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Definitions (49)
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underwriting
process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.
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verification of employment
a document signed by the borrower's employer verifying his/her position and salary.
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servicer
after a mortgage loan closes, the loan servicer collects the payments, manages escrow accounts, pays escrow taxes and insurance, and manages delinquent payments.
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title insurance
insurance protecting the lender against any claims arising from arguments about ownership of the property; also available for homebuyers. An insurance policy guaranteeing the accuracy of a title search protecting against errors. Most lenders require the buyer to purchase title insurance protecting the lender against loss in the event of a title def [..]
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rate
the amount of interest charged on a monthly loan payment, expressed as a percentage.
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respa
law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships.
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prepaids
used to create an escrow account or to adjust the seller's existing escrow account. They can include taxes, hazard insurance, private mortgage insurance and special assessments.
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prepayment penalty
provision in some loans that charge a fee to a borrower who pays off a loan before it is due.
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points
dollar amount paid to a lender for making a loan. A point is one percent of the loan amount. Also called discount points.
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origination fee
the charge for originating a loan; is usually calculated in the form of points and paid at closing. One point equals one percent of the loan amount. On a conventional loan, the loan origination fee is the number of points a borrower pays.
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