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-NO-
Net Effective Income
Gross income less federal income tax.
Net Worth
Assets minus liabilities
Nonconforming Loans
A mortgage loan with an amount that exceeds Fannie
Mae/Freddie Mac loan limits.
[TOP]
Origination Fee
The fee imposed by a lender to cover certain
processing expenses in connection with making a loan.
Usually a percentage of the amount loaned. Please refer
to the definition to see how this fee is reflected on
the Mortgage Rate Watch tables.
Originator
With respect to any Mortgage Loan, any Person that:
(i) took the Mortgagor's Mortgage Loan Application, (ii)
processed the Mortgagor's Mortgage Loan Application;
(iii) closed (or assisted in the closing of) the
Mortgage Loan; and/or (iv) funded the Mortgage Loan.
Owner's Title Policy
: Insures the buyer against loss due to any defect
in the title not excepted to or excluded from the
policy. |