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COFI See Cost of Funds Index. ESCROW 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 escrow account funds on behalf of the borrower when they become due. Also known as Impound Account. PARTITION The dividing of common interests in real property owned jointly by two or more persons. SEVERALTY Sole ownership of real property. SECONDARY MORTGAGE MARKET A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market. PRO FORMA STATEMENT A projection of future income and expenses. MASTER PLAN A comprehensive plan to guide the long-term physical development of a particular area. NEGATIVE AMORTIZATION A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan. LAND, TENEMENTS AND HEREDITAMENTS A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto. |
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