Beneficiary Statement: When an existing loan is to be paid or assumed by a buyer, the escrow agent will obtain a statement of the balance due on the loan so the buyer receives the proper amount of credit.

 

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Beneficiary Statement: When an existing loan is to be paid or assumed by a buyer, the escrow agent will obtain a statement of the balance due on the loan so the buyer receives the proper amount of credit.

Rental Statement: A summary of rental amounts paid and security deposits collected on a property used for rental purposes.

Reinstatement: To bring something back to its prior position, as in restoring a defaulted loan to current status.

Registration Statement: A legal document filed with the SEC to register securities for public offering that details the purpose of the proposed public offering. The statement outlines financial details, a history o . . . View Full Definition

Retained Earnings Statement: A statement of all transactions affecting the balance of a company's retained earnings account.

Seller Financing Disclosure Statement: There are specific additional duties imposed upon the licensee who negotiates a sale of real property when the seller receives a portion of the sales price in the form of a promissory note s . . . View Full Definition

Single-Step Income Statement: An income statement where all the revenues are shown as a single total rather than being split up into different types of revenue (this is the most common format for very small businesses). . . . View Full Definition

Settlement Statement: A mortgage loan closing form required by HUD that is often called a HUD-1. It provides details of all charges and payments made in connection with your loan, and shows to whom they are distributed.

Reduction Certificate (Payoff Statement): The document signed by a lender indicating the amount required to pay a loan balance in full and satisfy the debt, used in the settlement process to protect both the sellers and the buyers interests.

Purpose Statement: A form filed by a borrower that describes the use of a loan backed by securities, and guarantees that the funds lent will not be used illegally to buy securities against Federal Reserve regulations.