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FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system. DUE ON SALE CLAUSE A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option. FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. ETHICS A system of moral principles, rules and standards of conduct. NEGATIVE AMORTIZATION A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan. PARCEL A specific portion of a larger tract; a lot. |
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