Chapter 9 Flashcards
(20 cards)
Any loan made by lenders without any governmental guarantees
Conventional loan
Selling a note for less than the face amount or the current balance
Discounting a note
The lender under a mortgage
Mortgagee
The interest held by the trust or under a trust deed
Equitable title
Any loan made at the time of sale, as part of that sale
Purchase-money loan
Recorded trust deed containing details that apply to later loan documents
Fictitious trust deed
Loan in which the interest rate is renegotiated periodically
Renegotiable rate mortgage
The permanent loan that pays off a construction loan
Takeout loan
The interest rate stated in the note
Nominal or named rate
The seller under a contract of sale (land contract)
Vendor
A clause in a loan document describing certain events that would cause the entire loan to be due
Acceleration clause
The evidence of the debt
Promissory note
A clause in a loan document that would allow the lender to call the entire loan due upon the sale of property
Alienation clause
A note whose interest rate is tied to a movable economic index
Adjustable rate mortgage
A letter that promised to deliver a takeout loan in the future
Standby commitment
The liquidation of a financial obligation
Amortization
The borrower under a mortgage
Mortgagors
The lender under a deed of trust
Beneficiary
Something of value given as security for a debt
Collateral
A security instrument that conveys naked legal title of real property
Trust deed
