Stated Assets
Definition of "Stated Assets"
A documentation rule where the borrower discloses assets and their source but the lender does not verify the amount.
Popular Mortgage Terms
A lender who offers mortgage loans directly to the public. ...
A lender that holds the loans it originates in its portfolio rather than selling them. ...
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...
Advice on where to go to get a mortgage. A borrower can always select a loan provider by throwing a dart at the Yellow Pages. A referral is of value if it raises the probability of a ...
Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage markets are of two general types. 'Whole ...
One of many interest rate indexes used to determine interest rate adjustments on an adjustable rate mortgage. ...
An ARM on which the lender has the right to change the interest rate at any time, for any reason, by any amount, subject only to a requirement that the borrower be notified in advance. The ...
The form that lists the settlement charges the borrower must pay at closing, which the lender is obliged to provide the borrower within three business days of receiving the loan application. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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