Related Words

Credit Loan: A mortgage issued upon the financial strength of a borrower, without regard for collateral.

Mobile-Home Loan: A mortgage loan on a large mobile-home, usually drawn for a shorter term than conventional mortgages.

Marketing Loan Repayment Provisions: A loan settlement provision, first authorized by the Food Security Act of 1985, that allows producers to repay nonrecourse loans at less than the announced loan rates whenever the world pric . . . View Full Definition

Mohair Recourse Loan Program: A program authorized by the emergency provisions of the FY1999 USDA appropriations act (P.L. 105-277, October 21, 1998) that makes interest-free recourse loans of $2.00 per pound on mohair p . . . View Full Definition

Marketing Assistance Loans: Nonrecourse loans made available to producers of wheat, feed grains, upland and ELS cotton, rice, soybeans, and minor oilseeds under the Agricultural Market Transition Act provisions in the . . . View Full Definition

Mortgage Loan: A contract in which the borrower's property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay . . . View Full Definition

Multi-Lender Rule Loans: Loans involving 10 or fewer investors regulated by the Corporation Commissioner.

Mortgage Loan Disclosure Statement: Borrower disclosure mandated by Article 7 of the Real Estate Law.

Low-Doc Or No-Doc Loan: Loans that require little or no documentation regarding the borrowers income, assets or liabilities. Because of the higher perceived risk, these loans will usually require a larger down paym . . . View Full Definition

Loose Credit: In order to combat a sluggish economy, the Open Market Committee of the Federal Reserve (the Fed) may institute a loose credit policy. In that case, the Federal Reserve Bank of New York buys . . . View Full Definition