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MORTGAGE BROKER A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans. REBATE A reduction or kickback of a stipulated charge. GUARDIAN One who is given the lawful custody and care of another(called a ward). DISCOUNT POINTS An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans. NOMINAL CONSIDERATION A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration." LOSS PAYEE The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed. MORTGAGE BANKER A corporation or firm which normally provides its own funds for mortgage financing. IMPROVED LAND Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land. |
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