan.
What is TRID?
Provides products and services focused on compliance and risk mitigation to enable lenders, settlement service providers, and consumers; these services include lien release tracking, title curative services, document services as well as title/lien search services.
What is reQuire?
A process in which an accountant produces reports and matches bank transactions in Qualia with transactions on a bank statement.
What is Three-Way Reconciliation?
Process of making sure money coming into an escrow account matches exactly with the amount going out of the escrow account
What is Balancing?
Contains Boilerplate terms of the title insurance policy
What is the Policy Jacket?