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


B

Balance Sheet
Bankrupt
Bankruptcy
Basis Point
Borrower
Building Code
Buydown Escrow Agreement
BAQ
BAS
BK
Bond Market
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


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


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


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


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
PUD
Purchase Agreement
Purchase Money Mortgage


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 Mortgage Market
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


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