Page 39 - Homeowners Manual - Marin County

Assignee: One to whom a transfer of interest is made� For Changed Circumstance: In accordance with the TRID Rule,
example, the assignee of a mortgage or contract� events which allow a creditor to revise a Loan Estimate
or a Closing Disclosure include: (i) an extraordinary
Assignor: One who makes an assignment� For example, the event beyond the control of any interested party or other
assignor of a mortgage or contract� unexpected event specific to the consumer or transaction;
(ii) information specific to the consumer or transaction
Assumable Mortgage: A mortgage which, by its terms, that the creditor relied upon when providing the Loan
allows a new owner to take over its obligations�
Estimate and that was inaccurate or changed after the
Attachment: Legal seizure of property to force payment disclosures were provided; (iii) new information specific
of a debt� to the consumer or transaction that the creditor did not
rely on when providing the Loan Estimate; (iv) revisions
Attorney in Fact: One who holds a power of attorney from requested by the consumer; (v) when the Loan Estimate
another, allowing him or her to execute legal documents expires; or (vi) on the day of the rate lock�
such as deeds, mortgages, etc�, on behalf of the grantor
of the power� Chain of Title: A term applied to the past series of
transactions and documents affecting the title to a
B particular parcel of land�

Balloon Mortgage: A mortgage that is amortized over a Cloud on Title: An irregularity, possible claim, or
specific period of years, but requires a lump-sum payment encumbrance which, if valid, would affect or impair the title�
in full at an earlier date� Closing: Also known as “escrow” or “settlement�” The process
Bankruptcy: A federal court proceeding in which debtors of executing legally binding documents, such as deeds
and mortgages, most commonly associated with the
may be relieved of liability for their debts after surrender purchase of real estate and the borrowing of money to
of their nonexempt assets to a court-appointed trustee�
assist in the purchase�
Bureau of Land Management: The branch of government
in charge of surveying and managing public land� Closing Costs: Expenses for services incidental to a sale
of real estate, such as sales commissions, loan fees, title
C fees, appraisal fees, etc�
Closing Disclosure: The five-page Closing Disclosure, also
CC&R’s: Covenants, Conditions and Restrictions� referred to as CD, must be provided to the consumer three
Also see “Conditions and Restrictions�” business days before they close on the loan� The Closing
Disclosure details all of the costs associated with the
mortgage transaction�

Closing Statement: A summation, in the form of a balance
sheet, made at a closing showing the amounts of
debits and credits to which each party to a real estate
transaction is entitled�

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