Business / Loan / Borrower: A person who receives funds in the form of a loan with the obligation to repay the loan in full.

Borrower Fallout

Business / Finance / Borrower Fallout: In the mortgage pipeline, the risk that prospective borrowers of loans committed to be closed will elect to withdraw from the contract. MORE

Fire Insurance Requirement Form

Business / Real Estate / Fire Insurance Requirement Form: A statement signed by the borrower agreeing to comply with the lenders requirements for fire insurance coverage. MORE

Home Expense-To-Income Ratio

Business / Real Estate / Home Expense-To-Income Ratio: A ratio expressed as a percentage that is used by the mortgage industry to determine a borrowers qualification for a loan. It is calculated by dividing the borrowers total monthly housing expenses by MORE

Uniform Settlement Statement

Business / Real Estate / Uniform Settlement Statement: The standard HUD Form 1 required to be given to the borrower, lender and seller at the time or before settlement by the settlement agent in a transaction covered under the Real Estate Settlement Proce MORE

Front-End Qualification

Business / Real Estate / Front-End Qualification: When qualifying a prospective buyer for financing, the ratio of the borrowers income to monthly debt obligation is a primary consideration. MORE

Statement Of Information

Business / Real Estate / Statement Of Information: Also called a Statement of Identity. Statements provided to the escrow agent verifying pertinent data identifying the grantor, grantee, or borrower. MORE