Mortgage Loan Glossary

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1-4

1010 Warning

Accident and Health Premium

Acquistion Cost

Addendum

Addendum to Additional Commitment

Affidavit

ALTA

Amortization

Amortization Schedule

Annual Percentage Rate (APR)

Application/FNMA 1003

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

Application for Authority to Close Mortgage 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 Master Conditional Commitment

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

Apportionment

Appraisal

Appraised Value

Appraiser

Arms' Length Transaction

Assignee

Assignment

Assignor

Associate Broker

Assumption Agreement

Assumption Fee

Assumption of Mortgage

Balance Sheet

Bankrupt

Bankruptcy

Basis Point

Borrower

Building Code

Buydown Escrow Agreement

BAQ

BAS

Bond Market

A system of using additional fees up front to get a lower temporary or permanent monthly payment. The typical buydown is called a “subsidized“ buydown and requires 6 points to achieve a 3-2-1 standard system. This has the effect of reducing the payment by 3% of note rate the first year, 2% the second year, and 1% the third year. After the third year the buyer pays the total monthly payment. This is really a form of subsidy. A true or permanent buydown, which is still available, will buy down the rate for the life of the mortgage loan at about 1 point per 1/8%.

Close

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 Mortgage 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

DD 214

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

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

Fannie Mae

Farmer's Home Administration (FmHA)

Federal Home Loan Bank Board (FHLBB)

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

Federal Housing Administration (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

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

Hazard Insurance

Home Energy Checklist

Home Loan

Homeowners Association

Homeowners Policy

Housing Code

HUD-1 (Settlement Statement)

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

Kickback

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