MLO Glossary Flashcards
1
Q
Assumable Mortgage
A
A mortgage loan that can be taken over (assumed) by the buyer when a home is sold.
2
Q
Desktop Underwriter (DU)
A
Fannie Mae’s electronic Automated Underwriting System (AUS) that puts lenders in direct contact with Fannie Mae, providing a streamlined process of document submission, underwriting, and loan approval.
3
Q
Flood Certification Fee
A
A fee charged by independent mapping firms to identify properties located in areas designated as flood zones.
4
Q
Foreclosure, Judicial
A
A lawsuit filed by a lender or other creditor to foreclose on a mortgage or other lien; a court ordered sheriff’s sale of the property occurs to repay the debt.
