 |
|
|
| |
|
|
| |
 |
endorser
A person who signs ownership interest over to another party. Contrast with co-maker.
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 public assistance programs.
equity
A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage.
escrow
A financial instrument held by a third party on behalf of the other two parties in a transaction, such as the deposit by a borrower with the lender of funds to pay taxes and insurance premiums, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon closing of a sale.
|
|
|
