Mortgage

Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Contributors in Mortgage

Mortgage

The party who disburses funds to the borrower at the closing table. The lender receives the note evidencing the borrower's indebtedness and obligation to repay, and the mortgage which is the lien on ...

mortgage modification

Banking; Mortgage

A change in the terms of a loan, usually the interest rate and/or term, in response to the borrower's inability to make the payments under the existing contract.

mortgage payment

Banking; Mortgage

The monthly payment of interest and principal made by the borrower.

net branch

Banking; Mortgage

A facility offered by some lenders to mortgage brokers where de jure the brokers become employees of the lender but de facto they retain their independence as brokers.

net jumping

Banking; Mortgage

Using a broker's time and expertise to become informed and creditworthy, then jumping to the internet to get the loan.

nichification

Banking; Mortgage

Proliferation in the number of loan, borrower and property characteristics used by lenders to set mortgage prices and underwriting requirements.

no ratio loan

Banking; Mortgage

A documentation requirement where the applicant's income is disclosed and verified but not used in qualifying the borrower. The conventional maximum ratios of expense to income are not applied.