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LOAN PAYOFF AMOUNT 
The total amount of money needed to meet a borrower's obligation on a loan. It is arrived at by accruing gross interest for one day and multiplying this figure by the number of days that exist between the date of the last repayment and the date on which the loan is to be completely paid off. This amount, known as accrued interest, is combined with the latest principal and escrow balances that are applicable to what is now referred to as the loan payoff amount. In the case where prepaid interest exceeds the accrued interest, the latter is subtracted from the former and the difference is used to reduce the total amount owed. 

 

LOSS RATE 
A rate developed by comparing the ratio of total loans charged off to the total loans disbursed from inception of the program to the present date. 

 

LOSS RESERVE ADJUSTMENT RATE  A reserve rate based upon the ratio of the aggregate net chargeoffs (chargeoffs less recoveries) for the most
recent five years to the total average loans outstanding for the comparable 5-year period.  

   

MARKUP 
Markup is the difference between invoice cost and selling price. It may be expressed either as a percentage of the selling price or the cost price and is supposed to cover all the costs of doing business plus a profit. Whether markup is based on the selling price or the cost price, the base is always equal to 100 percent. 

 

MATURITY  
As applied to securities and commercial paper, the period end date when payment of principal is due. 

 

MATURITY EXTENSIONS 
Extensions of payment beyond the original period established for repayment of a loan. 

 

MERGER 
A combination of two or more corporations wherein the dominant unit absorbs the passive ones, the former continuing operation usually under the same name. In a consolidation two units combine and are succeeded by a new corporation, usually with a new title. 

 

MORTGAGE  
An instrument giving legal title to secure the repayment of a loan made by the mortgagee (lender). In legal contemplation there are two types: (1) title theory - operates as a transfer of the legal title of the property to the mortgagee, and (2) lien theory - creates a lien upon the property in favor of the mortgagee.  

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