An independent contractor who offers the loan products of multiple lenders,
called wholesalers. Mortgage brokers do not lend. They counsel borrowers ...
The repayment of principal from scheduled mortgage payments that exceed the interest due. The scheduled payment is the payment the borrower is obliged ...
A mortgage on which the lender is insured against loss by the Federal Housing Administration, with the borrower paying the mortgage insurance premium. ...
A second mortgage on a property that is not paid off when the first
mortgage is refinanced. The second mortgage lender must allow subordination of th ...
Employees of lenders or mortgage brokers who find borrowers, sell and counsel them,
and take applications. Loan officers employed by mortgage broker ...
A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before ...
Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mortgage carries a higher interest rate than a convent ...
A multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and ...
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