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T

Tail: The payment stream and/or balloon payment of an income stream subsequent to another party's right and interest in the income stream. Usually the back half of the payment stream when another party has purchased the front half.
 
Tangible personal property: Personal property other than real estate, such as cars, boats, or other assets.

Tax Impound: Money paid to and held by a lender for annual tax payments.

Tax Lien: Claim against a property for unpaid taxes.

Tax Sale: Public sale of property by a government authority as a result of non-payment of taxes.

Term:  The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.
 
Time value of money: Concept that addresses the way the value of money changes over a period of time.

Title: Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

Title commitment: A commitment on the part of the insurer, once a title search has been conducted, to provide the proposed insured with a title insurance policy upon closing.

Title Company: A company that insures title to property.

Title insurance: Title insurance can benefit either the payor or the payee. Should the beneficiary suffer any damages due to clouded or false title to real estate, title insurance recompenses the damaged party to the extent of the damages.
 
Title policy: An insurance policy that insures a party against loss due to a defective title.

Title Search: Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

Transfer Tax: Tax paid when title passes from one owner to another.

Trial balance printout: A spreadsheet that lists all loans in a portfolio and their payment schedule. Usually required for a portfolio transaction.

Truth-in-Lending Act: Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right to rescission period.