|
|
|
2
|
A document that indicates proof of transfer of ownership of a mortgage from one party to another party. Normally, this occurs between two lending organizations or from a mortgage company to an investor.
|
|
3
|
The status of a loan when the borrower(s) have not made a payment in the required time period.
|
|
4
|
The process of paying off a previous loan with money from a new loan while using the same property as security.
|
|
5
|
Government National Mortgage Association
|
|
7
|
Insurance coverage available for owner-occupied properties to protect against personal liability and physical property damages for a dwelling and its contents.
|
|
10
|
Federal National Mortgage Association
|
|
13
|
Federal Housing Administration
|
|
14
|
A process by which an individual or corporation is relieved from payment of their debts. All assets are surrendered to a court-appointed trustee and then distributed to the creditors as full satisfaction of the debts, in accordance with certain prior
|
|
15
|
A benchmark or guideline interest rate that a bank establishes from time to time and uses in calculating an appropriate rate for a particular loan or line of credit contract.
|
|
16
|
A general term which includes anyone who did not sign a contract, agreement, instrument, etc.
|
|
18
|
Document that details what is held as collateral for the loan. Serves as customer's acknowledgment that the property is being used as collateral and allows the bank to file a lien and initiate the repossession process, if necessary.
|
|
20
|
A fee paid by the insured to the insurer for insurance coverage. Or, the amount paid (many times in addition to the interest) to secure a loan.
|
|
24
|
A business contract in which a borrower agrees to pay interest for the use of the lenders funds.
|
|
25
|
CentrePort Office Center
|
|
26
|
Any change to the original terms of the contract between the customer and financial institution.
|
|
28
|
Time and Attendance
|
|
29
|
An up-front charge paid by the borrower to the bank to cover the costs of processing and approving an application for a home mortgage. It is usually expressed as a percentage of the loan amount.
|
|
30
|
The person, company, or entity responsible for the day-to-day management and processing of a loan.
|
|
33
|
A charge made by a lender for payments received beyond the due date.
|
|
34
|
Chain of Title
|
|
35
|
The process of reviewing, analyzing and making a decision whether to approve, disapprove, or modify an application for credit.
|
|
38
|
A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform.
|
|
39
|
A type of deed whereby the seller of a property guarantees that the title is free of litigation or defects and, therefore, may be transferred.
|
|
42
|
Property pledged as security for a debt.
|
|
48
|
The amount of money required to satisfy the loan and end the debt by the customer.
|
|
|
