The law considers the marital unit to be the owner and both spouses have an equal, undivided interest in the whole. Loan Origination — What the process of obtaining new loans is called. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
Back to Top Notice Of Default A notification given to a borrower stating that he or she has not made the payments by their predetermined deadline, or is otherwise in default on the mortgage contract. The Credit Fee in Yield is assessed and remitted by the Servicer each month.
The payment change date occurs the month immediately after the interest rate adjustment date. Note Rate — The stated interest rate on a mortgage note.
Pre-Paids — Expenses such as taxes, insurance, and assessments, which are paid in advance of their due date, and on a prorated basis at closing. Upon death of one of the owners, his or her interest passes, not to the co-owner s but to whomever they have chosen as their heir.
Nehemiah - An FHA insured government loan that helps low income home buyers with down payment assistance. A point is equal to 1 percent of the loan amount e.
Stop Date — Date on a term loan when the balloon payment is due. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be.
The second is called the back-end, or bottom ratio, and is equal to your new total monthly mortgage payment plus your total monthly debt divided by your gross monthly income. Loan Servicing — A service performed by a lender to protect a mortgage investment, including collecting monthly payments from borrowers and dealing with delinquencies.
Must be paid off when property is sold. BACK TO TOP N Negative Amortization - When adjustable rate mortgage payments are not sufficient to pay the monthly principal and interest, the deficient amount is added to the original mortgage which causes the outstanding principal balance to increase.
Sometimes the upfront fees paid by the buyer under a lease to own purchase, which is credited to the purchase price when the option is exercised.
Purchase-Money Mortgage — Mortgage given by a borrower to the seller as part of the purchase price of the property. H Hazard Insurance Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.
Sale-Leaseback — A financing arrangement whereby an investor purchases real estate owned and used by a business corporation, then leases the property back to the business. Small things in the loan docs are allowed to change, like typos.
Cash Out A loan transaction in which the borrower receives funds at the time of closing. The PITI principal, interest, taxes, and insurance must equal the amount that the borrower would have to pay for PITI for a determined number of months.
Planned Unit Development — PUD - A housing design to produce a high density of dwellings and maximum utilization of open spaces. Loan Origination Fee Fee charged by a lender to cover administrative costs of processing a loan.
Z Zero Percent Financing — A loan with no interest in the contract. The Loan Estimate describes the terms and predicts the costs associated with your loan. That financial guaranty helps lenders avoid a total loss in the event a borrower defaults. Lessee - The person to whom property is rented or leased; called a tenant in most residential leases.
Collections Bank credits Journal entries Most cash receipts will be for amounts collected in the payment processing area i.
Foreclosure or Repossession Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.
The party Qualified Intermediary who coordinates a non-simultaneous tax-deferred exchange, by holding the sale proceeds from the first property until the closing for the purchase of the second property.Free Video Course: How to Source bank Owned Property.
Bank Owned Properties. Bank owned properties, or bank ‘REO’ remain the most desirable type of real estate for savvy real estate investors, brokers and agents, corporate acquisition specialists, and even end buyers. Military Benefits Close Popup Layer.
Deployment/PCS Rate — Get 4% APR on all balances for up to 12 months during deployments or PCS. After 12 month, the regular variable APR, currently between % to %, will apply.
This rate will vary with the market based on the prime rate. VA lenders generally rely on an “Automated Underwriting System,” or AUS, to determine a buyer’s preapproval status. An AUS is a computer program that instantly evaluates a buyer’s eligibility, based on a variety of factors. Glossary of terms provided by Statewide Document Services I Inc.
for notaries, attorneys and the mortgage & loan closing industries. What if you have a home you lived in for nine years then rented it out for seven years then moved back into it. We are coming up on two years in a few months but the builder of the home we want to buy wants it to close before our two years is up here.
Letter Term Definition; letter-# § cooperation provision: A statement in purchase agreements putting the seller and buyer on notice they are able to avoid profit reporting on the transaction and provides cooperation when a § exemption is intended on the sale or purchase of a property.Download