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An optional mortgage clause that allows the borrower to finance chattels such as major household appliances, carpeting, drapery and equipment under the original home mortgage and make a single monthly payment for the entire package.
An increase in the value of property or a security still held. Paper profits become realized profits only when the property or security is sold.
The situation in which the face value of a security equals its actual selling price: sold "at par."
Equality in amount, status or character. In futures trading, it is the situation in which cash and futures contracts are selling at equivalent yields.
A provision in a mortgage contract stating that all notes are equally secured and that no holder of the collateral will receive preferential treatment in the event of default or foreclosure.
partially amortizing loan
A loan in which the periodic payments cover all of the interest charges but only part of the principal, therefore leaving an unpaid principal balance when the loan matures.
(1) ownership by two or more lenders or investors of all or a portion of a single mortgage or a package of mortgages. (2) the cooperative origination by two or more lenders of a single (usually large) mortgage loan.
A document setting forth the description of a package of loans and the share of the package that is being bought or sold.
A loan made or owned by more than one lender; the joint investors share profits and losses in proportion to how much of the loan each owns.
A form of business organization in which two or more persons join in a business or commercial enterprise, sharing profits, risks and losses according to the terms set forth in their partnership contract.
A wall built on a line between two adjoining properties and used by both owners.
A security granting the holder an interest in a pool of mortgages. A portion of the payments of principal and interest from the underlying mortgages are passed through to the holder of the security.
A small book in ledger form in which are recorded all deposits, withdrawals and earnings of a customer's savings account.
A savings account that normally requires no minimum balance, no minimum term, no specified frequency of deposits, and no notice or penalty for withdrawals. Passbook accounts, once the most widely used form of thrift savings account, have been largely replaced by statement accounts that provide a monthly statement mailed to the depositor.
A loan secured by funds in a savings account on deposit with the same institution originating the loan. The pledged funds may not be withdrawn during the life of the loan.
The status of a scheduled loan payment that has not been paid on time.
past due loan
A loan on which payment in full is 30 to 60 days past due, but partial payments are being made.
In real estate, a patent is the original document issued for the purpose of granting public land to an individual.
To compensate, reimburse, or satisfy an obligation by giving over something of value, such as money.
A bookkeeping term for the costs of purchases or other obligations made but not yet paid.