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Mortgage Dictionary


Terminology, definitions, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries, as they are used on LendingRisk.com.

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B

Bankruptcy
The financial inability to pay one's debts when due. The debtor surrenders his assets to the bankruptcy court. An individual typically files for Chapter 7 (all debts wiped out) or Chapter 13 (establishes a payment plan to pay off debts). A bankruptcy stays on an individual's credit report for 7 years.
Best Efforts Delivery Commitment
A mortgage industry loan sales agreement in which a seller commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor. The seller makes his best effort to deliver the loan to the investor prior to the commitment expiration date. Failure to deliver the loan may or may not result in a "pair-off" fee.

See Mandatory Delivery Commitment
See Mortgage Correspondent Lending and Loan Production
See Mortgage Industry Seller Pull-through Overview
See Pair-off Fee

Borrower (Mortgagor)
One who applies for a loan secured by real estate and is responsible for repaying the loan (mortgage).
Borrower Runoff
In the mortgage industry, the term Borrower Runoff is used synonymously with the terms: Early Payoff and Prepayment. The term Borrower Runoff is a reference to the process whereby a borrower refinances their current mortgage for a better offer with a different lender.


See Mortgage Loan Early Payoff Overview
See Early Payoff
See Prepayment
Broker
See Mortgage Broker


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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.