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Glossary of Terms

 

Bank Market Share - CRS Data can help community banks look at all of the loans made for properties in a particular area, seeing both their own share of the current market and that of other banks. This data can be viewed in easy-to-read charts and graphs, stratifying data based on the geographic area, loan amounts and maturity date.

Bank-Owned Properties - In recent years, an increased number of consumers and investors have been taking advantage of low-priced bank-owned properties. However, purchasing a bank-owned property can be a complex process, especially since some of the previous homeowners' debt may need to be settled before a potential buyer can take hold of a property deed.

Collateral Evaluations - Collateral evaluations are a critical tool in the review of a bank's overall financial picture, particularly following the impact of the housing crisis, and give an up-to-date picture of lenders' current financial standing in relation to the outstanding loans in their portfolios.

Community Bank - Many investors and homebuyers may choose to take mortgages out with community banks instead of opting for national lenders. Because community banks are invested in the neighborhoods they work in, they may have a better understanding of area and the particular needs of homebuyers within it.

Dodd-Frank - The Dodd-Frank Wall Street Reform and Consumer Protection Act is a piece of legislation specifically designed to oversee the mortgage markets and ensure that banks are practicing sound lending and minimizing risk both to themselves, investors and to homeowners.

Financial Regulators - In the wake of the mortgage complications that plagued American economic markets during the fiscal crisis, financial regulators have become far more stringent when it comes to approving home loans.

Foreclosed Houses - Some of the best real estate investment opportunities on the residential and commercial markets are often distressed properties. It's generally recommended all investors looking to buy a foreclosed house do their homework to ensure they know everything about the home.

Home Appraisal - Home appraisals can be an integral part of the home buying process. Mortgage lenders require a home to be surveyed by a licensed professional before they will sign off on a home loan, and the process can uncover potentially costly repair issues that may affect a home's value.

Lending Regulation - One aspect of the mortgage market lenders, brokers, agents and other real estate professionals are constantly keeping a keen eye on is changes to lending regulations. In the wake of the recession, the government has significantly tightened the regulatory environment on lenders and real estate professionals in efforts to protect consumers.

Mortgage Justification - Mortgage justification is a key element of determining the soundness of any home loan. Banks and other lenders need to fully research information on a home to ensure that the mortgage applicants can afford to take on such a substantial debt and that the property is a good investment.

Mortgage Records - Mortgage records can show real estate professionals the past loans paid for a property in a certain area and other comparative market data related to mortgages, which can be useful when looking for the right property.

Property Data - When looking at available residential or commercial properties on the market, real estate professionals research as much as they can to accurately evaluate homes and buildings clients may purchase. Analyzing property data is typically a top priority for these investors when conducting research.

Property Tax Records - A property tax search is an essential aspect of home buying. Property taxes can have an impact on monthly mortgage payments and unpaid taxes may be carried over to a new owner. Because of this, it is essential that a home's tax history is clearly outlined with a property tax search.

Public Property Records - Public property records can be a helpful asset when it comes to homebuying. It can help consumers to determine how much they should bid on a home what expenses, such as taxes, may come along with owning that home.

Real Estate Property Records - When buying a home, it is essential that real estate agents, lenders, buyers and other involved parties fully research a piece of property before negotiations begin. Information about a home can influence selling price, mortgage rates and whether a potential buyer wishes to go through with a purchase.

Real Estate Records - In order to ensure a piece of real estate is a safe bet for potential buyers, it is important that full real estate records are obtained. Without this detailed history, buyers may miss crucial information about a home that may affect their decision to buy and the price they are willing to pay for a home.

Safety and Soundness - Safety and soundness in lending is an important topic when it comes to lending. Because some loan practices have been blamed for the economic downturn, many banks and other lenders have found a renewed focus in conservative lending practices.

Small Banks - Because mortgage lending is now subject to more stringent verification processes, lenders may have to do even more research to ensure they are abiding by safe lending practices. Small banks are often tasked with doing the legwork when it comes to justifying mortgages without the considerable resources of a larger entity.

Warranty Deeds - Warranty deeds may help protect a homebuyer in the event that previous ownership of a property is contested. It makes certain guarantees to buyers when the deed to a home is passed between buyer and seller.

“The quality of our work would not be as good without CRS. And it would take hours to get the work done without CRS."


CHARLIE HARPER - Sunmark Community Bank

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