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Prepayment speeds can be expressed in SMM (single monthly mortality), CPR (conditional prepayment rate, which is the annually compounded SMM), or PSA (percentage of the Public Securities Association prepayment model). For mortgages at least 30 months old, 100% PSA = 6.0% CPR = 0.51% SMM, equivalent to the full prepayment of 6% of a pool's ...
Defeasance (or defeazance) (French: défaire, to undo), in law, is an instrument which defeats the force or operation of some other deed or estate; as distinguished from condition, that which in the same deed is called a condition is a defeasance in another deed. [1] The term is used in several contexts in finance, including: [2]
This work is in the public domain in the Philippines and possibly other jurisdictions because it is a work created by an officer or employee of the Government of the Philippines or any of its subdivisions and instrumentalities, including government-owned and/or controlled corporations, as part of their regularly prescribed official duties ...
Key takeaways. A prepayment penalty is a fee designed to discourage borrowers from paying off a loan ahead of time. Refinancing your mortgage or selling your home could trigger this penalty.
Commercial mortgages often contain lockout provisions (typically a period of 1–5 years [2] where there can be no prepayment of the loan) which they can be subject to defeasance, yield maintenance and prepayment penalties to protect bondholders. European CMBS issues typically have less prepayment protection.
The exact amount of a prepayment penalty varies from one lender to the next. In general, you can expect the fee to range from 2 percent to 5 percent of your loan. In some cases, the fee the lender ...
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
Republic Act No. 386, the Civil Code of the Philippines (1949). Act No. 3815, the Revised Penal Code of the Philippines (1930). The 1987 Constitution of the Republic of the Philippines. Luis B. Reyes, The Revised Penal Code: Criminal Law 20 (1998, 14th ed.). Antonio L. Gregorio, Fundamentals of Criminal Law Review 50-51 (1997).