SECOND MORTGAGE

Second Mortgage is sometimes known as secondary financing. A second mortgage is a loan that is after the original loan in origination and in priority. In the event of a default and sale of the property, the second mortgagee will only be paid after the first mortgagee.

SECONDARY AIR POLLUTION

Pollution caused by reactions in air already polluted by primary emissions (from factories, automobiles, and so forth). An example of secondary air pollution is photochemical smog.

SECONDARY COST

Felt more widely by society as a whole, such as increased health expenditures (medical services, medication, etc.) due to adverse health effects.

SECONDARY MAXIMUM CONTAMINANT LEVEL (SMCL)

The maximum level of a contaminant or undesirable constituent in public water systems that, in the judgment of the U.S. Environmental Protection Agency (USEPA), is required to protect the public welfare. SMCLs are secondary (nonenforceable) drinking water regulations established by the USEPA for contaminants that may adversely affect the odor or appearance of such water.

SECONDARY MORTGAGE MARKET

Secondary Mortgage Market is the purchase and sale of existing mortgages among lenders, designed to provide greater liquidity for selling mortgages. Many of our customers buy and sell loans on the secondary mortgage market.

SECONDARY TREATMENT

A wastewater treatment process used to convert dissolved or suspended materials into a form more readily separated from the water being treated.

SECTION

Unit of land area, generally equal to one square mile or 640 acres. Thirty- six sections comprise a township.