N.Y. Banking Law 595-B – Regulation of mortgage loan servicers
Current as of: 2023 | Check for updates
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Terms Used In N.Y. Banking Law 595-B
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.