- A person or firm in the business of procuring mortgage money
for a client. One who brings borrowers and lenders together
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- The lender in a mortgage transaction; the one who receives
the mortgage
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- The borrower in a mortgage transaction; the one who gives
the mortgage
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- When the principal balance of a loan increases rather than
decreases due to periodic payments that are insufficient to pay the interest due
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- Written evidence and a personal promise to repay a debt
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- The person to whom an obligation is owed
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- The person who is obligated to pay a debt or perform some
other act
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- A type of mortgage that allows the mortgagor to borrow
additional funds during the term of the loan up to the original amount of the loan
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- One that permits the mortgagor to pay the principal in full
any time before maturity
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- A mortgage that provides financing for the real property and
some personal property and packages them into one loan
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- Stands for principal, interest, taxes and insurance
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- Interest paid before it is due
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- A penalty imposed if a financial obligation is paid before
maturity
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- A priority mortgage that is subsequent to no others
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- Made up of lenders who loan money directly to borrowers:
lenders who originate the mortgage and advance the funds
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- Insurance on the upper 20%-25% of a loan designed so that
lenders may reduce the loan to value ratio to level where buyers with smaller down
payments can qualify for financing
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- A written promise to pay a financial obligation at some
future time
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- A federal law to provide home buyers with a better
understanding of a settlement process
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- Redesigning an existing loan by changing the interest rates
or extending the loan, the mortgagor and mortgagee remain the same
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- Securing a new loan to replace an existing one
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- An arrangement whereby the mortgagee makes monthly payments
to the mortgagor and it is repaid in one lump sum at some future time
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- A document, usually recorded in the public records,
acknowledging the repayment of a debt
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- A market for the buying and selling of existing mortgages
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- A mortgage that ranks second or lower in priority.
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- A mortgage where periodic payments are made for interest
only. At maturity a lump sum payment is due for the principal
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- A foreclosure concept in which the conveyance contained in
the mortgage becomes effective transferring title to the mortgagee
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- Used to refer to a situation in which a buyer takes over the
seller's mortgage payments however assumes no responsibility to the lender to pay the debt
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- A clause used when the holder of a mortgage, lease or
certain other contracts accepts an inferior position and subordinates his rights to
someone in a priority position
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- A list of charges a buyer is likely to pay at settlement provided by a lender
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- A law that addresses abusive lending practices and is designed to prevent the issuance of high-cost loans believed to be harmful to consumers.
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- A federal law requiring full disclosure on the part of the
lender of the true cost of obtaining credit; Regulation Z
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- The illegal act of charging interest at a rate greater than
permitted by law
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- A loan guaranteed by the Veterans Administration
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- A mortgage with an interest rate that is tied to some
economic indicator and may rise or fall within certain limitations
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- A form of second mortgage that actually envelops the first
mortgage. The wrap around lender pays the first mortgage off with payments made to him by
the borrower
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- The return on an amount expended or invested; rate of
return; profit; interest
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- A law that ensures that all consumers are given an equal chance to obtain credit
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- A standard form that shows all charges imposed on borrowers and sellers in connection with the settlement
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- A special account established by some lenders for the purpose of holding money to assure payment of property taxes, hazard insurance and other charges related to the property as they come due
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- Abusive lending practices that target vulnerable consumers
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- Another name for the Truth In Lending Law
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- Loans that conform to requirements established by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) and do not exceed the maximum loan amounts which may be purchased by them
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- Another way to refer to the Uniform Settlement Statement
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- A mortgage loan that exceeds the current FNMA and FHLMC limits
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- using credit or borrowed funds to improve or increase the rate of return from an investment
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