123Notary
Enter Zip, City, or County... i.e. orange,NY or 90019
Search Method:    regular time edocs


Resources > Glossary > B

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

0-9  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  
Common Terms 1   Common Terms 2

Backdating

Sometimes the 1003 Universal Residential Loan Application is backdated or the lender will leave instructions not to date it at all. Why? Because the borrower, most likely, has submitted a more user-friendly form to the borrower...

Balloon Mortgage

A Balloon Mortgage is usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a contractually specified...

Balloon Payment

A Balloon Mortgage is usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a contractually specified...

Basis Point

A basis point is 1/100th of a percentage point. For example, a fee calculated as 50 basis points of a loan amount of $100,000 would be 0.50% or $500. A basis point is commonly used for calculating changes in...

Beneficial Interest

Notarizing a document for a family member, or a document in which the notary is named, or has financial interest, could constitute beneficial interest. A Notary should avoid notarizing documents in which he or she...

Beneficiary

The person or entity designated to receive the income from a trust, estate, deed of trust, or insurance policy can be called a beneficiary. A beneficiary could also receive non-financial benefits from a benefactor.

Bilingual Notary

A bilingual notary is a state commissioned notary public who is able to speak a language other than English fluently. Bilingual doesn't necessarily mean Spanish speaking as roughly 50% of bilinguals on 123notary.com...

Birth Certificates

A Notary generally can not certify a copy of or notarize a birth certificate. This would be subject to state laws. However, it is common for a signer to swear an oath that a copy of a birth certificate is a true, correct,...

Biweekly Payment Mortgage

A mortgage that requires payments to reduce the debt every two weeks instead of the standard monthly payment schedule is a biweekly payment mortgage. The 26 or possibly 27 biweekly payments are each...

Blank Spaces in Documents

A Notary should not notarize a document with blank spaces. If a notary notarizes a document with blank spaces, the signer or other party could fill in anything in those blank statements after the notarization, thus changing...

Blanket Mortgage

A blanket mortgage is a mortgage that is secured by a cooperative project, as opposed to the share loans on individual units within the project. Blanket loans are popular with builders and developers who buy...

Bond

Many states require notaries to carry a surety bond to protect others from any misconduct or mistake. Should the Notary be liable for monetary sums, the bonding company would be liable to pay whatever was...

Borrowers Certification and Authorization

The Borrower's Certification & Authoriztion document has the borrower certify that all the information within the loan application is correct. The borrower's certification and authorization also authorizes the lender to share information in the loan...

Breach

A violation of any legal obligation could be called a "Breach of contract". A broken condition, levy, area, or gap. A break in accustomed friendly relations between individuals or groups.

Bridge Loan

A form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. Also...

Broker

A person who brings parties together and assists in negotiating contracts between them for a commission or fee. Common types of brokers include Mortgage Brokers, Stock Brokers, and Real Estate Brokers.

Buydown Mortgage

A temporary buydown is a mortgage on which an initial lump sum payment is made by any party to reduce a borrower's monthly payments during the first few years of a mortgage. A permanent buydown reduces the...