CHILD SUPPORT >> Periodic payments made under a divorce decree or a written separation agreement for the support of the children.

CLOSING >> A meeting between a lender and borrower or a buyer, seller and lender or their agents when the loan documents are signed and the funds legally change hands. Also known as settlement.

CLOSING AGENT >> The party designated to conduct the loan closing, and to ensure the mortgage or deed is recorded and the funds disbursed on time.

CLOSING COSTS >> Money paid by the borrower to effect the closing of a mortgage loan, including such costs as title insurance premiums, appraisal fees, lender fees, closing agent fees, recording fees, etc.

CLOSING STATEMENT >> A statement required by Federal law (the Real Estate Settlement Procedures Act) that itemizes all changes imposed on the borrower and seller (if any) in connection with a mortgage secured loan transaction. Also known as a settlement statement, HUD-1 or HUD-1A

CO-BORROWER >> A 2nd borrower on a loan.

COMBINED LOAN TO VALUE (CLTV) >> The total of all liens on the subject property divided by the appraised value of the property.