The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected occurrences or emergencies. Under the line of credit provision, a check may be written whenever funds are needed. Inter...

Computer software packages designed to serve mortgage banking functions, such as mortgage loan accounting/servicing, loan origination, loan processing, lease/financial/investment analysis, yield/price calculations, and portfolio management. The Mortgage Banking Association of America has a publicati...

An improvement to property that is below the standard, usual expectation. An example is when a contractor's work on a house is below the quality that the homeowner reasonably expected for the price paid....

Charges resulting in involuntary encumbrances against real property derived from legislated law rather than from debts owed to organizations o r individuals. For example, of a homeowner does not pay his real estate taxes, the tax assessor may statutorily place a lien on his or her property for the b...