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Mortgage Loan Glossary

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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION

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Glossary Index

"A" Borrower - See Prime Borrower
"A" Paper
Accrued Interest
Acceleration Clause
Additional Principal Payment
Adjustable Rate Mortgage
Adjustment Basis
Adjustment Interval
Affordability Analysis
Agreement of Sale
Alternative Documentation
Amenity
Amortization
Amortization Schedule
Amortization Term
Amortization Type
Amount Financed
Annual Percentage Rate
Application - See Uniform Residential Loan Application (1003)
Application Fee
Appraisal
Appraisal Fee
Appraised Value
Appraiser
A.P.R. - See Annual Percentage Rate
Approval - See Loan Approval
A.R.M. - See Adjustable Rate Mortgage
Assessor
Asset
Assignment
Assumable Mortgage
Assumption
Assumption Fee
Authorized User
Automated Underwriting
Award Letter
Bait and Switch
Balance
Balloon
Balloon Loan
Balloon Payment
Band Aid Loan
Bankruptcy
Base Income
Benefit
Bimonthly Mortgage
Biweekly Mortgage
Blanket Mortgage
Borrower
Borrowers Authorization
Bridge Loan
Broker - See Mortgage Broker
Broker Premium
Budget
Builder
Building Code
Buydown - See Rate Buydown
Buyup - See Rate Buyup
Call Option
Cap
Capital
Capital Gains
Cash Flow Option - See Pay Option Adjustable Rate Mortgage
Cashout Refinance
Cash Reserves - See Reserves
Certificate of Eligibility
Certificate of Title
Certificate of Veteran Status
Change Frequency
Chapter 7
Chapter 11
Chapter 13
Charged Off
Charged Points - See Points
Closing
Closing Costs
Closing Date
C.L.T.V. - See Combined Loan to Value
Co-borrower
C.O.F.I. - See Cost of Funds Index
Collections
Combined Loan to Value (CLTV)
Commission
Common Stock
Compound Interest
Condemned Property
Condition to Funding
Condominium
Condominium Rider
Conforming Mortgage
Construction Financing
Construction Loan
Consumer Price Index (CPI)
Consumer Reporting Agency
Contract to Purchase - See Agreement of Sale
Conventional Mortgage
Conversion Clause
Conversion Option - See Conversion Clause
Convertible Mortgage
Cooperative
Co-signer
Cost of Funds Index (COFI)
Cost of Savings Index (COSI)
Credit Authorization
Credit Bureau
Credit History
Credit Rating - See Credit Score
Credit Report
Credit Score
Cumulative Interest
Debt Consolidation
Debt to Income
Deed
Decision Engine
Deed in Lieu of Foreclosure
Deed of Trust
Default
Deferred Interest - See Negative Amortization
Deliquency
Demand Clause
Department of Veterans Affairs (VA)
Deposit
Depreciation
Direct Lender
Disbursement of Funds
Disclosures
Discount
Discount Mortgage Broker - See Mortgage Broker
Discount Points
Discretionary ARM
Document Checklist
Documentation Requirements
Document Signing
Down Payment
Dual Application
Dual Index Mortgage
Due on Sale Clause
Earnest Money
Effective Federal Funds Rate
Eminent Domain
Encryption
Energy Efficient Mortgage
Equal Credit Opportunity Act (ECOA)
Equifax
Equity
Equity Skimming
Equity Stripping - See Equity Skimming
Escrow
Escrow Account
Escrow Payment
Estimated Closing Costs
Estimated Prepaid Items
Experian
Fair Housing Act
Fair Lending Notice
Fair Market Value
Fannie Mae
Federal Home Loan Mortgage Corporation - See Freddie Mac (FHLMC)
Federal Housing Administration
Fee Simple
Federal National Mortgage Association - See Fannie Mae
Federal Truth in Lending Act - See Truth in Lending Act
F.H.A. - See Federal Housing Administration
FHA Mortgage
FICO Score
Finance Charge
Financial Analysis
Firm Commitment
First Lien
First Mortgage
Fixed Rate Mortgage
Fixed Income
Flexible Payment A.R.M. - See Pay Option Adjustable Rate Mortgage
Float
Float-down
Flood Insurance
Forbearance Agreement
Foreclosure
Freddie Mac
Full Documentation
Fully Amortized ARM
Funding
Funding Fee
Funding Bank
Generic Pricing
G.F.E. - See Good Faith Estimate
Gift of Equity
Ginnie Mae (GNMA)
"Go Stated"
Good Faith Estimate
Government Monitoring
Grace Period
Graduated Payment Mortgage
Graduation Rate
Gross Domestic Product (GDP)
Gross Income
Gross National Product (GNP)
Growing Equity Mortgage
Guaranty
Guaranteed Mortgage
Hazard Insurance
H.E.L.O.C. - See Home Equity Line of Credit
Home Equity - See Equity
Home Equity Conversion Mortgage - See Reverse Mortgage
Home Inspection
Home Owners Association
Home Equity Line of Credit (HELOC)
Home Equity Loan - See Home Equity Line of Credit
Homebuyer Education Learning Program (HELP)
Homebuyer Protection Plan
Homeowner
Homeowner Equity - See Equity
Homeowners Insurance - See Property Insurance
Housing Bank
Housing Bubble
Housing Expense - See Monthly Housing Expense
Housing Expense Ratio
Housing Financial Discrimination Act of 1977
Housing Investment
Housing Obligation - See Monthly Housing Expense
HUD
HUD1 Statement
HVAC
Hybird ARM
Impound
Impounded Payment
Income
Index
Indexed ARM
Indexed Rate
Inflation
Initial Interest Rate
Initial Rate Period
Installment
Insured Mortgage
Interest
Interest Accrual Period
Interest Accrual Rate
Interest Cost
Interest Due - See Interest Payment
Interest Only Loan Program
Interest Payment
Interest Rate
Interest Rate Adjustment Period
Interest Rate Buydown
Interest Rate Ceiling
Interest Rate Floor
Interest Rate Decrease Cap
Interest Rate Increase Cap
Interest Rate Index
Internet
Internet Mortgage
Investment Property (IP)
Investor
Judgement
Jumbo Loan
Junk Fees
Key
Late Charge
Late Payment
Leading Economic Indicators
Lease
Lease-Purchase Mortgage
Leasehold
Lender
Liabilities
L.I.B.O.R. - See London Interbank Offered Rate
Lien
Lien on Person
Lien on Title - See Lien
Lien Position
Lifetime Payment Cap
Lifetime Rate Cap
Liquid Asset
Loan
Loan Advice
Loan Amount
Loan Application - See Uniform Residential Loan Application (1003)
Loan Application Fee - See Application Fee
Loan Approval
Loan Discount Fee
Loan Documents
Loan Fraud
Loan Officer
Loan Origination
Loan Origination Fee
Loan Program
Loan Provider - See Lender
Loan Purpose
Loan Servicing
Loan Term - See Amortization Term
Loan to Value
LOAN4LOAN®
Lock - See Rate Lock
Lock Commitment Letter
Lock Period
London Interbank Offered Rate (LIBOR)
Loss Mitigation
Mandatory Disclosures - See Disclosures
Manufactured Housing
Margin
Market Niche
Market Value
Maturity
Maximum Cash Out
Maximum Loan Amount
Maximum Loan to Value Ratio
Maximum Mortgage Lates
Minimum Down Payment
Mobile Home
Monthly Housing Expense
Monthly Total Expenses
Mortgage
Mortgage Auction Site
Mortgage Bank
Mortgage Banker
Mortgage Broker
Mortgage Calculator
Mortgage Company
Mortgage Formulas
Mortgage Insurance
Mortgage Late
Mortgage Lender - See Lender
Mortgage Life Insurance
Mortgage Loan
Mortgage Loan Agreement
Mortgage Loan Application - See Uniform Residential Loan Application (1003)
Mortgage Payment
Mortgage Price
Mortgage Program - See Loan Program
Mortgage Rating
Mortgage Refinance - See Refinance
Mortgage Scam
Mortgage Shopper
Mortgagee
Mortgagor
Multi Family Housing
Negative Amortization
Negative Amortization Cap
Negative Points - See Rebate Points
Net Income
Net Worth
Niche Market - See Market Niche
NINA Loan
No Asset Loan
No Cash Out Refinance
No Cost Mortgage
No Docs Loan
No Income Loan
No Income No Asset Loan - See NINA Loan
No Money Down - See 100% Financing
No Ratio Loan
Non-conforming Mortgage
Non-liquid Asset
Non-owner Occupied (NOO)
Non-resident Alien
Notary
Note
Offer
Option A.R.M. - See Pay Option Adjustable Rate Mortgage
Origination - See Loan Origination
Origination Fee - See Loan Origination Fee
Owner Financing
Owner Occupied (OO)
Overage
Partial Claim
Partial Prepayment - See Prepayment
Pay Option Adjustable Rate Mortgage
Payoption A.R.M. - See Pay Option Adjustable Rate Mortgage
Payment Adjustable Interval
Payment Change Date
Payment Decrease Cap
Payment Increase Cap
Payment Period
Payoffs
Payoff Demand
Per Diem Interest
Periodic Payment Cap
Periodic Rate Cap
Periodic Refinancing
Pest Inspection - See Termite and Pest Inspection
Piggyback Loan
PITI
PITI Reserves
Planned Unit Development (PUD)
Pledged Account Mortgage (PAM)
P.M.I. - See Private Mortgage Insurance
Point Monster
Points
Portfolio Lender
Power of Attorney
Preapproval
Preapproval Letter
Predatory Lending
Pre-foreclosure Sale
Premium
Prepaid Expenses
Prepaid Interest
Prepayment
Prepayment Penalty
Prequalification
Prequalification Letter - See Preapproval Letter
Primary Mortgage Market
Primary Residence
Prime Borrower
Prime Lender
Prime Rate
Principal
Principal Balance
Principal, Interest, Taxes, and Insurance - See PITI
Private Mortgage Insurance (PMI)
Processing
Processing Fee
Proof of Residence
Property Flipping
Property Insurance
Qualification
Qualification Requirements
Qualifying Ratios
Radon
Rate
Rate and Term Mortgage
Rate Buydown
Rate Buyup
Rate Lock
Rate Lock Fee
Rate and Point Options
Rate Protection
Real Estate
Real Estate Agent
Real Estate Settlement Procedures Act (RESPA)
Real Property - See Real Estate
Realtor®
Rebate
Rebate Points
Recorder
Recording
Recording Fee
Referral
Refinance
Regulation Z
Rehabilitation Mortgage
Rent
Reserves
R.E.S.P.A. - See Real Estate Settlement Procedures Act
Retail Lender
Reverse Mortgage
Revolving Credit
Rider
Right of Recission
Risk Factor
Rural Property
S.A.M. - See Shared Appreciation Mortgage
Satisfied Mortgage
Scheduled Mortgage Payment
Seasoning
Seasoning of Assets
Seasoning of Funds
Seasoning Requirements
Second Home
Second Mortgage
Secondary Market
Security
Self Employed
Seller Carryback
Seller Contribution
Serious Deliquency
Servicing - See Loan Servicing
Service Agent
Service Transfer
Settlement - See Closing
Settlement Costs - See Closing Costs
S.F.R. - See Single Family Residence
Shared Appreciation Mortgage
Short Sale - See Pre-foreclosure Sale
Silent Second
Simple Interest Mortgage
Single Family Residence (SFR)
Source of Income
Special Forebearance - See Loss Mitigation
Standard Payment Calculation
Statement of Information (SI)
Stated Income
Step Rate Mortgage
Stips
Streamlined Refinance
Subordinate
Subordinate Financing
Subordination Policy
Subprime Borrower
Subprime Lender
Suburb
Sub 500 FICO
Survey
Sweat Equity
Teaser Rate
Temporary Buydown
Term
Termite and Pest Inspection
Third Mortgage
Third Party Origination
Title
Title 1
Title Search
Title Insurance
Total Housing Expense
Total Expense Ratio
Total Interest Payments
Townhouse (THOUSE)
Transunion
Treasury Index
Truth in Lending Act
Two Step Mortgage
Underwriter
Underwriting
Underwriting Requirements
Uniform Residential Loan Application (1003)
Uninsured Reverse Mortgage
Usury
V.A. - See Department of Veterans Affairs
VA Mortgage
VA Mortgage Funding Fee
Variable Rate Mortgage (VRM) - See Adjustable Rate Mortgage (ARM)
Verification of Deposit (VOD)
Verification of Employment (VOE)
Verification of Rent (VOR)
Verified Assets
Vest
Warehouse Fee
Warehouse Line
Wholesale Lender
Wire Transfer Fee
Worst Case Scenario
Wraparound Mortgage
Yield Spread Premium (YSP)
Zoning
0% Down - See 100% Financing
1% Interest Rate
12 Month Moving Treasury Average (MTA)
100% CLTV
100% Financing
100% LTV
125% Mortgage Loan
1003 - See Uniform Residential Loan Application
2 Year Prepay
2/28 Interest Only Loan
2/28 Loan Program
2nd Home - See Second Home
2nd Mortgage - See Second Mortgage
3 Day Right of Rescission - See Right of Rescission
3/27 Loan Program
3rd Mortgage - See Third Mortgage
30 Year Fixed
40 Year Mortgage
5/1 Interest Only Jumbo
5/1 Jumbo Loan Program
5/25 Loan Program
7/1 Interest Only Loan
7/1 Loan Program
80/20 Mortgage Loan
80/10/10 and 80/15/5 Loans

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