Mortgage

Mortgage

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

Industry: Banking; Real estate

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Mortgage

overage

Banking; Mortgage

The difference between the price posted to its loan officers by a lender or mortgage broker, and the price charged the borrower.

payment period

Banking; Mortgage

The period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month, but on some it is biweekly.

payoff month

Banking; Mortgage

The month in which the loan balance is paid down to zero.

pipeline risk

Banking; Mortgage

The lender's risk that between the time a lock commitment is given to the borrower and the time the loan is closed, interest rates will rise and the lender will take a loss on selling the loan.

portfolio lender

Banking; Mortgage

A lender that holds the loans it originates in its portfolio rather than selling them, as a temporary lender does.

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage ...