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

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Common Terms 1   Common Terms 2

Identification of Signer

State laws differ on what constitutes satisfactory identification of a signer. Generally a government issued identification such as a drivers license, identity card, or passport will suffice. Its generally beneficial if the...

Immigration

Please check your state notary laws to see which if any immigration documents you are allowed to notarize. Non-Attorney Notaries must not give advice on immigration.

Impound

The portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. It is also common to...

Index

A published interest rate to which the interest rate on an Adjustable Rate Mortgage (ARM) is tied. A few commonly used indices include the 1 Year Treasury Bill, 6 Month LIBOR, and the 11th District Cost of Funds...

Initial

Many loan packages have documents that must be initialed by the signer. Additionally, it is common for the notary to be required to initial changes to...

Initial Escrow Account Disclosure Statement

The initial escrow account disclosure statement discusses escrow payments over one year. It shows how taxes and insurance will be calculated during that one year time period. A potential home buyer should...

Instrument

A technical term for a document. The term instrument is used in the boiler plate wording for notary certificates in many states. A notary can perform an acknowledgment if the signers name is subscribed to the within instrument...

Interest Only Mortgage

A type of mortgage where the borrower's payments are purely interest for a specified period of time which is usually five to ten years. Some borrowers use this type of mortgage so they can get a more expensive...

Interest-Only Loan Option

Loan payments have two components, principal and interest. An interest-only loan has no principal payments required for a specified period of time. The interest only loan option minimizes your monthly...