A bailee letter is a communication used in real estate warehouse lending that notifies the recipient of mortgage or loan notes that a third party has a security interest in the notes. The letter allows interested investors to review the notes, while protecting the security holder's interest in the notes.
A note is a binding pledge to repay money loaned. If the money is not repaid, the note holder's recourse is foreclosure; however, if another party has a security interest in the note then that party has priority in foreclosure. The bailee letter notifies the potential purchaser how the security holder's interest may be released.Learn More
HARP 2.0 is the second iteration of the Home Affordable Refinance Program, a program of the federal government to help homeowners refinance their existing mortgages. Many homeowners can take advantage of this program, even if they owe more than their home is currently worth.Full Answer >
A DE underwriter is a mortgage underwriter who has a direct endorsement certification from the Department of Housing and Urban Development. A DE underwriter can both underwrite and approve loans insured by the Federal Housing Administration.Full Answer >
A billing address is the address connected to a specific credit or debit card. Companies use it to verify authorized use of such a card. It is also where companies send paper bills and bank statements.Full Answer >
Examples of financial intermediaries include credit unions, financial advisers, insurance companies and mutual funds. A financial intermediary is a financial institution that helps a business or individual save or borrow money.Full Answer >