In one sentence
The borrower's signed promise to repay the loan: amount, rate, payment terms, maturity, and default consequences, in a single negotiable document.
The longer version
The note is the evidence of the debt itself. It travels with the loan through sales and securitizations, which is why originals are guarded, allonges document transfers, and lost note affidavits are painful.
Most economic terms live in the loan agreement on larger deals, with the note kept short. On smaller balance deals the note may carry the full terms.
In Prodeal
In Prodeal it is a checklist line with a status, a due date, and a responsible party. The executed version lands in the deal's document set and carries into the closing binder.
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