Mortgage Glossary


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1-4

1010 Warning


A

Accident and Health Premium

Acquistion Cost

Addendum

Addendum to Additional Commitment

Affidavit

Affidavit of Eligibility

ALTA

Amortization

Amortization Schedule

Annual Percentage Rate

Application/FNMA 1003

Application for Assistance under Section 235 of the National Housing Act HUD form 93100

Application for Authority to Close Loans on an Automatic Basis (Nonsupervised) VA Form 26-8736

Application for Commitment for Insurance under the National Housing Act (HUD) HUD Form 92900-1, VA Form 26-1802-a

Application for Home Loan Guaranty (VA)

Application for Master Conditional Commitment

Application for Property Appraisal Commitment (HUD) HUD Form 92800, VA Form 26-1805.

Apportionment

Appraisal

Appraised Value

Appraiser

Arms' Legnth Transaction

Assignee

Assignment

Assignor

Associate Broker

Assumption Agreement

Assumtion Fee

Assumption of Mortgage

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B

Balance Sheet

Bankruptcy

Bankrupt

Basis Point

Borrower

Building Code

Buydown Escrow Agreement

BAQ

BAS

BK

Bond Market


C

Caravan

Cash Out

Certificate

CHFA

Code Violation

Comps

Capitalization

Capitalization Accounting

Cash Flow

Certificate of Commitment for VA Loan Guaranty

Certificate of Deposit

Certificate of Eligibility

Certificate of Loan Disbursement

Certificate of Occupancy

Certificate of Reasonable Value

Change Order

Chattel

Clear Title

Closing

Closing Costs

Closing Statement

Cloud on Title

CMB (Certified Mortgage Banker)

Co-Insurance

Commitment

Commitment Fee

Co-Mortgager

Comparables

Compliance Report

Conditional Commitment

Conditional Commitment Requirements

Conditional Sales Contract

Condominium

Condominium Declaration

Consideration

Co-Signer

Contagious

Contract of Sale

Conventional Loan

Convey

Conveyance

Cooperative

Corporation

Correlation

Correspondent

Cost Approach to Value

Coupon Rate

Credit Rating

Credit Report

CRA(Certified Review Appraiser)

Custodial Accounts

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D

DD 214

Debt Service

Deed

Deed of Trust

Department of Housing and Urban Development (HUD)

Deposit

Deposit Receipt

Description of Materials

Direct Endorsement

Discount

Documentary Stamp

Draw

Due-on-Sale Clause

Dwelling Unit


E

Earnest Money

ECOA

Effective Gross Income (Personal)

Effective Rate

Endorsement

Escrow

Escrow Account

Escrow Agent

Escrow Agreement for Postponed Exterior On-Site Improvements

Escrow Company

Escrow Contract

Escrow Costs

Escrow Fees

Escrow Payment

Evidence of Insurance

Exception

Execute

Existing Construction

Existing, Less than One Year Old


F

Fannie Mae

Farmer's Home Administration (FmHA)

Federal Home Loan Bank Board (FHLBB)

Federal Home Loan Mortgage Corporation (FHLMC, "Freddie Mac")

Federal Housing Administartion (FHA)

Federal National Mortgage Association (FNMA, "Fannie Mae")

Federal Truth-in-Lending Disclosure Statement (Reg Z)

Fee Simple

FHA Case Number

FHA Value

Firm Commitment

First Mortgage

First-Time Home Buyer

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G

General and Specific Conditions for VA Certificate of Reasonable Value

Gift Affadivit

GI Loan

Governmental National Mortgage Association (GNMA, "Ginnie Mae")

GNMA Mortgage-Backed Securities

Grantee

Grantor

Ground Lease

Ground Rent

Guaranteed Loan

Guaranty


H

Hazard Insurance

Home Energy Checklist

Home Loan

Homeowners Association

Homeowners Policy

Housing Code

HUD-1 (Settlement Statement)


I

Impound

Improved Land

Improvements

Income and Expense Related to Rental Properties

Income and Expense Statement

Income Approach to Value

Installment

Installment Note

Institutional Lender

Insurance

Insured Closing Letter

Interim Loan

Investment Property

Insured Loan

Insured Mortgage

Interest

Interest Factor

Investor

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K

Kickback


L

Land Acquisition Loan

Landlord

Late Charge

Lease

Leasehold

Leasehold Mortgage

Legal Description

Lessee

Lessor

Level Payment Mortgage

Lien

Life of Loan

Limited Common Area

Limited Partnership

Listing

Loan Analysis

Loan Submission

Loan-to-Value Ratio

Loan Verification

Loss Payable Clause

LES

LHG Number

Line Quality Processor

Listing

Listing Office

Loan Correspondent


M

MMI

MAI (Member, appraisal Institute)

Manufactured House

Marketable Title

Market Approach to Value

Market Value

Master Mortgage

Maturity

Minimum Property Standards

MIP

Mobile Home

Modular House

Mortgage

Mortage Backed Securities

Mortgage Banker

Mortgage Banking

Mortgage Broker

Mortgage Credit Analysis Worksheet

Mortgage Credit Condition

Mortgage Discount

Mortage Insurance Certificate (MIC)

Mortgagee

Mortgagee Clause

Mortgagee's Assurance of Completion

Mortgagee's Certification of Compliance with Conditions of Insurance

Mortgage Insurance

Mortgage Life Insurance

Mortgage Insurance Premium (MIP)

Mortgage Note

Mortgagor

Mutual Mortgage Insurance Fund

Mutual Savings Bank

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N

Negative Cash Flow

Negotiable Certificate of Deposit

Net Worth

New Construction

Nonsupervised Lender's Nomination and Recommendation

Notary

Note

Non-Conforming

Non-Supervised

N.O.D.


O

Open House

Opener

Off-Site Improvments

On-Site Improvements

Origination Fee

Originator


P

Parcel Number

Partial

PMI

Point Letter

Portfolio Loan

Par

Percolation Test

Permanent Investor

Permanent Loan

Personal Property

Physical Approach to Value

PITI (Principal, Interest, Taxes and Insurance)

Planned Unit Development (PUD)

Plans and Specifications

Plat

Plot Plan

Point

Power of Sale

Preclosing

Preliminary Title Report

Premises

Premium

Prepayment Fee

Prepayment Privilege

Prepayment Rider

Primary Financing

Principal Balance

Priority

Privately Insured Mortgage

Private Mortgage Insurance (PMI)

Processing

Promissory Note

Property Characteristics Data to Accompany Conversion of VA CRV to HUD Firm Commitment

Pro-Rate

Purchase Agreement

Purchase Money Mortgage

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Q

Quiet Title Action

Quitclaim Deed


R

Real Estate

Realtist

Realtor

Recorder

Recording

Redlining

Refinancing

Report of Home Loan Processed on Automatic Basis

Report on Application

RMU (Registered Mortgage Underwriter)

Release of Liability

Rent

Request for Certificate of Veteran's Status

Request for Conversion of VA CRV to HUD Firm Commitment

Request for Credit Report

Request for Determination of Eligibility and Available Loan Guaranty Entitlement VA Form 26-1880.

Request for Determination of Reasonable Value (Real Estate) (VA)

Request for Postponement of Off-Site or Exterior On-Site Improvements

Request for Verification of Deposit.

Request Pertaining to Military Records

Residential Loan Application

Residential Planned Community

RESPA


S

Sales Agreement

Sales Contract

Savings and Loan Association

Savings Bond List

Schedule of Alternatives

Schedule of Payments, Graduated Payment Mortgage

Secondary Financing

Secondary Financing

Second Mortgage

Security

Security Instrument

Seller-Servicer

Servicing

Settlement Costs

Settlement Statement

Shipping

Specifications

Spot Loans

SREA

Subdivision

Surety

Survey

Surveyor's Certificate

Sweat Equity

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T

Tax Deed

Taxing Authority

Tax Lien

Tax Rate

Tax Sale

Tenant

Term

Term Mortgage

Title

Title I

Title Insurance Policy

Title Search

Townhouse

Transfer Fees

Trust Deed

Trustee

Trustee in Bankruptcy


U

Underwriting

Unencumbered Property

Uniform Commercial Code (UCC)

Usury

Usury Ceiling


V

Vacancy Factor

Valuation Condition

Variable Rate Mortgage

Vendee

Vendor

Vendor's Lien

Verification of Earnest Money Deposit

Verification of Deposit (VOD)

Verification of Employment (VOE)

Verification of Source of Funds for Closing

Veterans Administration (VA)


W

Warehousing

Wood Destroying Insect Information, Existing Construction


Y

Yield

Yield to Maturity

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