Federal Odometer Disclosure Requirements. Underwriting The underwriter is the key decision-maker. Governmental authorities enforcing the VCPA are required to give the defendant advance written notice when seeking injunctive relief. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.
If a mortgage contains a due-on-sale clause, it may not be assumed by a new buyer. Prime Rate The interest rate that banks charge to their preferred customers.
The defendants instead took the first six months of payments and more as undisclosed up-front fees. PITI Reserves A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home.
On August 2,Karen Turner was sentenced to nine months in prison for wire fraud and money laundering in connection with two fraudulent pharmacies that Turner used to divert prescription drugs into the gray market.
Changes in the U. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
Qualifying Ratios Calculations used to determine if a borrower can qualify for a mortgage. Acino manufactures hydrocortisone acetate 25 mg suppositories, which it labels and sells as prescription drugs.
KSBboth owned and operated by defendant Erik Dekker. Real Estate Agent A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.
A consumer may also bring suit in any court of competent jurisdiction in any State or the District of Columbia. Also known as a statutory homestead exemption. Line of Credit An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time.
According to the complaint, United States residents received fraudulent direct mail solicitations that falsely claimed that the recipients had won, or would soon win, cash or valuable prizes or otherwise come into great fortune.
Collateral An asset such as a car or a home that guarantees the repayment of a loan.
Your refinance must result in a lower interest rate, or you must switch from an ARM to a fixed-rate mortgage, and no cash out is permitted. Clients made monthly payments expecting the money to go toward settlements.
Interest is the fee charged for borrowing money. On March 27,the district court permanently enjoined dietary supplement distributor MyNicNaxs LLC, and two principals of the company, Chevonne Torres and Michael Banner, from selling and distributing unapproved and misbranded new drugs.
Enforcement Action Filed Against New York Company to Prevent Distribution of Adulterated Seafood Products United States v. Foo Yuan Food Products, Inc., et al.
Learning Center Glossary This glossary is provided as an educational tool for the Seller/Servicers to use. In the event there is a conflict between terms defined in this glossary and identical or substantially similar terms defined in the glossaries to the Freddie Mac Single-Family Guide, Freddie Mac Multifamily Seller/Servicer Guide or Freddie Mac Loan Selling Advisor ® User Guides, the.
Glossary of terms provided by Statewide Document Services I Inc. for notaries, attorneys and the mortgage & loan closing industries. Credit Loan – A credit loan is a mortgage that is issued on only the financial strength of a borrower, without great regard for collateral. Credit-Loss Ratio – The ratio of credit-related losses to the dollar amount of MBS outstanding and total mortgages owned by the corporation.
Credit Rating – Borrowers are rated by lenders according to the borrower’s credit-worthiness or risk profile. C Call provision (aka acceleration clause) The clause in a mortgage or trust deed that stipulates the entire debt is due immediately if the mortgagor (First Time Home Buyer) defaults under the.
Whether a service member is close to their re-enlistment date can have an impact of the process of a VA loan. For military members applying for VA loans who are within a year of their current re-enlistment date, obtaining enlistment verification is vital.Va clause before underwriting approval