Manner of Payment Verification
A form sent by the lender to the borrower's previous lender for verification of payment and manner of payment of the borrower.
Points added to the index to determine the interest rate on an adjustable rate mortgage.
Market Data Approach
The current actual selling price of a property.
The price that would be paid for a property based on market trends. Also called Fair Market Value.
A title clear of liens and acceptable to a buyer.
The end of a mortgage's term when the mortgage is paid in full or renewed.
Damage to an item because of mechanical malfunctions, not mishandling from the van operator.
A lien created for a person who has performed work or furnished materials in the improvement or building of property to secure payment of materials.
Metes and Bounds
A deed description defining the boundaries of a land by directions and distances.
Official guide specified by tariff and used by carriers to determine mileage from one city to another, regardless of the route actually driven.
One-tenth of one cent used to compute property tax.
The minimum fee for which a shipment may be legally handled.
The minimum weight-to-cube ratio of a surface shipment on which the weigh charge of the shipment will be computed. For air freight, see Gross Chargeable Weight.
The designated weight level at which a particular rate must be assessed. Below this level, higher rates may be applicable; above this level, lower rates may be considered.
Miscellaneous Carrying Costs
The costs of owning and maintaining both the old and new homes that are not covered under general maintenance.
The costs for the new home comforts like draperies, cable television installation and appliance hook-up.
A false statement of fact made with the intent of inducing action by another party.
A sum paid to an expatriate upon completion of a foreign assignment. It sometimes includes a completion bonus. Also called Acceptance Bonus.
Payments made to a mortgage on a monthly basis, including the interest on the previous month.
An instrument giving a lender a lien on property to secure payments of a loan.
A licensed person who negotiates the mortgage contract between the borrower and the lender.
Mortgage Guaranty Insurance Corporation (MGIC)
A private insurer of residential mortgage loans.
An insurance plan that will pay off the remaining balance of a mortgage if the mortgagor dies or becomes disabled.
Mortgage Insurance Application Fee
A processing charge for application of mortgage insurance.
Mortgage Interest Differential (MID)
An amount paid by a company to an employee to offset any difference in the interest rates between the old mortgage and the new mortgage.
Mortgage Service Charge
A fee charged by a lender for the purpose of processing a mortgage loan application. Also called Origination Fee.
A financing method that allows a homebuyer to reside in a home for a specified period of time before making monthly payments. Money saved is applied to the down payment or is deposited into an account to fund additional expenses.
Mortgage-Backed Securities (MBS)
Investment securities whereby an investor holds undivided interest in mortgages or trust deeds and receives income from them to pay for the investment. The securities are guaranteed by many mortgages.
The lender in a mortgage transaction.
The person who borrows money for a mortgage loan.
An oceangoing vessel that carries barges under a lighter aboard ship service. See Lighter Aboard Ship.
Motor Carrier (MC)
A carrier by motor vehicle.
A form used when transporting an automobile, motorcycle or boat that lists the vehicle's miles and condition at both origin and destination.
Similar to a logistics trailer except generally having a dropped floor to increase volume and ease loading from the ground.
Municipal Lien Fee
A charge for a document from the city in which the property is located.
Local municipality requirements that must be met to transfer a title.