SATISFACTION >> Discharge of an obligation by payment of the amount due, as on a mortgage, trust deed or contract or payment of a debt awarded, such as a satisfaction of a judgment.

SCHEDULE A >> A section of the Preliminary Title Report/Title Commitment that lists the name of the proposed insured, amount of title insurance, estate or interest in the land, how legal title is vested and the legal description of the property.

SCHEDULE B >> A section of the Preliminary Title Report/Title Commitment that lists exceptions to title if any.

SECOND MORTGAGE >> A 2nd loan, on the same property, that is in a junior lien or subordinate position.

SECONDARY FINANCING >> A loan secured by a 2nd mortgage or trust deed of real property.

SECONDARY MARKET >> The financial markets where groups of loans are sold to investors. Example: Primary mortgage lenders originate loans while the secondary market sells funded loans.

SECONDARY RESIDENCE >> A property used by a person as a second residence, not as an investment.