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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
Loan "churning"
Banking; Mortgage
The process of raising cash periodically through successive cash-out refinancings. It is a scam initiated by mortgage brokers that victimises wholesale lenders, with the connivance of borrowers.
Loan amount
Banking; Mortgage
The amount the borrower promises to repay, as set forth in the mortgage contract. It differs from the amount of cash disbursed by the lender by the amount of points and other upfront costs included ...
Lock jumper
Banking; Mortgage
A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate.
Mandatory disclosure
Banking; Mortgage
The array of laws and regulations dictating the information that must be disclosed to mortgage borrowers, and the method and timing of disclosure.
Lock period
Banking; Mortgage
The number of days for which any lock or float-down holds. Ordinarily, the longer the period, the higher the price to the borrower.
Lock failure
Banking; Mortgage
The inability or unwillingness of a lender to honour a mortgage price that a borrower had believed was guaranteed.
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