Overview
The following is a list of terms and definitions or explanations of uses in Resware.
| Terms | Definitions |
| % = Wildcard | The % sign is used in the File Search and Partner Search screens to represent one or more other characters. Search for variable beginnings, middle, or endings of the root word. |
| 1031 Exchange | This is a swap of properties that are held for business or investment purposes. The properties being exchanged must be considered like-kind in the eyes of the IRS for capital gains taxes to be deferred. If used correctly, there is no limit on how many times or how frequently you can do 1031 exchanges. |
| 1099-M | This is a 1099-MISC type of tax form used to report miscellaneous income, such as income earned as a non-employee. In Resware you have the ability to run the partner/vendor 1099 Report to capture 1099-M data. |
| 1099-S | Issued when a real estate transaction occurred; usually the sale of a home and issued to the seller who must report the sale on their personal income tax return. |
| 2-Way Reconciliation | Adeptive strongly recommends a one-to-one relationship between banks and ledgers: One ledger/ledger type per bank account. This recommendation exists both for the sake of simplicity and to ensure that all bank accounts will be able to reconcile properly. If there are questions about the ability to deviate from this recommendation, please contact Support at support@resware.qualia.com to make sure there won’t be any reconciliation issues. 2-Way Reconciliation Ledgers:
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| 3-Way Reconciliation | The Bank, Book, and Trial Balance all match. You compare the latest bank statement (the “bank balance”) to your check register (the “book balance”), correcting for checks or deposits that have not cleared yet. Adeptive strongly recommends a one-to-one relationship between banks and ledgers: One ledger/ledger type per bank account. This recommendation exists both for the sake of simplicity and to ensure that all bank accounts will be able to reconcile properly. If there are questions about the ability to deviate from this recommendation, please contact Support at support@resware.qualia.com to make sure there won’t be any reconciliation issues. 3-Way Reconciliation Ledgers:
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| A.L.T.A. | The American Land Title Association, founded in 1907, is the national trade association and voice of the abstract and title insurance industry. ALTA® members search, review and insure land titles to protect home buyers and mortgage lenders who invest in real estate. |
| A.P.I. | An API (Application Programming Interface) is how third parties can write code that interfaces with other code. A Web Service is a type of API, one that almost always operates over HTTP (though some, like SOAP, can use alternate transports, like SMTP). |
| A.P.N. | Assessor’s Parcel Number is a number that is used to identify property. |
| Abstract of Title | An abstract of title, or title abstract, briefly summarizes the various activities affecting ownership of a parcel of land. When a person or business agrees to purchase real estate, that person or business arranges for an examination of the history of the property’s title. This examination is known as the title search. A title search is conducted to determine that the seller of the property in fact owns the property and has a free-and-clear title. A free-and-clear title has no clouds on it, which means that no person or business other than the seller has an interest in, or claim to, the property. |
| Accounting Code | Codes are set up when a third-party accounting system needs to query information from Resware. |
| Action | A task to be completed in a file. |
| Action Event | When enabled provides the ability to add/edit Task Effects and add/edit External Triggers. |
| Action Groups | Global actions are added into an Action Group. Actions are typically grouped together by a “Coordinator Type” or actions that are for a specific function or portion of the process. Action groups can be used in more than one workflow when applicable. |
| Actions Queue – File | List of all static, started, overdue and completed actions for the file. |
| Actions Queue – Homepage | List of team or user specific actions including all started, due and overdue. |
| Add – On File | This relationship is created when add-on files are selected at file creation (from Admin/Action Lists/Product Types/Add-on Products). The main file is labeled as “Main” and the files that are selected to also be created are labeled as “Add-on”. This is an informational relationship and does not have any triggers or affects associated with it. |
| Agent | One who has authorization to issue title insurance policies on behalf of a title insurer for a portion of the premium. The word “title” refers to your legal rights to own, use, and dispose of a specific property. The title company insures the property’s title with policies to the buyer and the lender to protect against problems with the property or the title. Escrow is the arrangement of one company holding and managing the payment of funds required for two parties in a given transaction. The escrow company or agent acts as the objective third-party between the buyer, seller, and lender to make sure the contract (offer) is closely followed and that the money goes to all of the correct places when terms of the contract are met. Many title companies handle both title and escrow services. |
| Agent # | A unique number assigned to a title & escrow company by the underwriter. |
| Aggregate Adjustment | An aggregate adjustment is a calculation the lender uses to prevent collecting more money for the escrow account than is allowed under the Real Estate Settlement Procedures Act (RESPA). |
| Ancillary File | If Copy as Ancillary File is checked in the Copy Files screen, a relationship is created between the two files. The new Ancillary file will have the same file number as the Main file and have a “ -2 “, “ -3 “ etc., after the number and does not have any triggers or affects associated with the files. In the Admin menu > General Setup > Offices, there is a checkbox “Show Ancillary Files When Opening Main File” that provides the ability to select which file to open when any of the ancillary files are being accessed. |
| Arbitrary Map | A map drawn by a title company to be used in locating property in areas where legal descriptions are difficult and complex. Areas are arbitrarily subdivided usually by ownership at a given time, into lots which are numbered. Recorded documents are then posted to these arbitrary lots by the same ‘arb’ number. |
| Associate | Process for linking documents and/or notes to actions, curative items, or recording records. |
| Audit Trail | Shows a complete history of user interaction with a file. Includes time spent with file open, action related information, document access, closing information, etc. |
| Bank Integration | Data transferred electronically from the lender to the Resware file via XML. |
| Blacklisted | Mark the file as being blacklisted. This can be used to display a popup message that the file is blacklisted when the file is opened. |
| Bills Ledger | Used to pay filing/recording fees out of a non-Settlement account. Money would be deposited into this account using a non-file transaction then recording/filing fee checks are disbursed on a per-file basis. |
| Borrower/Buyer Proceeds | Seller and Borrower will pay any required expenses to close the transaction, known as closing costs. Once all costs and expenses have been paid the seller, and in some cases the borrower will take home the remaining. |
| C. C. & R. | An acronym for Covenants, Conditions & Restrictions. Used by many “common interest” developments, including condominiums and co-ops, to regulate the use, appearance, and maintenance of property. |
| C.F.P.B. | This stands for Consumer Financial Protection Bureau. This is an agency of the US who is responsible for the consumer protection in the financial sector. CFPB’s jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the US. |
| C.L.T.A. | This stands for California Land Title Association. This is a non-profit corporation, founded in 1907, representing member title companies throughout the state of California. The association’s membership is comprised of title insurance companies and underwritten title companies conducting business in the state. |
| C.P.L. | An acronym for Closing Protection Letter. This is added protection for the Insured Party (usually the lender and/or the buyer) against actual loss of funds incurred within a specific transaction due to misconduct by the closing agent. |
| Claim | To post an incoming wire to an expected receipt. |
| Clear to Close | This indicates that the items to be cleared before closing have been resolved. Click the Clear to Close button on the Curative tab to change the status of the file to Clear to Close. |
| Clearing Account | A clearing account is a bank account that is used to hold funds temporarily. There are several reasons to use a clearing account and such accounts can be held by businesses, mortgage services, escrow companies, and other organizations that handle and process large amounts of money. Some offices will use this for universal wiring instructions. |
| Client | Client Partner Type defines the person who directed the business. When a partner is associated with a Client Partner Type, that partner is added to the Client dropdown list on the File Information screen in the New File Wizard. Also, by having this partner type selected gives the client the ability to create new files in the Customers Resware website/portal. |
| Client’s Client | The office’s directing source of business also has a directing source of business. |
| Client’s File Number | This is when the directing source of business (i.e., title and escrow settlement agent) has a file number that can also be referenced. |
| Close of Escrow | The date the documents are recorded and title passes from Seller to Buyer. On this date, the Buyer becomes the legal owner, and title insurance becomes effective. |
| Combine | Combine documents into a single PDF file. |
| Condominium Owner’s Association | A homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees. Some associations can be very restrictive about what members can do with their properties. |
| Coordinator | A “Coordinator” represents a job function performed by an internal user or multiple internal users. Some examples are: Order Entry, Search, Exam, etc. Coordinators (job function) can be set up to represent the stage a file may go through with Actions (tasks) being completed along the way. A “Team” would be that internal user or multiple internal users that perform that job function (Coordinator).An internal user or multiple internal users (Team) can be assigned to multiple Coordinators (job function) and those Teams can be assigned to multiple Actions. Coordinator = JobsTeam = Person(s) |
| Coordinator Types | This is used to assign these job functions to an internal user, team, and action. |
| Copied From | On the General tab in the Related Files section, if a file shows Copied From it means that the file was created from a source file. |
| Copied To | On the General tab in the Related Files section, if a file shows Copied To it means the file that is currently open displaying this message is the source file that was used to create those files showing in the Related Files section. |
| Curative | Clearing title items prior to closing. |
| Custom Field | Short variable information that is entered one time and is captured on one or more documents. |
| Data Grid | A spreadsheet appearance with columns and rows with the ability to insert, remove, and re-arrange those columns. |
| Document Type | The general category/type of document. |
| Dynamic Actions | Actions that start automatically when another action is completed. |
| eRecording | Electronic document recording is the process of digitally creating, submitting, and recording legally binding land ownership records. |
| Easement | Right given to another person/entity to trespass or use the land owned by somebody else. Example: utility companies for the right to bury cables or access utility lines. |
| Effective Date | The Effective Date is the date the examiner has searched records through which is typically referred to as the Plant Date or is the date through which the county recorder is indexed. |
| Employee | Contact(s) for the Partner Company. |
| Encroachments | An unauthorized intrusion of one property onto another and is an encumbrance on both properties until an agreement resolves the issue. Examples of encroachments are fence, portable outdoor shed, doghouse, detached garage, and affixed buildings. Depending on the encroachments can cost money. In some cases, neighbors will sign an encroachment agreement, granting a license to continue the encroachment of a wall or fence onto a neighbor’s property. |
| Escrow Account | An escrow account is an account where funds are held in trust whilst two or more parties complete a transaction. This means a trusted third party such as Escrow.com will secure the funds in a trust account. The funds will be disbursed to the merchant after they have fulfilled the escrow agreement. If the merchant fails to deliver their obligation, then the funds are returned to the buyer. |
| Ernst Calculator | Ernst Publishing provides the ability to calculate recording fees. |
| Extract | Extracting a PDF document will copy specified pages from one PDF file into a new PDF file. |
| File Origin | This field on the General tab of a file shows where it originated (i.e. Internal, Internal Copy, Old System, Website, and XML). |
| File Partner Notes | Notes can be added to a partner record (not a file) and can be reference at any time information is needed about a specific partner. |
| Flag Checkbox | When adding a Lien/Requirement on the Search Data tab, there is the option to check this checkbox that provides the ability to have that language pull to a certain document when using the “SearchDataLiensAndRequirementsFlagged” merge field. |
| Fund Claims System | A tool in Resware that can be turned on when working with wires. This feature must be turned on when using a bank integration. |
| Future File | If a file is selected “Copy as Prior” on the Property Information Screen of the New File Wizard, a relationship is then created between both files. On the General tab of the new file will show “Prior File” and the other file will show “Future File”. This is for informational purposes only and has no triggers or affects between the files. |
| Global Actions | All actions start as a Global Actions then later is added to action groups This defines action lists. If an action that is needed for an action list does not exist, a new global action will need to be created. |
| Grouped Actions | Selected during Add Action process. Creates duplicate actions that replace an original action. |
| H.E.L.O.C. | An acronym for Home Equity Line of Credit. This is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in their house (akin to a second mortgage). Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. |
| Hold | This is a feature that is used on the Postings sub-tab of the Settlement tab. This provides the ability to place a disbursement item on hold to prevent it from being disbursed. |
| Homeowner’s Association | A homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees. Some associations can be very restrictive about what members can do with their properties. |
| I.S.A.O.A. | An acronym for It’s Successors and/or Assigns. This means any person, Company or other entity which succeeds to purchase, acquire or accept assignments of all or substantially all of the assets or outstanding stock of the Company, whether by agreement or operation of law. |
| Interest | Real Estate ownership interest. Most common type of interest is “Fee Simple” – meaning it is fully owned and not “Leasehold” or “Life Estate”. |
| Internal Document | A Document that is internal only and not visible on the Resware website. |
| Investment Account | An account with unique requirements, rules, and restrictions. Funds are deposited for the purpose of investment in major markets, stocks, bonds, municipal funds, or some other form of capital investment with the intention of making profit, returns or dividends. Some examples of investment accounts are 401K, RothIRA 401K, Money Market, and Trading Accounts. The account holder often has discretion over how and where the funds are invested, with all profits and losses being taxed by the IRS as capital gains. These are limited access accounts and are normally for the benefit of the account holder, fund or company listed. They cannot be used like a standard checking and savings account. |
| Ledger | The escrow bank account assigned to the file noted in the Receipts section of the Postings sub-tab in the Settlement tab. |
| Liber | Liber is a book of public records. Folio refers to a page in that book. Liber and Folio are used to designate the location of a Property Deed in the public record. Typically, a Property Deed will list the Liber and Folio numbers of the last Property transaction. |
| Lien | A property lien is a legal claim on assets which allow the holder to obtain access to the property if debts are not paid. |
| Main File | If Copy as Ancillary File is checked in the Copy Files screen, a relationship is created between the two files. The new Ancillary file will have the same file number as the Main file and have a “ -2 “, “ -3 “ etc., after the number and does not have any triggers or affects associated with the files. In the Admin menu > General Setup > Offices, there is a checkbox “Show Ancillary Files When Opening Main File” that provides the ability to select which file to open when any of the ancillary files are being accessed. |
| Menu Bar | A horizontal bar located at the top of the screen that contains dropdown menus. Some items also appear below on the Navigation bar. Both are always visible. |
| Merge Field | A field in Word or Excel that will pull in file-specific data. This transforms a template into a document. Sometimes also referred to by legacy customers as a pull field. |
| Milestone Actions | Actions added to a file when specific progress has been made. Only used for reporting purposes. No user interaction required. |
| M.I.S.M.O. | This is an acronym for Mortgage Industry Standards Maintenance Organization. This is a non-profit, wholly owned subsidiary of the Mortgage Bankers Association (MBA) responsible for developing standards for exchanging information and conducting business in the U.S. mortgage finance industry. It has more than 175 member organizations representing a cross-section of the residential and commercial mortgage industries. |
| Municipality | A town, city, village, borough that has been incorporated for local self-government. |
| N.P.I. | Non-Public Personal Information. NPI is any “personally identifiable financial information” that a financial institution collects about an individual in connection with providing a financial product or service, unless that information is otherwise “publicly available”. |
| Navigation Bar | A horizontal bar of icons located at the top of the screen, just underneath the Menu bar and is always visible. |
| Note | Notes and/or emails added in the file on the Notes tab. |
| Note Tags | Note Tags can be set up to help categorize notes and indicate their level of importance. |
| Operating Account | Yes, an operating account is where the company keeps all “company dollars” earned from services (profit). From that account they pay all bills and expenses of the business such as payroll, taxes, utilities, etc. An operating account should only be used for company dollars and any mixture of customer monies, held in trust, with company is considered co-mingling and is illegal in most states. |
| P.O.C. | This stands for “Paid Outside of Closing”. Fees that were paid prior to attending the closing/signing. |
| Parcel ID Number | The parcel ID consists of numbers divided into groups for the block, lot and sub-lot of a land parcel. The property tax ID is a row of numbers assigned to a tax record identifying the property and property owner paying the taxes. Use this field for either the Parcel ID # or the Tax ID #. |
| Partner | All parties, and some integrations partners that is involved on a file. Some examples are: Lender, Listing & Selling Agent, eRecording and anyone that is receiving funds. |
| Partner Directory | Rolodex – Search for Partner Companies and Employees Search feature that allows users to search for companies and their employees |
| Partner Type | The role the partner will play in a transaction. |
| Pause Field | A Pause Field is used on both the Search Data tab and on the Documents tab while working on a template in Microsoft Word. If working on the Search Data tab, press Ctrl N to advance the cursor forward to the next available Pause field to fill in the variable information. If working on the Documents tab in a Microsoft Word template, press F11 to advance the cursor forward to the next available field to fill in the variable information. |
| Phrases | This tab provides the ability to select repetitive text that flows over to the associated document template(s) on the Documents tab. |
| Piggyback File | This relationship is created when a file is created and its property type (from Admin/Action Lists/Product Types/File Creation Options) is set as Piggyback File. There are triggers and affects that are associated with this file relationship. If files are related in this way, action affects and triggers can be set up to start, complete, and/or set due dates on the related file. |
| Platted | A section of land that has been subdivided into lots showing the location and boundaries of individual parcels with the streets, alleys, easements, and rights of use. |
| Plug-ins | Software plug-ins are miniature programs that “plug into” a host program for additional functionality. Plug-ins allow a third-party application to be used within the host program, acting as a kind of liaison or bridge. There are many kinds of plug-ins, but one that many Web surfers will be familiar with is the Acrobat® Reader® plug-in for Web browsers. This allows .PDF files to be read within the browser window. Other popular browser plug-ins include QuickTime® to view movies, and the Flash® plug-in to view Flash scripts. |
| Positive Pay | Positive pay is a fraud-prevention system offered by most commercial banks to companies for a fee to protect them against forged, altered, and counterfeit checks. |
| Postings | Postings tab displays all of the actual and expected settlement receipts, disbursements and the file balance. It includes buttons to post transactions. |
| Primary | This is the primary contact person at the selected company. |
| Prior/Dup File Search | Search for an already existing file (Prior) or a duplicate file (Dup). |
| Prior File | If a file is selected “Copy as Prior” on the Property Information Screen of the New File Wizard, a relationship is then created between both files. On the General tab of the new file will show “Prior File” and the other file will show “Future File”. This is for informational purposes only and has no triggers or affects between the files. |
| Product Type | This is what is being offered to the customer. This is a sub-category of the type of transaction that is being ordered (i.e., Purchase with Loan, Purchase with Cash). |
| Proforma Policy | A proforma policy is a sample policy that shows a lender what its actual loan policy will look like once issued after closing. |
| Proposed Insured | A field on the Search Data tab that pulls in the Lender from the General tab. |
| Public Document | A Document can be marked public so it can be viewed or downloaded from the Resware website. |
| Quick Tab Selector | A checkbox in Edit > Options, when checked provides a dropdown list on the Homepage to select the team queue versus clicking on the tab to select the queue. |
| Receivables | Receivables Tab is used to create receivables (for example, fees that are charged to clients for services). Once a receivable has been created, it can be invoiced back to the client or another partner on the file. |
| Receivables Ledger | The bank account used for receivables. |
| Reconciliation | Compare a list of transactions on a bank statement with what’s in Resware making sure to have the rate dates and transactions. |
| Recording Account | A separate bank account opened by the settlement agent. This helps with transferring funds – ACH to vendors like Simplifile and CSC. |
| Requirements | Examples are proof of the buyers new mortgage, proof that the seller has paid off his current mortgage, a copy of the deed transferring ownership, payment of fees (assessment) and taxes related to the property, survey, seller paid off any liens against the property. |
| Remittance | A portion of the title insurance premium collected at closing for the underwriter. This amount is an agreed amount between the settlement agent and the underwriter for the policies, endorsements, and Closing Protection Letters. |
| Restrictions | Conditions written into the deed of a property that limits what can be built on a property, or how that property can be used – limits the use of your own property in some way. |
| Role Groups | This is a predefined list of permissions. Add a role group (i.e., Order Entry), then select what can be accessed if given that role group. This has nothing to do with their associated teams. |
| Secondary | In addition to dealing with a primary person at a company, if there are any others those would be considered secondary. |
| Secured Document | Document is secure and cannot be edited by recipients outside of Resware. |
| Seller Proceeds | Seller and Borrower will pay any required expenses to close the transaction, known as closing costs. Once all costs and expenses have been paid the seller, and in some cases the borrower will take home the remaining. |
| Settlement Account | An escrow account is an account where funds are held in trust whilst two or more parties complete a transaction. This means a trusted third party such as Escrow.com will secure the funds in a trust account. The funds will be disbursed to the merchant after they have fulfilled the escrow agreement. If the merchant fails to deliver their obligation, then the funds are returned to the buyer. |
| Settlement Agent | For a real estate transaction, closing agents are professionals who function chiefly for the buyer by conveying the selling interest from the buyer to the seller and ensuring the orderly transfer of the legal title from the seller to the buyer through the closing process. |
| Snapshot | Document versioning. If a document was created with a template that was set to create snapshots and a user edits and saves the document, a snapshot of the original document is created. This is for versioning of the document so that there is a way to retrieve/revert to earlier versions of the document. |
| Speed Codes | A short-abbreviated code using letters and/or numbers to create repetitive text that can be reused. |
| Start/Complete Assigned | This shows the person the action has been assigned to start and/or complete. |
| Start/Complete By | This shows the person who started and/or completed the action. |
| Start/Complete Date | This show the date the action was started and/or completed. |
| Start/Complete Due | This shows the due date for when the action should be started and/or completed. |
| Status | On the General tab of the file shows the files status in the Status field as well as showing in the Status bar at the bottom. |
| Status Bar | The Status bar displays at the bottom of the page. If a file is open this bar will display the File Number, File Status, Property, Borrower or Seller. If a file is not open this Status bar will be blank. |
| Sub Escrow | Service provided where the buyer’s lender requires the title company to take the buyer’s loan proceeds and pay off the seller’s mortgage payoffs. |
| Summary | Summary of the file that includes file details; contacts; ability to view & create notes; ability to view, attach, & send documents; payments made on file; all actions on the file; and posting made on file. |
| T.L.T.A. | Texas Land Title Association is a statewide trade association representing the Texas title insurance industry and currently serving over 15,000 professionals involved in the safe and efficient transfer of real estate. In the course of their daily work, our membership serves over a million consumers each year. With active members in 253 of 254 Texas counties, TLTA membership comprises over 85 percent of all title insurance agents and underwriters licensed to do business in Texas. |
| T.R.I.D. | An acronym for the TILA-RESPA Integrated Disclosure rule. TRID became law as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Sections 1098 and 1100A of Dodd-Frank required the appropriate rulemaking agency to publish revised forms and rules that require the mortgage industry to combine the disclosure information that consumers receive when they apply for and close on a mortgage under the Truth in Lending Act (TILA) with the settlement disclosures under the Real Estate Settlement Procedures Act (RESPA). |
| Tag | Tags can be used to categorize notes which makes locating notes much faster. |
| Team | A “Coordinator” represents a job function performed by an internal user or multiple internal users. Some examples are: Order Entry, Search, Exam, etc. Coordinators (job function) can be set up to represent the stage a file may go through with Actions (tasks) being completed along the way. A “Team” would be that internal user or multiple internal users that perform that job function (Coordinator). An internal user or multiple internal users (Team) can be assigned to multiple Coordinators (job function) and those Teams can be assigned to multiple Actions. Coordinator = Jobs Team = Person(s) |
| Template Document | An unpopulated version of a document. A user can generate a document from a template on a file in Resware. This will pull file-specific information into the template with the use of merge fields. |
| Threading | This is a feature used on the Notes tab that provides the ability, when enabled, groups conversations from emails/notes together. |
| Torrens Number | Torrens Property is property that is indexed and managed by the Office of the Registrar of Titles. Approximately 10 states have Torrens property which includes Massachusetts, Hawaii, Illinois, and Minnesota. Property becomes Torrens after an owner applies to the court system to have the property registered as Torrens. After court proceedings, the court orders the issuance of a Certificate of Title. While an Abstract of title provides evidence of title to the property, a Certificate of Title is THE title to the property. All matters affecting title to the property are shown on the Certificate of Title. |
| Township, Section, Range | Township measures the north/south distance and Range measures the east/west distance. Both Township and Range are 6 miles in size. Townships are divided into 36-mile square “sections” and each section is identified with a number based on its position. |
| Transaction Type | Type of transactions (i.e., Purchase, Refinance, etc.). |
| Transactions After Closing | This area is permission based and can be used to receipt and/or disburse funds after closing, unlock settlement lines once funds have been disbursed to change a fee, and provides the ability to return funds back to the lender after its been receipted. |
| Trust Account | Created for long-term hold of funds. This is typically for repairs and any agreements mentioned in the purchase contract. |
| U.C.D. | An acronym for Uniform Closing Dataset is a common industry dataset that supports the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure which is part of the Uniform Mortgage Data Program (UMDP). |
| Underwriter | The word “underwriter” is defined as “a person or company that underwrites an insurance risk.” An underwriter’s job is to review and analyze risk. When applying for insurance, the underwriter will review your application and either approve or deny your coverage based on a risk assessment. A title firm which conducts title searches but is not qualified to insure, and therefore issues policies of a qualified title insurer (underwriter) in return for a portion of the premium. |
| Unincorporated | This is an unincorporated town that has not been annexed by a city. If the town is not incorporated by the city selected, check this checkbox to prevent the city tax rate from being used when calculating title premium taxes. The county tax rate will be used instead. |
| Ungrouped Actions | Selected during Add Action process. Creates additional versions of an original Action. |
| Unplatted (Metes & Bounds) | Land that has not been platted or plotted. It is simply defined by the “metes and bounds” description (such as 42ºN12’3″E 200 feet; then 65ºN0’0″E 1000 feet). A plat is a map drawn to scale showing the divisions of a piece of land. |
| Vesting | Title vesting is the way an owner (or owners) of property takes title to their real estate. Find out about the different ways to take title to real estate. |
| X.M.L. | An acronym for Extensible Markup Language that is designed to share data between multiple systems via the web. |