Definition
Settlement Agent
The neutral party conducting the closing, disbursing funds and recording documents. May be a title company, escrow company or attorney.
Nearby terms
Seller Concession
A negotiated contribution from the seller toward the buyer's closing costs, subject to programme limits.
Servicer
The company collecting your payments and managing escrow, which may or may not own the loan.
SOFR
The Secured Overnight Financing Rate, the benchmark index now used on most new adjustable-rate mortgages.
Streamline Refinance
A simplified refinance for existing FHA, VA or USDA borrowers, typically with reduced documentation and often no appraisal.
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