Lendin Terms

Question 1

Account executives or AE’s

Answer 1

Wholesale lenders reps

Question 2

Balloon

Answer 2

A lump sum payment due at the end of a loan which does not amortize completely

Question 3

BPS

Answer 3

Basis point system

Question 4

Buydown

Answer 4

Temporarily lowers payments made by the borrower

Question 5

CD

Answer 5

Closing disclosure

Question 6

CLTV

Answer 6

Combined loan to value

Question 7

COFI

Answer 7

Cost of funds index

Question 8

Discount point

Answer 8

Permanently lower interest rate by paying up front

Question 9

DTI

Answer 9

Debt to income

Question 10

ECOA

Answer 10

Equal credit opportunity act

Question 11

GFE

Answer 11

Good faith Estimate

Question 12

HECM

Answer 12

Home equity conversation mortgage

Question 13

HUD-I

Answer 13

Settlement statement

Question 14

I/O

Answer 14

Interest only

Question 15

Index

Answer 15

One of many publicly published rates chosen by the lender and the borrower. The rate represents costs of the money which changes because of market forces outside the lenders control. The index plus the margin make up the payment on an ARM. The index changed but the margin stays the same

Question 16

Jumbo

Answer 16

Loan over conventional loan limits

Question 17

LE

Answer 17

Loan Estimate

Question 18

LTV

Answer 18

Loan to value

Question 19

MTA

Answer 19

Monthly treasury average

Question 20

Margin

Answer 20

The profit charged on top of the index the two added together is the rate

Question 21

Mortgage

Answer 21

A loan to finance the purchase or refinance real estate

Question 22

Mixed use property

Answer 22

Commercial and residential uses at the same time

Question 23

NOO

Answer 23

Non owner occupied

Question 24

O/o

Answer 24

Owner occupied

Question 25

Payment date

Answer 25

The date when a payment is due as specified in the noteb

Question 26

PITI

Answer 26

Principal interest taxes insurance

Question 27

PMI

Answer 27

Private mortgage insurance

Question 28

PMI

Answer 28

Loans over 80% LTV (may be tax deductible)

Question 29

PPP

Answer 29

Pre payment penalty

Question 30

PTC

Answer 30

Prior to closing

Question 31

PTD

Answer 31

Prior to documents being prepared

Question 32

PTF

Answer 32

Prior to funding

Question 33

Preliminary title report

Answer 33

Report furnished by the title company

Question 34

Property types

Answer 34

SFR, manufactured condo duplex triplex 4plex cabin etc

Question 35

Rate

Answer 35

The interest rate applied to the balance per the terms of the note

Question 36

Rate/term

Answer 36

Refinance resulting. In no cash out

Question 37

Rebate

Answer 37

Money received from the lender to cover settlement charges and fund the borrowers escrow account at the cost of a higher interest rate

Question 38

Rescission

Answer 38

Right under TILA to cancel a refinance transaction on a home

Question 39

Reserves

Answer 39

Funds remaining after closing

Question 40

SRP

Answer 40

Single release premium

Question 41

Seasoning

Answer 41

Time assets have been on deposit

Question 42

Survey

Answer 42

The real property is measured and boundaries are determined

Question 43

TLTV

Answer 43

Total loan to value

Question 44

Third party providers

Answer 44

Appraisers title companies pest inspectors etc

Question 45

UFMIP

Answer 45

Upfront mortgage insurance premium

Question 46

VA

Answer 46

Department of veteran affairs

Question 47

YSP

Answer 47

Yield spread premium