- Tenancy by the Entirety
A type of joint tenancy of property that provides
right of survivorship and is available only to a husband and wife. One spouse
dies the property goes to the other spouse. Contrast with tenancy in common and
joint tenancy.
- Tenancy in Common
A type of joint tenancy in a property without right of
survivorship. Contrast with tenancy by the entirety and with joint tenancy.
- Third Party Fees
Fees collected by lender for services provided by
other companies, such as an appraiser.
- Third Party Origination
A process by which a lender uses
another party to completely or partially originate, process, underwrite, close,
fund, or package the home loan. See mortgage broker.
- Title
A legal document evidencing a person's right to or
ownership of a property.
- Title 1:
an FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to their home; Title I loans less than $7,500 don't require a property lien.
- Title Company
A company that specializes in examining and insuring titles to real estate. Title insurance Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
- Title Insurance
Insurance that protects the lender
against any claims that arise from arguments about ownership of the property;
also available for homebuyers.
- Title Search
A check of the title records to ensure that the seller
is the legal owner of the property and that there are no liens or other claims
outstanding.
- Total Expense Ratio
Total obligations as a percentage of gross monthly
income. The total expense ratio includes monthly housing expenses plus other
monthly debts. Used to help qualify a potential borrower for a home loan.
- Transaction Fee
A fee charged each time the borrower draws on the
credit line.
transfer of ownership Any means by which the ownership
of a property changes hands. Lenders consider all of the following situations
to be a transfer of ownership: the purchase of a property "subject
to" the mortgage, the assumption of the mortgage debt by the property
purchaser, and any exchange of possession of the property under a land sales
contract or any other land trust device. In cases in which an inter vivos
revocable trust is the borrower, lenders also consider any transfer of a
beneficial interest in the trust to be a transfer of ownership.
- Transfer Tax
State or local tax payable when title to a property
passes from one owner to another.
- Treasury Index
An index that is used to determine interest rate
changes for certain adjustable-rate mortgage (ARM) plans. It is based on the
results of auctions that the U.S. Treasury holds for its Treasury bills and
securities or is derived from the U.S. Treasury's daily yield curve, which is
based on the closing market bid yields on actively traded Treasury securities
in the over-the-counter market. See adjustable-rate mortgage (ARM).
- Trustee
A fiduciary who holds or controls
property for the benefit of another.
- Truth-in-Lending (TIL)
A federal law that requires lenders to fully disclose,
in writing, the terms and conditions of credit, such as a mortgage, including
the annual percentage rate (APR) and other charges.
- Two- to four-family Property
A property that consists of a structure that provides
living space (dwelling units) for two to four families, although ownership of
the structure is evidenced by a single deed. See multi-unit housing.
Loan Glossary 
