Payments consisting of both a principal and interest (P&I) component, paid on a regular basis during the term of the mortgage.
Blended rate is the weighted average interest rate of all the liens against a real estate.
A person who obtains a certain sum of money from a lender against the promise to repay the principal money along with the interest and fees. Also known as Obligor.
Borrower Identification Form is used to record the identification information of the borrower to establish the true identity of the borrower.
Borrower's Signature Authorization is a form signed by the applicant authorizing the lender to obtain and verify information and documentation from third parties that is needed in connection with the application for mortgage loan.
Borrowing is the act of obtaining money or equivalent from the lender against the promise to repay the principal money along with the interest and fees.
A mortgage loan is a short term loan with the expectation that the borrower will obtain permanent financing.
Combined Loan to Value is the total of all mortgage loans on a property expressed as a percentage of the property value.
A mortgage loan that is secured by commercial real estate such as office complex, industrial estate, shopping center, or any building occupied by a business.
Communications log is a document containing the summary of communications with the borrower and other parties in a transaction.
Complaints Management Process is the series of steps undertaken to address a complaint.
Complaints Management Program (CMP) provides the framework for receiving, investigating, responding, and reporting trends on complaints.
Complaints Policy describes the Complaints Management Program developed by the organization and establishes the framework that provides the guidance for the activities related to complaints management.
Compound Interest is a method of interest calculation where the periodic interest is a percentage of the principal amount and accrued interest.
Compounding is the process where the interest is added to the principal amount and the combined amount is used as a base to calculate future interest.
Compounding frequency is the number of times the accrued interest will be added to the principal. A loan compounded monthly has a compounding frequency of 12.