S

Savings & Loan: Institutions that collect deposits and specialize in originating and servicing mortgage loans.

Second Mortgage: A second mortgage/trust deed made after the original mortgage/trust deed and subordinate to the original.

Secondary Market: The financial markets where already funded loans are sold to investors. 

Section 8: Rental units that receive subsidies for participating in rental assistance programs for lower income individuals.

Section 32: A section in the Truth-in-Lending-Act that specifies the restrictions to high fee loans.

Securities and Exchange Commission (SEC): The federal agency that oversees the real estate lending when mortgage backed securities (MBS) or commercial mortgage backed securities (CMBS) are issued.

Security: Property that is used as collateral for debt.

Servicing: The operations a lender/servicer performs after the origination of the loan; such as collection of payments, payment of taxes, insurance, and property inspections.

Settlement Statement: A final statement outlining the final costs of the loan required under RESPA.

Simple Interest: Interest which is computed only on the principle balance (unpaid amount) of the loan.

Single Family Residence: A residential structure with no common areas, shared walls, and intended to be occupied by only one family.

Subdivision: A tract of land divided into separate lots for home building.

Survey: A document prepared by a surveyor that gives a measurement of the land and verifies the property’s legal description, plat maps, etc…