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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Easement

A right of way giving persons other than the owner access to or over a property. Easment could be the right for an entity to use land owned by another entity.

ECOA Anti-Discrimination Notice

This document states that discrimination on the basis of race, color, marital status, or age is prohibited. ECOA ensures that all consumers are given an equal chance to obtain credit. ECOA stands for equal credit....

e-documents

Documents that are sent electronically to the signing agent are called e-documents. There are a number of different common viewers used to view and print e-documents that a signing agent should have downloaded on their computer.

Effective Age

An estimate made by an appraiser of what actual age a property's condition would make it similar to. For example, a new property that was damaged and had many broken components might have a larger...

Effective Gross Income

Normal annual income including overtime that is regular or guaranteed. The income counted is from all sources combined. Salary is generally the principal source, but other income may qualify if it is significant...

Electric Funds Transfer

EFT allows account holders to transfer funds from an account electronically. This method of transfer is highly secure, efficient, fast, and easy to transact. One advantage of electronic funds transfer is that...

Embosser

A pliers-like device, that when squeezed together with paper between the jaws, makes a raised impression and indentation on paper. An embosser is used as a protection device and is not an official notary seal...

Encumbrance

Anything that affects, undermines, or limits the value of a title to a property, such as mortgages, leases, easements, tax liens, or restrictions. Encumberances are usually recorded with the county recorder or...

Endorser

A person who signs ownership interest over to another party. A person who backs a politician or a team. One who approves openly or expresses support for an idea or candidate.

e-notarization

An e-signing is different from an e-notarization. E-signings are electronic loan signings where the notary visits the borrower's home or meets the borrowers at a mutually agreeable location.

e-notary

It is a current trend for notaries to learn to do e-notarizations. Although there is no such thing as an e-notary, there are notaries who have the capcity to do electronic notarizations ( e-notarizations ). An e-notarization...

Equal Credit Opportunity Act ECOA

A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from...

Errors and Omissions

The Errors and Omissions document requires the borrower to comply with the lender to make corrections should any clerical errors need to be fixed in the loan documents. This document is similar to the...

Errors and Omissions Insurance

Many notaries carry E&O insurance to protect themselves from law suits. So far, we have no heard of any court cases, but notaries purchase large amounts of...

Escrow

An Escrow company is a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or "closing". Escrow may also refer to an account held by the...

Escrow Account

An escrow account is an account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses. An escrow account could also be considered to be a trust account held in...

Escrow Analysis

The periodic examination of escrow accounts to determine if current monthly deposits will be able to keep up with taxes, insurance, and other bills when due. Escrow analysis can also be described as a report...

Escrow Collections

An escrow account is an account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses. An escrow account could also be considered to be a trust account held in the borrower's name to pay...

Escrow Disbursements

Escrow disbursements are payments out of the escrow account to cover real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due. All payments for escrow...

Escrow Payment

The portion of a mortgagor's monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Escrow payments are...

e-signing

An e-signing is an electronic signing where the notary signing agent carries a laptop with a wireless card to wherever the signing is to take place. The borrower would login to an application and sign documents online supervised by the notary.

Estate

The ownership interest of an individual in real property. The total of all the real property and personal property owned by an individual at time of death.

Eviction

The lawful expulsion of an occupant from a property. Tenants who are late on their rent payments or in violation of their lease could get evicted.

Examination of Title

The report on the title of a property from the public records or an abstract of the title. Research of the title of a particular property. An examination of title is less thorough than a title search. It usually concentrates...

Execute

To sign. In the notary context, it would mean to sign a document or "instrument". A Notary Public could execute an acknowledgment which is a formal way of saying that they could take an acknowledgment or...

Executing Witness

Also known as a subscribing witness. Someone who swears that another particular person signed a document. An executing witness could be use in a "Proof of Execution" notary act. The executing witness would...

Expiration

A notary's commission would have an expiration date. The length for a notary's term of office varies from state to state but is most commonly four or five years. The commission expiration date is usually part of the...