Glossary of Terms - Q
Criteria used to determine eligibility for a loan.
Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower’s total monthly income to monthly debt payments and other recurring monthly obligations.
A system of safeguards to ensure that loans are originated, underwritten and serviced according to the lender’s standards and, if applicable, the standards of the investor, governmental agency, or mortgage insurer.
An action in court to free the title to a piece of land from the claims of other persons. The court decree obtained in this action is normally known as a “quiet title decree.”
A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.