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ALTERNATIVE DOCUMENTATION A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application. INITIAL RATE The rate charged during the first interval of an ARM loan. UNILATERAL CONTRACT A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer. COST OF FUNDS INDEX (COFI) An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District. CLOUD ON TITLE Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity. OVERRIDE A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson. ADVERSE POSSESSION The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii). |
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