To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.
| Make new default
format? No (htm) |
| Select to restore the previously selected options as the default
format for all amortization schedules.
|
| Make new default
format? Yes (htm) |
| Select to make the selected options the default format for all
amortization schedules.
|
| margin |
| For an adjustable-rate mortgage (ARM), the amount that is added to the index to establish the interest rate on each adjustment date, subject to any limitations on the interest rate change. The margin remains the same over the life of the loan while the index moves up and down. |
| Margin |
| The margin that will be added to the index to achieve the current interest rate. |
| MARGIN Over |
| the margin over the current index |
| Margin Over (htm) |
| Enter
the amount, determined by the lender, which is added to the Current Index to
provide the borrower's initial interest rate.
|
| marketable title |
| A title that is free and clear of liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection. |
| master association |
| A homeowners' association in a large condominium or planned unit development (PUD)project that is made up of representatives from associations covering specific areas withinthe project. In effect, it is a "second-level" association that handles matters affecting the entire development, while the "first-level" associations handle matters affecting their particular portions of the project. |
| maturity |
| The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable. |
| Maturity Date |
| Enter a new maturity date if it is different from the calculated maturity date, which is determined by the advance date and number of periods. The date you enter can be up to one month longer or shorter than the calculated date. |
| Maturity Date (htm) |
| Enter
a new maturity date if it is different from the calculated maturity date, which
is determined by the advance date and number of periods. The date you enter can
be up to one month longer or shorter than the calculated date.
|
| Maximize Preview (htm) |
| Select
to maximize the output window automatically when you click the Calculate
button. Deselect to maintain the normal output window size.
|
| maximum interest rate |
| This is a system switch you can set to match the maximum interest rate your State, or your institution can or will charge. |
| Maximum Interest Rate
(htm) |
| Enter the maximum interest rate for all loans. The default value is 21
(percent).
|
| Maximum Length 1st
Payment (htm) |
| Enter the maximum number of days until the first payment. The
default is 365 days.
|
| maximum length of first payment |
| This is a system switch you can set to match the maximum time from closing to firstpayment, in days. Some jurisdictions have a limit on the number of days in this period (45days for example). You enter the number of days which applies to your organization. |
| maximum loan amount |
| This is a system switch which reflects the size of the maximum loan your institution may make. |
| Maximum Loan Amount (htm) |
| Enter
the maximum loan amount for which a borrower can apply. The default is
$300,000. 00.
|
| maximum loan term |
| This is a system switch you can set to match the maximum term, in years, That a loan may have. |
| Maximum Loan Term (htm) |
| Enter
the maximum loan term, in number of periods, for all loans. The maximum term is
1,560 periods (weekly payments for 30 years).
|
| Maximum Rate Change (htm) |
| Enter
the maximum amount that this interest rate can increase for the given time
period.
|
| Maximum Rate Changes |
| max rate change |
| merged credit report |
| A credit report which reports data from two or more of the major credit repositories. |
| Method (htm) |
| Select the
way you want to handle odd interest payments for short and long first periods.
|
| MI (mortgage
insurance) premium calculated on Declining Balance (htm) |
| Select if the monthly
insurance premium is based on a declining balance for the life of the loan.
|
| MI (mortgage
insurance) premium calculated on Level Balance (htm) |
| Select if the monthly
insurance premium is based on a level balance for the life of the loan.
|
| Minimum Payment Calculation Method Flag |
| This flag indicates to the engine whether this optional minimum payment on a Payment Option ARM is calucated as a principal and interest payment or an insteres only payment . 0=Interest Only, 1=Principal and Interest, 3=IndyMac Method of Calculation, 4=Interest Only Difference, 5=Principal and Interest Difference |
| Minimum Payment Rate |
| The interest rate upon which the optional minimum payment is calcuated or the difference between the initial rate and the payment calculation rate. |
| Month Due |
| Select the month this payment is due. |
| Month Due (htm) |
| Select
the month that this payment is due from the drop-down list.
|
| monthly fixed installment |
| That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include anyamount for principal reduction. |
| monthly housing expense |
| Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used with gross income to determine affordability. |
| Months Cushion |
| Enter the number of months of cushion. |
| Months Prepaid |
| The number of payments of premium that is prepaid. |
| mortgage |
| A legal document that pledges a property to the lender as security for payment of a debt. A conveyance of an interest in real property given as security for the payment of an obligation. |
| mortgage banker |
| A company that originates mortgages exclusively for resale in the secondary mortgage market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. . |
| Mortgage Insurance (htm) |
| Select
the mortgage insurance option for all new loans.
|
| mortgage insurance (MI) |
| A policy which insures the lender against loss caused by a mortgagor's default. . Mortgageinsurance can be issued by a private company in which case it is referred to a PMI, or by agovernment agency such as the Federal Housing Administration (FHA) or VeteransAdministration (VA). The insurance usually covers the amount over a percentage of themortgage loan. MIP/PMI Impound An amount for MIP/PMI required under certain circumstances and collected by the lenderand held in the impound account to insure that adequate funds are available to pay the nextyears premium. Usually equivalent to 2 months of the annual premium. mortgage insurance premium (MIP)The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI)company. |
| mortgage life and disability insurance |
| Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage paymentfor a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometimes forty-five days |
| mortgage life insurance |
| A type of term life insurance often bought by mortgagors. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while thepolicy is in force, the proceeds of the insurance policy pay the loan in full. |
| mortgagee |
| The lender in a mortgage agreement. mortgagee clause Language in the homeowners and title insurance policies which identifies the mortgagee and it's successors and/or assigns, and assigns the proceeds of any claim to the mortgagee as its interest appears. |
| mortgagor |
| The borrower in a mortgage transaction. |
| mortgagor |
| The borrower of money. One who gives as security a mortgage or deed of trust on real property. |
| Multi (M1) (htm) |
| The
number of this payment stream.
|
| Multi Payment amount
(M3) (htm) |
| The payment for this payment stream.
|
| multi stream loan |
| n/a |
| Multi-1st Interest
Payment Date (M9) (htm) |
| The date the first interest payment is due.
|
| Multi-1st Principal
Date (M6) (htm) |
| The date on which the first principal payment is due.
|
| Multi-Balloon Amount
(M11) (htm) |
| The amount which will be due on the balloon payment date.
|
| Multi-Balloon Term
(M10) (htm) |
| The number of payments to be made before the balloon payment is due.
|
| Multi-Clear (M15) (htm) |
| Clear
the entries you have made for this payment stream.
|
