Terms Used In Indiana Code > Title 28 > Article 15 > Chapter 11 - Alternative Mortgage Loans of Savings Associations

• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• association: refers to a savings association (as defined in IC 28-15-1-11). See Indiana Code 28-15-11-3
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• GPM loan: means a mortgage loan under which:

  Indiana Code 28-15-11-5

• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• loan documents: means the documents evidencing a loan transaction. See Indiana Code 28-15-11-6
• money cost index: means any of the following:

  Indiana Code 28-15-11-7

• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• mortgage loan: means :

  Indiana Code 28-15-11-8

• Property: includes personal and real property. See Indiana Code 1-1-4-5
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5