Loan Servicer - Law Dictionary Search Results
Home Dictionary Name: loan servicerloan servicer
loan servicer the company that collects monthly mortgage payments and disperses property taxes and insurance payments. Loan servicers also monitor nonperforming loans, contact delinquent borrowers, and notify insurers and investors of potential problems. Loan servicers may be the lender or a specialized company that just handles loan servicing under contract with the lender or the investor who owns the loan. Source: U.S. Department of Housing and Urban Development ...
servicing
servicing the collection of mortgage payments from borrowers and related responsibilities of a loan servicer. Source: U.S. Department of Housing and Urban Development ...
service
service 1 : the act of delivering to or informing someone of a writ, summons, or other notice as prescribed by law [after of process] see also notice by publication at notice, substituted service, summons NOTE: Although service of process is primarily the means for a court to exert personal jurisdiction over a person, some form of service (as by publication of notice in a newspaper) is also usually required for exercise of in rem or quasi in rem jurisdiction. 2 a : useful labor that does not produce a tangible commodity usually used in pl. [payment for s rendered] b : the maintenance or repair of tangible property [machinery for the and improvement of the residence] vt ser·viced ser·vic·ing : to provide services for: as a : to meet interest and sinking fund payments on (debt) [didn't have the cash flow to a large loan] b : to collect payments and maintain a payment schedule for (a loan) esp. after sale of the loan to a secondary mortgage market (as the Federal ...
construction loan
construction loan a short-term, to finance the cost of building a new home. The lender pays the builder based on milestones accomplished during the building process. For example, once a sub-contractor pours the foundation and it is approved by inspectors the lender will pay for their service. Source: U.S. Department of Housing and Urban Development ...
loan
loan 1 a : money lent at interest b : something lent usually for the borrower's temporary use 2 : a transfer or delivery of money from one party to another with the express or implied agreement that the sum will be repaid regardless of contingency and usually with interest ;broadly : the furnishing of something to another party for temporary use with the agreement that it or its equivalent will be returned [the leasing of the vehicle was termed a subject to usury statutes] bridge loan : a short-term loan used as a means of financing a purchase or enterprise prior to obtaining other funds [used a bridge loan to purchase a new home prior to the sale of their previous one] con·ven·tion·al loan [kən-ven-chə-nəl-] : a loan for the purchase of real property that is secured by a first mortgage on the property rather than by any federal agency demand loan : a loan that is subject to repayment upon demand of the lender home equity loan : a loan or line o...
Loan societies
Loan societies, institutions established by the purpose of advancing money on loan to the industrial classes, and receiving back payment for the same by instalments, with interest. They are exempt from the provisions of the Money Lenders Act, 1900.By the (English) Loan Societies Act, 1840 (3 & 4 Vict. c. 110 (continued by 21 & 22 Vict. c. 19, and made perpetual by 26 & 27 Vict. c. 56), forms of proceeding of a similar nature to those prescribed in the Acts regulating savings banks and friendly societies are requisite to enable loan societies to avail themselves of this Act, and see 51 & 52 Vict. c. 41, and 59 & 60 Vict. c.25, s. 2, as to certification of Rules by the Registrar of Friendly Societies.These societies are entitled to issue debentures for money deposited with them (otherwise than by way of gift), and these as well as all other notes and instruments given in pursuance of the Act are exempted from stamp duty. They are also placed on the same footing with savings banks, in the...
Term loan
Term loan, means loan advanced for commercial loans, State Bank of Patiala v. Harbans Singh, (1994) 3 SCC 495.The expression 'term loan' is well understood in banking parlance. The expression implies the grant of loan for a fixed term. It has no relevance with the purpose for which loan is granted. Where the terms for repayment is long, the loan is called 'long term loan' and where the term exceeds one year but not five to seven years, it is commonly known as 'medium term loan, Canara Bank v. P.N.R. Upadhyaya, AIR 1998 SC 3000: (1998) 6 SCC 526....
Public Works Loans Act, 1875 (English)
Public Works Loans Act, 1875 (English), which repeals twenty-seven previous statutes on the same subject, makes provision for the constitution of a body to be called 'The Public Works Loan Commissioners,' who are authorized to make loans for certain public purposes which are enumerated in the first schedule to the Act. They are appointed every five years: see the Public Works Loans Act, 1930 (20 & 21 Geo. 5, c. 49). The Act of 1875 has been extended and amended by numerous Acts.Among the works for the purposes of which the Commissioners were authorized to lend money are as follows: Baths and wash-houses provided by local authorities; burial grounds provided by burial boards or, in Scotland, by either burial or parochial boards; construction or improvement of canals; conservation or improvement of rivers of main drainage; docks, harbours, and piers, and any work for which the Public Works Loan Commissioners are authorized to lend by s. 3 of the Harbour and Passing Tolls Act, 1861; impro...
jumbo loan
jumbo loan or non-conforming loan, is a loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans. Source: U.S. Department of Housing and Urban Development ...
loan or credit agreement
loan or credit agreement If your company's loan is fairly large, the lender may require a loan or credit agreement. A loan agreement contains terms and conditions for your loan in addition to those contained in the promissory note, security agreement, or mortgage. Common provisions in a loan agreement include provisions regarding the lender's commitment to lend, repayment and note terms, things that must happen before the lender is obligated to advance funds, representations and warranties, agreements by the borrower to take or not take certain actions, and events of default. ...
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