Ark Mortgage Inc. Glossary of Terms

The lawful expulsion of an occupant from real property.

The report on the title of a property from the public records or an abstract of the title.

A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner’s right to sell the property alone without the payment of a commission.

A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.

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

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. Known as "impounds" or "reserves" in some states.

The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.

Funds collected by the servicer and set aside in an escrow account to pay the borrower’s property taxes, mortgage insurance, and hazard insurance.

The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.

Escrow Collections

Escrow Disbursements

Escrow Payment

Estate

Eviction

Examination Of Title

Exclusive Listing

Executor

Escrow Analysis