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| • | Earnest Money - Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment. |
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| • | Easement Rights - A right-of-way granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right-of-way across private property is a common example. |
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| • | Effective Age - An appraiser’s estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age. |
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| • | Effective Gross Income - Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable. |
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| • | Elderly Applicant - As defined in the Equal Credit Opportunity Act, a person 62 or older. |
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| • | Electronic Fund Transfer (EFT) Systems - A variety of systems and technologies for transferring funds electronically rather than by check. |
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| • | Electronic Payment - A time saving payment method where your loan payment is automatically deducted from your checking or savings account. You may be able to get a lower interest rate and you don't have to mail in your payment each month. You may also be able to choose your payment date. |
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| • | Eminent Domain - The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings. |
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| • | Employer-assisted Housing - A special Fannie Mae housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes. |
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| • | Encroachment - An obstruction, building, or part of a building that intrudes beyond a legal boundary onto neighboring private or public land, or a building extending beyond the building line. |
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| • | Encumbrance - A legal right or interest in land that affects a good or clear title, and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive convenants. An encumbrance does not legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance, or what can be done to remove it. |
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| • | Endorser - A person who signs ownership interest over to another party. Contrast with co-maker. |
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| • | Equal Credit Opportunity Act (ECOA) - Is a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. |
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| • | Equity - The difference between the fair market value and current indebtedness, also referred to as the owner's interest. |
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| • | Equity Loan - A loan based on the borrower's equity in his or her home. Prior to closing; also, an account held by the lender into which a homeowner pays money for taxes and insurance. |
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| • | Escrow - Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or closing. Escrow may also refer to an account held by the lender into which the homebuyer pays money for tax or insurance payments. |
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| • | Escrow Account - The account in which a mortgage servicer holds the borrower’s escrow payments prior to paying property expenses. |
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| • | Escrow Analysis - The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due. |
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| • | Escrow Collections - Funds collected by the servicer and set aside in an escrow account to pay the borrower’s property taxes, mortgage insurance, and hazard insurance. |
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| • | Escrow Disbursements - The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due. |
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| • | Escrow Payment - The portion of a mortgagor’s monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. |
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| • | Estate - The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death. |
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| • | Eviction - The lawful expulsion of an occupant from real property. |
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| • | Examination of Title - The report on the title of a property from the public records or an abstract of the title. |
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| • | Exclusive Listing - A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner’s right to sell the property alone without the payment of a commission. |
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| • | Executor - A person named in a will to administer an estate |
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