Definition
SOFR
The Secured Overnight Financing Rate, the benchmark index now used on most new adjustable-rate mortgages.
Nearby terms
Servicer
The company collecting your payments and managing escrow, which may or may not own the loan.
Settlement Agent
The neutral party conducting the closing, disbursing funds and recording documents.
Streamline Refinance
A simplified refinance for existing FHA, VA or USDA borrowers, typically with reduced documentation and often no appraisal.
Subordination
An agreement in which an existing lienholder accepts a lower priority position, commonly required when refinancing a first mortgage behind an existing HELOC.
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