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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
Qualification requirements
Banking; Mortgage
Standards imposed by lenders as conditions for granting loans, including maximum ratios of housing expense and total expense to income, maximum loan amounts, maximum loan-to-value ratios, and so on.
Processing
Banking; Mortgage
Compiling and maintaining the file of information about a mortgage transaction, including the credit report, appraisal, verification of employment and assets, and so on.
Qualification
Banking; Mortgage
The process of determining whether a prospective borrower has the ability, meaning sufficient assets and income, to repay a 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.
Rate protection
Banking; Mortgage
Protection for a borrower against the danger that rates will rise between the time the borrower applies for a loan and the time the loan closes.
Posted prices
Banking; Mortgage
The mortgage prices delivered by lenders to loan officers and mortgage brokers, as opposed to the final prices paid by borrowers.
Qualification rate
Banking; Mortgage
The interest rate used in calculating the initial mortgage payment in qualifying a borrower.
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