Glossary

The date that the proceeds of a loan are disbursed. See also closing.
The date on which a loan was funded or disbursed.
A fee imposed by a lender to cover certain processing expenses in connection with making a mortgage loan. Usually a percentage of the amount loaned.
The balance owed on a debt on a given day.
A property purchase transaction in which the property seller provides all or part of the financing and takes back a security instrument.
May refer to a property that the owner occupies either as a principal residence. However, for underwriting purposes, only the ownerâs primary residence is considered âowner-occupied.â
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