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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms. 0-9 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 State laws differ on what constitutes satisfactory identification of a signer. Generally a government issued identification such as a drivers license, identity card, or passport will suffice. Its generally beneficial if the... ImmigrationPlease check your state notary laws to see which if any immigration documents you are allowed to notarize. Non-Attorney Notaries must not give advice on immigration. ImpoundThe portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. It is also common to... IndexA published interest rate to which the interest rate on an Adjustable Rate Mortgage (ARM) is tied. A few commonly used indices include the 1 Year Treasury Bill, 6 Month LIBOR, and the 11th District Cost of Funds... InitialMany loan packages have documents that must be initialed by the signer. Additionally, it is common for the notary to be required to initial changes to... Initial Escrow Account Disclosure StatementThe initial escrow account disclosure statement discusses escrow payments over one year. It shows how taxes and insurance will be calculated during that one year time period. A potential home buyer should... InstrumentA technical term for a document. The term instrument is used in the boiler plate wording for notary certificates in many states. A notary can perform an acknowledgment if the signers name is subscribed to the within instrument... Interest Only MortgageA type of mortgage where the borrower's payments are purely interest for a specified period of time which is usually five to ten years. Some borrowers use this type of mortgage so they can get a more expensive... Interest-Only Loan OptionLoan payments have two components, principal and interest. An interest-only loan has no principal payments required for a specified period of time. The interest only loan option minimizes your monthly...
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