EFFECTIVE DATE >> This is the date a new mortgage payment is effective—the month following the rate change date .

ENCROACHMENT >> Generally, an improvement, such as a wall, fence or building, that extends onto the property of another.

ENCUMBRANCE >> A claim, lien, charge or liability attached to and binding real property. Any right to, or interest in, land which may exist in one other than the owner, but which will not prevent the transfer of fee title subject to such encumbrances.

ENDORSE >> The act of a payee or holder of a note, bill, check or other negotiable instrument, of assigning and transferring said instrument to another by signing the back of the instrument, with or without qualifications.

ENDORSEMENT >> An addition to a title insurance policy that adds or subtracts coverage.

EQUAL CREDIT OPPORTUNITY ACT (ECOA) >> A Federal act passed in 1974 that prohibits discrimination in lending on the basis of sex, marital status, race, color, religion, national origin, age or receipt of public assistance.

EQUITABLE INTEREST >> An ownership interest in a property that is demonstrated by actions such as the payment of the current mortgage, property taxes or property insurance rather than by legal ownership.