Junk Fees
Definition of "Junk Fees"
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount.
Popular Mortgage Terms
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
The standards imposed by lenders in determining whether a borrower can be approved for a loan. These standards are more comprehensive than qualification requirements in that they include ...
When a borrower has difficulty making the scheduled payment. Position of the Lender: A good place to start is by understanding the position of the lender. A game plan for survival ...
The lender's risk that, between the time a lock commitment is given to the borrower and the time the loan is closed, interest rates will rise and the lender will take a loss on selling ...
A mortgage lender that sells all the loans it originates in the secondary market. ...
Wondering who is this Fannie Mae person that your real estate agent always mentions when the subject about mortgage is brought up? Fannie Mae is not a person, nor a Woody Allen female ...
Having the builder borrow the money needed for construction. ...
Administering loans between the time of disbursement and the time the loan is fully paid off. Servicing includes collecting payments from the borrower, maintaining payment records, ...
A borrower who doesn't pay. ...
Have a question or comment?
We're here to help.