14-Finance
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| show | A formal declaration made by the garantor in the presence of an individual official, usually a public notary, that the deed was signed voluntarily
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| Alienation Clause -Due-On-Sale Clause | show 🗑
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| All Inclusive Mortgage-Wraparound Mortgage-Constant Mortgage Plan | show 🗑
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| show | A long-term repayment plan which provides for equal monthly payments of principal and interest.
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| Assume and Agree to Pay | show 🗑
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| show | A lump sum pay off of the unpaid balance of a loan, usually at the end of the loan term.
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| show | The lender when a trust deed is used in lieu of a mortgage
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| show | A mortgage loan arrangement where several parcels of land are pledged as security, used primarily with subdivision financing
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| Budget Mortgage | show 🗑
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| show | The borrower's written acknowledgement fo the loan balance.
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| Certificate of Sale | show 🗑
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| Chattel Mortgage-Security Agreement | show 🗑
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| show | One which does not allow the borrower to pay off the loan before maturity
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| show | Prorated charges by the lender including costs ofmaking the loan and a service charge can be paid by the buyer or seller
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| Collateral | show 🗑
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| Conditional Commitment | show 🗑
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| show | A short-term interim loan to finanace the cost of labor and materials necessary to complete construction of a building or other project
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| Converntional Loan | show 🗑
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| Credit Report | show 🗑
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| show | A deed given to a lender by a defaulting borrower who wishes to avoid foreclosure preceedings. The lender may or may not accept the deed.
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| show | A judgement ordered by the court against the borrower when the proceeds from a foreclosure sale are insufficient to satisfy the debt.
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| Demand Deposits | show 🗑
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| Discount Rate | show 🗑
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| show | Occurs when withdrawals exceed deposits from savings and loan associations or other similar institutions because alternative investments offer a more attractive return.
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| show | Mortgage loan provision which allows the lender to demand the entire balance due if the property is sold, or the lender can allow the loan to be assumed by a credit worthy buyer and with an interest rate increase
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| Entitlement | show 🗑
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| show | The buyer's interest in a property from the time they enter into a contract intil legal title is conveyed at closing. The ultimate right to receive legal title
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| Equity | show 🗑
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| Equity of Redemption | show 🗑
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| show | The borrower's written acknowledgement fo the loan balance.
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| Exculpatory Clause | show 🗑
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| Fannie Mae | show 🗑
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| show | Agency responsible for regulating and monitoring the lending practices of federally chartered commercial banks. Alos influences credit activity by regulationg the amount of funds tht these banks must keep on reserve.
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| show | A loan fully insured by the Federal Housing Administration
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| show | A commitment to insure that a loan will be available for a given buyer.
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| show | One that has the earliest recording date in most instances
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| Foreclosure | show 🗑
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| show | A legal procedure whereby the lender is authorized by the loan agreement to sell the mortgaged property upon default and to apply the proceeds tot he debt. Sale must be advertised and an auction sale must be help
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| Freddie Mac - (FHLMC) Federal Home Loan Mortgage Corporation | show 🗑
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| Ginnie Mae - (GNMA) Govt National Mortgage Association Pass Through Securities | show 🗑
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| show | RESPA required estimate of all settlement charges to be assessed against the borrower at closing. Lender provide this when applying within 3 days
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| Graduated Payment Mortgage (GPM) | show 🗑
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| show | One who, in good faith and without notice of defect, pays valuable consideration to receive a note before it is due
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| Impounds | show 🗑
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| Installment Land Contract-Land Contract-Contract for Deed | show 🗑
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| show | The legal position adopted by some states, holding that a mortgage only creates a lien rather than conveying title to the lender.
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| Loan Discount | show 🗑
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| Loan Servicing | show 🗑
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| show | A charge for changing the lender's records when a buyer takes over the seller's existing loan
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| Loan-To-Value Ratio | show 🗑
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| Lock-In Clause | show 🗑
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| Maggie Mae- Mortgage Guaranty Insurance Corporation | show 🗑
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| Mortgage | show 🗑
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| Mortgage in Possession | show 🗑
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| show | In lien theory state, this provision gives the lender a lien int he property pledged as security.
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| show | Borrower
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| Natioanl Banks | show 🗑
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| Negative Amortization | show 🗑
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| show | A written promise to pay a certain sum of money which may be trasnferred by endorsement or by delivery
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| show | A legal procedure whereby the lender is authorized by the loan agreement to sell the mortgaged property upon default and to apply the proceeds tot he debt. Sale must be advertised and an auction sale must be help
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| show | Recorded notice which indicates that a lawsuit is pending
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| Open Mortgage | show 🗑
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| Open-end Mortgage | show 🗑
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| Owner's Rent Clause | show 🗑
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| Package Mortgage | show 🗑
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| Partial Release Clause | show 🗑
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| show | An investment in a pool of mortgages wich allows different investors to participate in the same mortgage rather than in individual ones.
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| Pledge | show 🗑
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| Pledged Account Mortgage (PAM) | show 🗑
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| show | Mortgage provision which enables the lender to foreclose without filing a lawsuit against the defaulting borrower
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| Prepayment Clause-Priviledge | show 🗑
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| Prepayment Penalty | show 🗑
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| show | Mortgage provision which allows the borrower to pay off part or all of the loan without penalty at any time before it become due
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| Primary Mortgage Market | show 🗑
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| show | The borrower's written promise to repay a loan. The note specifies the exact terms and conditions under which the debt is to be paid
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| Property manager | show 🗑
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| show | A finance arrangement where the purchaser give the seller a note secured by a mortgage as part payment of the purchase price
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| show | A federal law which requires lenders toinform potential homebuyers about various costs involved in arranging mortgage finances and which attempts to standardize settlement practices
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| show | A court-appointed official responsible for managing a property during the period beginning after default and continuing until foreclosure
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| Receiver Clause | show 🗑
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| Reconveyance Deed-Release Deed-Quitclaim Deed | show 🗑
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| show | The unlawful practice of a lender refusing to make a loan soley on the basis of the particular neighborhood involved.
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| Regulation Z | show 🗑
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| Request for Reconveyance | show 🗑
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| Reserve Requirements | show 🗑
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| show | A financing arrangment which enables a business property owner to sellowned property with an agreement to lease it back on a long-term, net-lease basis fromt he investor who bought it
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| Satisfaction of Mortgage-Satisfaction of Piece | show 🗑
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| Seasoned Loan | show 🗑
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| show | The market where loans are bought from local lenders in order to provide them with a constant supply of cash to originate more loans to homebuyers
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| show | An instrument which gives a lender a security interest in personal property pledged as collateral for a loan
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| show | A security instrument which conveys title to the lender until the debt is satified. At which time the instrument is cancelled
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| show | One that has the earliest recording date in most instances
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| show | A financing arrangment in which the borrower recieves a below-market interest rate by allowing the lender to share in the property's future appreciation in value
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| Statutory Right of Redemption | show 🗑
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| show | The borrower makes periodic pauments ofinteres only for the term of the loan plus a balloon payment at maturity
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| Strict Foreclosure | show 🗑
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| show | A method of taking over a seller's exisiting loan without assuming any personal liability for the payment
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| Subordination Clause | show 🗑
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| show | A short term allowing the purchaser to purchase a new property based on the strength of the equity from theproperty the purchaser is selling
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| Take-Out Commitment | show 🗑
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| Thrift Insitutions | show 🗑
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| show | A banks savings deposit that may be used to finance real estate pledged as security of the debt
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| show | The legal position adopted by some states holding that the mortgage conveys title to the lender
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| show | A deed used in many states in lieu of a mortgage. Title is held by a trustee on behalf of a lender (beneficiary) until the borrower (trustor) repays the loan
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| Trustee | show 🗑
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| Trustor | show 🗑
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| show | The legal limit of interest imposed by state laws, does not apply to VA and FHA loans
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| VA Guaranteed Loan | show 🗑
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| show | A loan correspondent's practice of holding mortgages in their own name until they can be assembled into a package of loans and sold to an investor.
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| show | A junior mortgage which includes the amount of any exitisting loan(s) plus the balance of the seller's equity after deducting the buyer's down payment.
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