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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

 

Servicer
After a mortgage loan closes, the loan servicer collects the payments, manages escrow accounts, pays escrowed taxes and insurance, and manages delinquent payments. Lenders often "release" servicing to another business, which means that a home buyer will not necessarily send house payments to the original lender.

 

Settlement
The closing of a mortgage loan.

 

Settlor
An individual who establishes a trust in order to transfer property. (See Grantor)

 

Share
An individual unit of ownership in a publicly owned corporation or mutual fund.

 

Step Up In Basis
The change in the value of an asset inherited upon the owner's death. The taxable gain is calculated based on the fair market value at the time of death, not the fair market value at the time the asset was purchased.

 

Stock Split
A method of reducing stock price by allocating newly issued stock to shareholders according to their current holdings.

 

Successor Trustee or Executor
An individual or institution taking the place of a trustee or executor unable to continue the responsibilities designated in the trust agreement or will.

 
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