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LendingPracticesKeyTerms.txt
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The charge for using another's money is called?
Interest
When a lender charges a rate of interest above that allowed by law it is called?
Usury
Fee charged by the lender for making a loan is the?
Origination Fee
Fee charged by the lender to get a lower interest rate for the borrower is a?
Discount Point
When a buyer assumes the current loan under the same terms and conditions of the original borrower it is an?
Assumption
Substituting a new obligation for an old one or for new parties to an existing obligation is?
Novation
Legal instrument verifying the exact loan amount, the current rate of interest and the date to which interest is paid is an?
Estoppel Certificate
Ratio of a mortgage principal to the property appraised value or its sales price, whichever is lower is?
Loan To Value (LTV)
Standardized conventional loan that meets the requirements of Fannie Mae and Freddie Mac is?
Conforming Loans
Loan that fails to meet the requirements is?
Non-Conforming Loans
Borrower must be shown appraisal and if not may withdraw from sale penalty free is called?
FHA Escape Clause
Author
EvanWong
ID
93907
Card Set
LendingPracticesKeyTerms.txt
Description
Lending Practices Key Terms p.115
Updated
2011-07-13T19:00:51Z
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