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URL:https://www.learndesk.us/class/4960291886465024/lesson/c62088f45a4cd24ea0ee84e260951714?ref=outlook-calendar
SUMMARY:Transaction Instruments, Components and Mechanics
DTSTART;TZID=America/Los_Angeles:20260515T190000
DTEND;TZID=America/Los_Angeles:20260515T200000
LOCATION:https://www.learndesk.us/class/4960291886465024/lesson/c62088f45a4cd24ea0ee84e260951714?ref=outlook-calendar
DESCRIPTION: Mortgage Instruments Mechanics 
Elements:
• Promissory note: promise to repay the loan.• Mortgage: pledge of property as collateral for the loan.
Mechanics: 
• Borrower gives the lender a promissory note and mortgage.• Lender gives borrower funds and records a lien.
Trust Deed Transaction 
Elements:
• Promissory note: trustor's promise to repay the loan.• Deed of trust: title to the property as collateral for the loan.
Mechanics:
• Trust deed conveys title from the borrower/trustor to a third-party trustee.• Trustee holds title on behalf of the lender/beneficiary until the debt is repaid.
Promissory note
• Legal instrument executed by borrower stating debt amount, loan term, method and timing of repayment, interest rate, promise to pay; may repeat other provisions from mortgage document or deed of trust; negotiable instrument assignable to a third party.
Financial components
• Original principal: the capital amount borrowed on which...

https://www.learndesk.us/class/4960291886465024/lesson/c62088f45a4cd24ea0ee84e260951714?ref=outlook-calendar
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SEQUENCE:3
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