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mortgage terms > mortgage terms > Flashcards

mortgage terms Flashcards

1
Q

ACH

A

Automated Clearing House

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2
Q

API

A

Application Programming Interface

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3
Q

APR

A

Annual Percentage Rate

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4
Q

ABL

A

Asset Based Loan

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5
Q

ARM

A

Adjust Rate Mortgage

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6
Q

AUS

A

Automated Underwriting System

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7
Q

CD

A

Closing Disclosure

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8
Q

Comps

A

Comparables

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9
Q

CSS

A

Cascading Style Sheets

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10
Q

CRM

A

Customer Relationship Manager

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11
Q

DU

A

Desktop Underwriter

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12
Q

DTI

A

Debt to Income

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13
Q

EBITDA

A

Earning before interest, taxes, depreciation, and amortization

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14
Q

ECOA

A

Equal Credit Opportunity Act

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15
Q

FHA Loan

A

Federal Housing Loan

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16
Q

What is a FHA?

A

Loan insured by federal administration which protects lenders against loses

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17
Q

What is ECOA?

A

law that requires lenders to not pass bias based on race, color, religion, origin, age, sex, or marital status

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18
Q

What is EBITDA?

A

A measure of company’s overall financial performance

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19
Q

What is DTI?

A

Ratio of gross monthly income used to pay monthly debt

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20
Q

What is DU?

A

AUS developed by Fannie Mae

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21
Q

What is CRM?

A

for lead development and post close communication

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22
Q

What is CSS?

A

A script that allows for editing the presentation of code

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23
Q

What are COMPS?

A

properties that have sold the same relative size and value in the area

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24
Q

What is a CD?

A

5 page document providing final loan details

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25
Q

What is an AUS?

A

computer generated loan decision matrix

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26
Q

What is an ARM?

A

periodically adjusts rate based on lenders costs changes

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27
Q

What is an APR

A

Interest rate charged as the cost of a loan

28
Q

What is an API

A

connection for software integrations

29
Q

What is an ACH?

A

Type of payment

30
Q

FNMA 3.2/3.4

A

Fannie Mae (application file)

31
Q

HELOC

A

Home Equity Line of Credit

32
Q

What does HELOC do?

A

Leverages an individual’s equity in their home to provide a loan

33
Q

LE

A

Loan Estimate

34
Q

What is an LE

A

Disclosure to help borrowers understand key loan terms

35
Q

LO

A

Loan officer or Loan Originator

36
Q

What is an LO

A

Job title given to individuals who hold a license to assist borrowers in the process of applying for a loan

37
Q

LOC

A

Line of Credit

38
Q

What is an LOC

A

Amount of credit extended to a borrower

39
Q

LOS

A

Loan Origination System

40
Q

What is an LOS

A

System of record that is the engine behind the loan process

41
Q

LSU

A

Loan Status Update

42
Q

What is an LSU

A

State (AZ) specific form that provides a progress report to sellers/ buyer’s agents

43
Q

LTD

A

Long-term Debt

44
Q

What is LTD?

A

Debts that are due more than one year in the future

45
Q

LTV

A

Loan-to-value

46
Q

What is the LTV?

A

Ratio used to asses lending risk, higher LTV means riskier loans

47
Q

MLO

A

Mortgage Loan Originator/Officer

48
Q

What is a MLO

A

More exclusive term then LO, MLO accepts mortgage applications and negotiates terms whereas is defined by someone who does either of those activities

49
Q

PITI

A

Principal, Interest, Taxes, Insurance

50
Q

What is PITI

A

Total monthly housing expense

51
Q

Points

A

amounts paid to the lender to buy down interest rate, one point= 1%
Ex. 2 points on a $100,000 loan would cost $2,000

52
Q

PQF

A

Pre-Qualification Form

53
Q

What is the PFQ?

A

State (TX) specific form that is the initial evaluation of creditworthiness

54
Q

PPE

A

Product & Pricing Engine

55
Q

What is PPE

A

Tool to find the best product borrowers are eligible for

56
Q

RESPA

A

Real Estate Settlement Procedures Act

57
Q

What is RESPA

A

Protection law that requires advance disclosure of settlement costs to buyer/ seller

58
Q

Rate Lock

A

Commitment issued from a lender to a borrower for a specific

interest rate for a specific period of time

59
Q

URLA

A

Uniform Residential Loan Application

■ (Updated Fannie Mae format)

60
Q

USDA Loan

A

United States Department of Agriculture Loan

■ (Government loans to low-income, rural Americans)

61
Q

Underwriting

A

Lender process of deciding whether to make a loan and helps

match a rate based on associated risk)

62
Q

VA Loan

A

Veterans Association Loan

63
Q

VoA

A

Verification of Assets

64
Q

What is VoE

A

Verification of Employment

65
Q

VoI

A

Verification of Income

-ability to pay back a loan

mortgage terms (1 decks)

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