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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Abstract (of Title)

A historical summary of all the recorded transactions, to include transfer of ownership, that affects the title to the property being mortgaged. An attorney or title company reviews an abstract of title to determine if there are any problems, such as lien, that could affect the title to the property. All problems with the abstract are cleared before a title is issued. The abstract is one of many documents included and validated in the loan closing package.

See Mortgage Loan Outstanding Document Overview
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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.