CMIC [Internet]; Aug 9, 2016 [cited 2016 Aug 9]. Available from: http://www.allacronyms.com/CMIC. 'CMIC', All Acronyms, 9 August 2016, <http://www.allacronyms.com/CMIC> [accessed 9 August 2016] All Acronyms, CMIC (Aug. 9, 2016, 2:08 AM), available at http://www.allacronyms.com/CMIC.
Defeasance is a substitution of collateral. The borrower uses proceeds from a refinance or sale to purchase a portfolio of securities that is sufficient to make the remaining debt service payments required by the loan. The securities are pledged to the lender who releases the real estate from the lien of the mortgage.
deface. 1  To damage something, especially a surface, in a visible or conspicuous manner. 2  To void or devalue; to nullify or degrade the face value. He defaced the I.O.U. notes by scrawling void over them. ( 3 heraldry, flags) To alter a coat of arms or a flag by adding an element to it.