Tag: borrower
Uncommitted Facility
What is 'Uncommitted Facility' An uncommitted facility is an agreement between a lender and a borrower where the lender agrees to make...
UCC-1 Statement
What is 'UCC-1 Statement' One of the standard mortgage documents listed in the Uniform Commercial Code. The UCC-1 Statement lists and describes...
Joint And Several Liability
DefinitionWhere two or more persons are liable in respect of the same liability, in most common law legal systems they may either be... Joint...
Jingle Mail
What is 'Jingle Mail' A situation where a homeowner mails his or her house keys to a mortgage lender due to an...
Hard Money Loan
DefinitionA hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money...
Call Loan
What is 'Call Loan' A loan provided to a brokerage firm and used to finance margin accounts. The interest rate on a...
Obligor
What is an obligor
An obligor is a legal entity that is obligated to make payments on a debt or other financial obligation. The term...
Yankee CD
What is 'Yankee CD' A certificate of deposit (CD) that is issued in the United States by a branch or agency of...
Occupancy Fraud
What is 'Occupancy Fraud' A type of mortgage fraud, whereby the borrower lies about whether or not the home will be owner...