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COMMINGLING To mingle or mix; for example, to deposit client funds in the broker's personal or general account. A licensee found guilty of commingling can have the license suspended or revoked by the Real Estate Commission. TRUST DEED A real property security device (also called a deed of trust) very similar to a mortgage, except that there are three parties, the trustor, the trustee, and the beneficiary (the lender). PER DIEM INTEREST Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first day of the following month.) REDUCTION CERTIFICATE An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity. ACCELERATED DEPRECIATION A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation. CERTIFICATE OF VETERAN STATUS FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status). LIEN A legal claim by one person on the property of another for security for payment of a debt. ADJUSTMENT INTERVAL On an ARM loan, the time between changes in the interest rate or monthly payment. COFI See Cost of Funds Index. |
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