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Subprime borrower
Subprime borrower A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
RELATED TERMS--------------------------------------
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Credit
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Debt
An amount owed to another.
SIMILAR TERMS--------------------------------------
Subprime lenders
Lenders who specialize in B, C, or D catagory paper.
Subprime mortgage
A mortgage granted to a borrower considered subprime, that is, a person with a less-than-perfect credit report. Subprime borrowers have either missed payments on a debt or have been late with payments.
PREVIOUS AND NEXT TERMS--------------------------------------
Subordinate loan
A mortgage whose priority is below that of another mortgage.
Subordinated classes
With regard to CMBS, describes those classes with the lowest priority to receive payments from the underlying mortgage loans.
Subordination
The process of sharing the risk of credit losses disproportionately among two or more classes of securities.
Subordination agreement
A written agreement between lienholders to change the priority of mortgage, judgment and other liens.
Subordination clause
A clause in which the holder of a mortgage permits a subsequent mortgage to take priority.
Subprime borrower
Subprime lenders
Lenders who specialize in B, C, or D catagory paper.
Subprime mortgage
A mortgage granted to a borrower considered subprime, that is, a person with a less-than-perfect credit report. Subprime borrowers have either missed payments on a debt or have been late with payments.
Subrogation
The substitution of one creditor for another, with the substituted person succeeding to the legal rights and claims of the original claimant.
Subscribe
1) To give, pay, or pledge (a sum of money) as a contribution, investment, etc. 2) To append one's signature or mark to (a document), as in approval or attestation of its contents.
Subscribing witness
The witness to the execution of an instrument who has written his name as proof of seeing such execution.
This dictionary contains 6433 terms. |
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