Origination Fee

Origination Fee – David Reecher Fee charged by most lenders, which covers the direct costs of arranging the loan, and also referred to as points, which is one per cent of the total loan amount.... Read More

Ordinary Interest

Ordinary Interest – David Reecher Interest based on a 360-day year instead of a 365-day year. The former is referred to as simple interest and the latter is termed exact interest. The difference bet... Read More

Ordinary Income

Ordinary Income – David Reecher Defined by the Internal Revenue Code to include salaries, fees, commissions, interest, dividends, and many other items. Taxed at regular tax rates, contrasted with lo... Read More

Opinion of Title

Opinion of Title – David Reecher A certification, usually from an attorney, as to the validity of title to property being sold, after examining the abstract of title. The opinion of title is essenti... Read More