Understanding Mortgages & Deeds of Trust

Mortgages: What You Need to Know

If you’re shopping for a home, learn what you need to know about mortgage loans.

What's the Difference Between a Mortgage and Deed of Trust?

Whether you have a mortgage or deed of trust makes a difference when it comes to foreclosure. Learn the difference between the two.

What's the Difference Between a Mortgage and a Promissory Note?

Learn the difference between a promissory note and a mortgage or deed of trust on your home.

What's the difference between a mortgage assignment and an endorsement (transfer) of the note?

Banks use assignments and endorsements to transfer mortgages, deeds of trust, and promissory notes to other banks.

What's the Difference Between a Recourse and Nonrecourse Loan?

Whether your mortgage is a recourse or nonrecourse loan is important in foreclosure law.

What Is Force-Placed Insurance?

If you don't have adequate hazard insurance coverage on your home, the lender can get coverage and then charge you for it, called force-placed insurance.

What's an Underwater Mortgage?

Here's the definition of an underwater mortgage, and the problems that these mortgages pose for homeowners.

What's a Subordination Agreement?

You might need a subordination agreement if you refinance your home and have more than one mortgage.

What is the difference between an investment property and a second home?

Learn the difference between a second home and investment property. It can affect the type of loan you get.

What Is a Notice of Servicing Transfer?

When a second mortgage lender sends you a “notice of servicing transfer” after foreclosure, it means your lender transferred your loan to another company.

What's a Mortgage Suspense Account?

A mortgage suspense account is a catch-all account that mortgage servicers use to temporarily hold funds when you overpay or underpay your monthly payment.

What's the Difference Between PMI and Mortgage Protection Insurance?

Private mortgage insurance protects the lender while mortgage insurance protection is for the borrower.

Mortgage Rules on "Ability to Repay"

The CFPB's ability to pay rule requires mortgage lenders to make sure a borrower can afford a mortgage before issuing the loan.

Protections for High-Cost Mortgages

HOEPA imposes additional requirements on lenders and gives consumers specific remedies for violations.

The Periodic Statement Rule: Monthly Mortgage Statement Requirements

The federal periodic statement rule requires mortgage lenders and servicers to provide homeowners with prompt, regular, and accurate information about their mortgage loans.

When Are Prepayment Penalties Allowed in New Mortgages?

Federal law prohibits some mortgages from having prepayment penalties, which are charges for paying off the loan early.

Federal Laws That Cover Force-Placed (Lender-Placed) Insurance

Federal law restricts when and how a mortgage servicer can require you to pay for expensive insurance coverage that it buys on your behalf, called force-placed insurance.

Taking Over the Mortgage When Your Loved One Dies

CFPB rules can help you keep a mortgaged home that you inherit.

How to Get Rid of Your Mortgage Escrow Account

Depending on a number of factors, you might be able to cancel your mortgage escrow account and pay property taxes and insurance on your own.

What's the Difference Between a Conventional, FHA, and VA Loan?

If you're looking for a home mortgage, be sure to understand the difference between a conventional, FHA, and VA loan.

How and when will my mortgage lender notify me if it transfers my loan?

Learn about mortgage lender and servicer obligations to notify you if your mortgage loan is transferred to another lender or servicer.

How Do I Find Out Who Holds My Mortgage?

Here's how to find out who owns your mortgage and who services it.

How and when must the mortgage servicer notify me of payment changes on my adjustable rate mortgage?

Learn about notification rules for payment amount changes on adjustable rate mortgages.

What happens if my mortgage servicer doesn't pay the insurance or property taxes on time?

If your loan is escrowed, the servicer must make timely property taxes and homeowners' insurance payments.

If I'm Late on Mortgage Payments, What Fees Can the Lender Charge?

If you're behind on your mortgage payments, the loan servicer (on behalf of the lender) can charge various fees and costs. Learn about them.

Can I Cancel My Impound Account in California?

Learn whether you can cancel your impound account and pay property taxes and insurance on your own in California.

What Is CAIVRS?

If you’re applying for a government-backed loan, your lender will run a CAIVRS check. The results might prevent you from getting the loan.

Can I Lose My Home to Foreclosure If I Don’t Pay for Homeowners’ Insurance?

If you breach the terms of your mortgage contract by not having homeowners’ insurance in place, you might face added costs and, eventually, foreclosure.

Can I Lose My Home to Foreclosure If I Transfer the Property to a New Owner?

Nonpayment isn't the only way to default on a mortgage and end up in foreclosure. Transferring the home to a new owner might lead to a foreclosure, as well.

What's a Reverse Mortgage?

Learn about reverse mortgages -- and whether you are a good candidate for one.

Reverse Mortgages: Restrictions and Requirements

The FHA recently made changes to the availability of certain types of reverse mortgages, including the popular standard fixed-rate Home Equity Conversion Mortgage (HECM).