Business Glossary-Term List

A table showing the amounts of principal and interest due at regular intervals and the unpaid mortgage balance after each payment is made.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

1) Process: The transfer of ownership, rights or interests in property, as in a mortgage, lease or deed of trust. Mortgages and other security instruments are regularly assigned from one investor to another and commitments by HUD/FHA to insure mortgages may be assigned by one originating lender to another before insurance. 2) Document: Transfers the beneficial interest in a instrument from one party to another.

Term Source: MBA Glossary, LDD Document

Term Type: Document, Process

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

A written agreement that a property buyer will assume responsibility for the obligations of a mortgage from the builder or original owner.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

1) The price at which a seller will sell particular securities. In the securities and commodities trade, the highest price offered for a security or commodity at a given time. Also called a quotation or quote. 2) Describes required home repairs or improvements and provides an estimation of cost to complete. AKA: Estimate to Complete Work, Repair Estimate, Alteration Improvement and Repairs.

Term Source: MBA Glossary, LDD Document

Term Type: Data, Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

1) A formal decision given by a court or an obligation (such as a debt) created by the decree and/or a certificate evidencing such a decree. 2) Final determination by a court of the rights and claims of the parties to an action.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

1) A general term for any kind of paper or document signed by a borrower that is an acknowledgment of the debt and is, by inference, a promise to pay. When the note is secured by a mortgage, it is called a mortgage note and the mortgagee is named as the payee. 2) Establishes a legal obligation of the borrower to repay the debt. AKA: Promissory Note, Mortgage Note, Loan Agreement.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing

1) A public notice filed with a court stating that a mortgage borrower is behind in payment. AKA: NOD 2) The notice sent to defaulting borrowers, required by insurers or guarantors such as FHA, VA or MIC.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Servicing

A legal document authorizing one person to act on behalf of another.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing

A written agreement between a buyer and seller of real property, setting forth the price and terms of sale.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing

An instrument used to transfer title from a trustee to the equitable owner of real estate, used when the performance of debt is satisfied under the terms of a deed of trust.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

A contract by which the insurer agrees to pay the insured a specific amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee or otherwise.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing