Search:

News by Subject
Complete list of specialty news sections.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Mortgage Industry News
Subscription-based news for people who work in real estate finance.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories for your web site or for your RSS reader.

News Archives
Archive of news entries.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Graphs
Directory of lenders, branch operators and mortgage service providers.
home advertise email RSS about us
 
HOT Topics Rates Glossary LO License Search
Consumer Mortgage News
Free mortgage news for current and prospective borrowers from a leading online mortgage industry news publication.



Mortgage Glossary B


main | a b c d e f g h i j k l m n o p q r s t u v w x y z


Term Definition
"B"-loan This type of loan may be granted to borrowers recently out of bankruptcy, with FICO scores ranging from 620 - 659. There may also have been two 30-day late mortgage payments and two to three 30-day late installment loan payments in the past year. No delinquencies over 60 days will qualify. Also referred to as Sub-Prime.
Back to back escrow When an owner oversees the sale of one property and purchases another at the same time.
Balance sheet A financial statement that shows assets, liabilities, and net worth as of a specific date.
Balloon mortgage A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term.
Balloon payment The final lump sum payment that is made at the maturity date of a balloon mortgage.
Bankrupt A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.
Bankruptcy A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee. There are two types of bankruptcy:
1. Chapter 7 Bankruptcy: requires assets be sold in return for cancellation of debt.
2. Chapter 13 Bankruptcy: Sets up a court-monitored payment plan between the borrower and the lender. The borrower may keep the property only if the conditions of the plan are followed.
Basis point A basis point is 1/100th of a percentage point. For example, a fee calculated as 50 basis points of a loan amount of $100,000 would be 0.50% or $500.
Before-tax income Income before taxes are deducted.
Beneficiary The person designated to receive the income from a trust, estate, or a deed of trust.
Binder A preliminary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real estate.
Bi-weekly payment mortgage A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrower's bank account. The result for the borrower is a substantial savings in interest.
Blanket mortgage The mortgage that is secured by a cooperative project, as opposed to the share loans on individual units within the project.
Bond An interest-bearing certificate of debt with a maturity date. An obligation of a government or business corporation. A real estate bond is a written obligation usually secured by a mortgage or a deed of trust.
Borrower The person who has been approved for a loan and is then responsible for its repayment.
Breach A violation of any legal obligation.
Bridge loan A form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. Also known as "swing loan."
Broker (real estate) A licensed real estate professional who, typically, represents the seller of a property. A broker's duties might include determining market values, advertising properties for sale, showing properties to prospective buyers, and advising clients with regard to offers and related matters.
Building code A rule, based upon safety standards in an area, that determines the design and materials used in the construction of a building.
Buydown mortgage A temporary buydown is a mortgage on which an initial lump sum payment is made by any party to reduce a borrower's monthly payments during the first few years of a mortgage. A permanent buydown reduces the interest rate over the entire life of a mortgage.


main | a b c d e f g h i j k l m n o p q r s t u v w x y z

 
Refinance News
News about refinance programs, pricing and production.
H A R P 2.0 News
News stories about the H o m e Affordable Refinance Program including expanded program guidelines.





Copyright © 2016 MortgageDaily.com
MortgageDaily.com Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

refinance news

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders