Wholesale Mortgage Services of Wisconsin, LLC.

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MORTGAGE GLOSSARY - S

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S

Second Mortgage
A mortgage which is entered after the primary loan. Called a second due to it being the second lien position to the first mortgage. See also Secondary Financing.
Secondary Financing
Financing obtained, subordinate to the first mortgage, to facilitate closing the first mortgage. Also known as a "piggyback" loan.
Servicing
All the steps and operations a lender perform to keep a loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections and the like.
Settlement Costs
See Closing Costs.
Settlement
See Closing.
Submission
This refers to a complete loan application package submitted for approval to the underwriting department.
Subordination Agreement
The agreement detailing the contingencies of subordination, filed with the county recorder. If a lien holder agrees to accept a lien position after that of a later recorded lien.
Substitution of Trustee
A document, filed by the beneficiary, which changes the trustee on a particular trust deed.
Surety Bond
A bond which ensures against harm to a party (usually the lender or owner) by a lien still attached to the property. This is usually used when the original deed was lost or the beneficiary cannot be located.
Survey
A measurement of land prepared by a registered land surveyor showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any building.
Suspended
The underwriter cannot yet approve or deny the loan. More information is required.

Wholesale Mortgage Services locally serves Southeastern Wisconsin, including the communities of