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A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
The purpose of double-entry bookkeeping is to allow the detection of financial errors and fraud. For example, if a business takes out a bank loan for $10,000, recording the transaction in the bank's books would require a DEBIT of $10,000 to an asset account called "Loan Receivable", as well as a CREDIT of $10,000 to an asset account called "Cash".
Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing ...
The financial terms are set out in a “term sheet” which states the amount, term of the loan, repayment schedule, interest margin, fees any special terms, and a general statement that the loan will contain representations and warranties. This might include terms which relate to when the loan is to finance a company acquisition or a large ...
A bank statement loan allows you to qualify for a mortgage using bank statements rather than tax returns. It’s most often used by self-employed borrowers. Not all mortgage lenders offer bank ...
Seeking, borrowing and repaying student loans seem to involve reams of paperwork with piles of forms and files, almost as if you were starting a new job.. If you’re desperate to downsize this ...