The signature of a licensed agent, which, in most states, must appear on the policy to validate the contract.
A clause in a mortgage that obligates or restricts the borrower and that, if violated, can result in foreclosure.
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
- Credit History
A record of an individual’s open and fully repaid debts. A credit history helps a lender to determine whether a potential borrower has a history of repaying debts in a timely manner.
- Credit Insurance
Insurance on a debtor in favor of a lender, intended to pay off a loan or the balance due thereon if the insured dies or is disabled. Credit Life is a type of decreasing term insurance and the face amount of the policy is limited to the amount of the loan. Generally not used as Mortgage Protection Insurance.
- Credit Life Insurance
A type of insurance often bought by mortgagors because it will pay off the mortgage debt if the mortgagor dies while the policy is in force.
- Credit Report
A report of an individual’s credit history prepared by a credit bureau and used by a lender in determining a loan applicant’s creditworthiness. See merged credit report.
- Credit Repository
An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.
A person to whom money is owed.
A dead-end street that widens at the end creating a circular turnaround area.