MORTGAGE BROKER >> A mortgage broker is one who arranges financing for a borrower by placing loans with lenders. Mortgage brokers are paid a fee by the borrower or the lender when the loan closes.

MORTGAGE LATE >> More than 1 payment due at the same time the most recent payment is due.

MORTGAGEE >> The lender.

MORTGAGOR >> The borrower.

NATIONAL NOTARY ASSOCIATION >> An association that sends out necessary application materials and supplies to initiate one?s notary commission.

NEGATIVE AMORTIZATION >> Amortization means that monthly payments are large enough to pay the interest and reduce the principal on a mortgage loan by its maturity date. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn?t covered is added to the unpaid principal balance. This means even after making many payments, a borrower may owe more than was owed at the beginning of the loan.

NET DISPOSABLE INCOME >> Money left after subtracting the principal, interest, taxes and insurance and all other obligations from the monthly net income. The surplus amount the borrower has available for living expenses after housing expenses are subtracted.