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Real Estate Dictionary

Real Estate Dictionary

Which Regulations Created by the Consumer Financial Protection Bureau (CFPB) Impact Real Estate?

The CFPB impacts real estate primarily through regulations like TRID, QM, mortgage servicing rules, HMDA, and ECOA, which govern mortgage disclosures, lending practices, loan servicing, data reporting, and anti-discrimination to protect consumers and promote transparency in housing finance.

March 28, 2025

What is Torrens Title?

Torrens Title is a government-backed land ownership system where the official register serves as conclusive proof of ownership, simplifying property transactions and eliminating the need for historical title searches.

March 28, 2025

What Does a Title Insurance Underwriter Do?

A Title Insurance Underwriter reviews title searches, assesses risk, and issues insurance policies that protect buyers and lenders from potential legal issues with property ownership.

March 28, 2025

Overview: Federal Emergency Management Agency (FEMA) Standard Flood Hazard Determination Form (SFHDF)

The FEMA Standard Flood Hazard Determination Form (SFHDF) is a required document used by lenders to determine whether a property is in a high-risk flood zone and if flood insurance is mandatory.

March 28, 2025

What is the TILA-RESPA Integrated Disclosure (TRID) Rule?

The TILA-RESPA Integrated Disclosure (TRID) Rule, issued by the CFPB, combines and simplifies mortgage loan disclosures to help consumers better understand loan terms and closing costs by requiring standardized Loan Estimate and Closing Disclosure forms.

March 28, 2025

What is a Home Equity Conversion Mortgage?

A Home Equity Conversion Mortgage (HECM) is a government-insured reverse mortgage that lets homeowners aged 62 or older convert home equity into tax-free cash without monthly payments, with repayment deferred until they move out, sell, or pass away.

March 28, 2025

What is Encroachment in Real Estate?

In real estate, Encroachment is when a structure or improvement—like a fence, driveway, or building—extends onto another person's property without permission, potentially leading to legal disputes or title issues.

March 28, 2025

What is a Common Interest Community (CIC) in Real Estate?

A Common Interest Community (CIC) in real estate is a residential development where homeowners share ownership of common areas—like pools, parks, or hallways—and are typically governed by a homeowners association (HOA) that enforces rules and collects dues for maintenance.

March 28, 2025

What Does "Changed Circumstance" Mean in Real Estate Lending?

A "changed circumstance" in real estate lending is a significant event or discovery that justifies a lender revising the loan estimate or disclosing new fees.

March 28, 2025

How Do Air Rights Work in Real Estate?

Air rights in real estate are the legal ability to use or sell the space above a property, often enabling taller construction or allowing developers to transfer unused development potential to nearby buildings, especially in urban areas.

March 28, 2025
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