The deed of trust or mortgage verifying the pledge of real property as security for the repayment of the debt. Servicing The operational procedures related to the collection of home loan payments and other payments related to mortgage loans. Simple Interest Interest payable on the principal amount of the loan only. Subrogation Substituting the legal rights and claims from one creditor to another. Suspended A loan can neither be approved nor denied.
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Takeout Loan Loan in which the lender provides financing to the builder or developer upon completion of construction. Temporary Buydown Money paid at closing to temporarily reduce the interest rate for the first and second year of the mortgage. Title Insurance Insurance policy protecting owner or lender against loss affecting title. An examination of public records to determine legal ownership of property. Usury Charging an interest rate greater than the rate permitted by law.