Temporary Lender
Definition of "Temporary Lender"
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them.
Popular Mortgage Terms
The method of financing used when a borrower contracts to have a house built, as opposed to purchasing a completed house. Construction can be financed in two ways. One way is to use two ...
The option to convert an ARM to an FRM at some point during its life. ...
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, ...
The definition of an assumable mortgage is what happens when a buyer assumes or takes over a mortgage that the seller contracted. This is a type of financial arrangement that passes an ...
A letter from a lender verifying that the price and other terms of a loan have been locked. Borrowers who lock through a mortgage broker should always demand to see the lock commitment ...
An option exercised by the borrower, at the time of the loan application or later, to 'lock in' the rates and points prevailing in the market at that time. When lenders 'lock/' they ...
The house in which the borrower will live most of the time, as distinct from a second home or an investor property that will be rented. ...
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
A borrower who doesn't pay. ...
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