PMI is an abbreviation for private mortgage insurance, which is a type of insurance that insures the mortgagee, as the lender, against losses resulting from a breach of the mortgagor's obligation to repay the loan.
PMI is...
banking
possessory lien
A possessory lien is a type of interest that grants possessory rights to the creditor until the borrower has satisfied their obligation. A lien generally lasts until the debtor pays off the debt or the obligation that secures the debt is...
postdated check
A postdated check is a check that is dated in the future. A postdated check has the same effect as if it had not been issued until the day that it is dated and is not payable until that date. Postdated checks are functionally similar to promissory...
prepayment penalty
A prepayment penalty clause is common in mortgage contracts, and it specifies that if the borrower pays down or pays off the mortgage early, usually within the first five years of the loan, a penalty will be levied. The prepayment penalty...
promissory note
A promissory note is an unconditional promise to pay a certain amount of money to a named party or the holder of the note, or to deposit that money as such persons direct. A promissory note must be in writing and signed by the maker of the...
purchase money mortgage
A purchase money mortgage is a mortgage on a piece of real property given by the buyer to the seller or a third-party as part of the deal to buy the property.
Purchase money mortgages are executed simultaneously with the...
purchase-money collateral
Purchase-money collateral refers to collateral that was purchased completely or in part by the debtor with the funds given to create a security interest in the collateral. For example, if a debtor granted an appliance store a security...
purchase-money security interest
Purchase-money security interest (PMSI) refers to security interests in purchase-money collateral. Purchase-money collateral is the collateral that was purchased completely or in part by the debtor with the funds given to create a security...
qualified indorsement (endorsement)
Qualified indorsement (or endorsement) is an indorsement that passes title to a negotiable instrument with certain restrictions. It is an indorsement coupled with an additional phrase, e.g. "without recourse," thereby limiting the liability...
realization of gain
Realization of gain is when an asset is sold at a price higher than its adjusted cost basis. Section 1001 of the Internal Revenue Code states that the gain from the sale of property is the “excess of the amount realized therefrom over the...