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A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
Paid outside closing. Paid outside closing (POC) is the fees or payments rendered outside normal title insurance and underwriting fees due at the time of closing a loan. When acquiring a mortgage or refinancing, a lender or broker may show that an appraisal fee is POC because the fee is usually due at the time of service, prior to closing.
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as ...
Keep your mortgage documents and related home sale records for at least seven years after selling your home. This includes proof of mortgage payoff , the closing statement and receipts for capital ...
This is the prepaid mortgage insurance premium, if needed. This is the insurance premium some lenders charge for loans with little equity. 903 - Hazard Insurance Premium; This is used to record hazard insurance premiums that must be paid at settlement in order to have immediate insurance on the property.
Mortgage protection insurance is an insurance policy that pays off the remainder of your mortgage if you pass away or if you become disabled and can’t work. In that way, it functions similarly ...
Homeowners insurance. Mortgage insurance. Covers. Homeowner directly and mortgage lender indirectly. Mortgage lender. Does not cover. A standard homeowners insurance policy typically excludes ...
Mortgage insurance. Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.