open mortgage

open mortgage

A mortgage that may be prepaid at any time without penalty. Do not confuse with an open-end mortgage. Further, an open mortgage clause  does not have anything to do with an open mortgage.

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In a statement, Lloyds said: "The acquired portfolio will generate good returns to the group in excess of current organic market opportunities, while delivering open mortgage book growth within the group's low risk strategy and providing additional flexibility in participation choices in the mortgage market."
Bank of Scotland-owner Lloyds said the acquired portfolio would generate "good returns" while delivering open mortgage book growth within the group's "low risk strategy".
Over the last six months, SME and Motor Finance have continued to grow whilst the open mortgage book of 267 billion [pounds sterling] is in line with the start of the year.
21 May 2019 - Texas, US-based mortgage lender Open Mortgage has acquired South Dakota, US-based lender Premier Home Mortgage, specialising in financing homes in rural and small-town America, the company said.
National mortgage lender Open Mortgage has said that it has appointed Kathie Thomas as executive vice president of Lending Operations.
The loan proceeds were utilized to pay off an open mortgage and fund the balance of the proceeds required to finish the conversion.
On May 11, Austin, Texas-based Open Mortgage announced that working with LendingQB and International Document Services (IDS), the lender had exceeded its own projections by implementing a TRID-compliant LOS in 50 days.
Between 2003 and 2009, the number of federal corporate fraud cases plunged 55 percent, bankruptcy fraud cases declined 44 percent, and securities fraud charges fell 17 percent, The FBI also has 2,800 open mortgage fraud cases.
"Customers can also manage their accounts and open mortgage and savings accounts over the phone and by post."
An open mortgage usually has a slightly higher interest rate than a closed one, but it has the big advantage of allowing lump sums to be paid off the principal at any time.
The insurer argued that the insurance policy at issue contained a loss payable or open mortgage clause rather than a standard mortgagee clause and, thus, under such a clause a loss due to the misconduct of the insured would prevent recovery by the insured and the mortgagee.
Lloyds's open mortgage book at the end of the first half increased slightly to GBP264.9 billion, while customer deposits at the end of the period stood at GBP418 billion, flat on the year before.

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