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GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. IMPOUND ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.) DISCRIMINATION The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally. WAREHOUSE A building used to store merchandise and other materials or equipment. NET LEASE A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor. PREPAID INTEREST Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date. FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC, OR FREDDIE MAC) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. CERTIFICATE OF ELIGIBILITY Document issued by the Veterans Administration to qualified veterans which verifies a veteran's eligibility for a VA guaranteed loan. Obtainable through local VA office by submitting form DD-214 (Separation Paper) and VA form 1880 (request for Certificate of Eligibility). |
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