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Daily Simple Interest (DSI)

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Method of calculating interest on a daily basis, if provided for in the terms of the mortgage note and allowable pursuant to state law. Interest is calculated at the contract rate on the unpaid principal balance on the mortgage loan account based on the number of days that lapse from the date the prior payment is received to the date the current payment is received. Daily simple interest loans generally do not have a monthly grace period for payments received after the due date. Interest accumulates every day.