Tag: lenders
Real Estate Owned (REO)
What is 'Real Estate Owned - REO' Real estate owned, or REO, is the name given to foreclosed-upon real estate, such as...
Rate-Improvement Mortgage
What is a Rate-Improvement Mortgage
A rate-improvement mortgage is a type of home loan that offers a lower interest rate than the standard fixed-rate mortgage....
Sallie Mae (Student Loan Marketing Association)
What is 'Sallie Mae - Student Loan Marketing Association' Sallie Mae is a publicly traded company that is the largest provider of...
Bad Debt Reserve
What is 'Bad Debt Reserve' An account set aside by a company to account for and offset losses that arise as a...
Canadian Mortgage and Housing Corporation (CMHC)
What is CMHC and what do they do
The Canadian Mortgage and Housing Corporation (CMHC) is a Canadian Crown corporation that provides mortgage loan insurance,...
Payday Loans
DefinitionA payday loan is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are...
Participation Mortgage
DefinitionA participation mortgage or participating mortgage is a mortgage loan, or sometimes a group of them, in which two or more persons have fractional...
Parallel Loan
DefinitionA parallel loan is two loans taken out by two pairs of companies in different countries from local lenders with the aim of swapping...
Private Mortgage Insurance
What is Private Mortgage Insurance
Private mortgage insurance is insurance that protects a lender in the event that a borrower defaults on a conventional home...
VantageScore
DefinitionVantageScore is a consumer credit-scoring model, created through a joint venture of the three major credit bureaus. The model is managed and maintained by...