Business, Legal & Accounting Glossary
The occurrence of individuals reneging on their mortgage loan commitment after the loan terms have been finalized and the lender has committed the loan in a forward sale. For mortgages that fallout from a forward sale, the lender must make up the deficiency by buying loans in the secondary market or pay a penalty.
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This glossary post was last updated: 20th November, 2021 | 0 Views.