The Armada Way
The name of our rule for replying to emails
10 minute rule
This is the correct name (in our industry) for a Trailer Park
Manufactured Housing Community
Any of these account types would be considered unacceptable forms of liquidity verification
401k/retirement accounts, business accounts, notes receivable,
Many of these make up the larger MSA.
Submarkets
In The Big Short, this type of mortgage was shorted to make millions.
CMBS
This is Dennis's department that assists Borrowers/Owners before purchase of a property
Acquisition Due Diligence
The Agency that purchases the entire loan, with no balance sheet risk share
Freddie Mac
The name of Fannie Mae's Borrower/Key Principal certification form (Daily Double: Freddie's version of this form)
FNE - 6460 FRE - 1115
Not pertaining to someone flying a plane, this is a payment made to compensate taxing authorities for some or all of the real estate revenue lost after meeting tax abatement requirements
PILOT
This acronym refers to revenue minus all operating expenses.
NOI (Net Operating Income)
This is the year that our company was founded
2006
This report measures earthquake liability, using measurements such as PGA
Seismic Report
General requirement for Net Worth and Liquidity as compared to the loan amount
NW - 100%; Liq 10% (or 12 mos DS)
If a market is considered below the national average or in a state of decline, it is considered this by Fannie Mae.
Pre-review
If a property is considered to be in lease-up, it is known as "pre-____ "
stabilized
Armada's Closing Department Guru that resides in Maine (hint: he's tall)
Jerry Jubulis
The most critical review piece (three letter acronym) of an Environmental report that needs to be relayed to client immediately
RECs (Recognized Environmental Conditions)
The name of Freddie's "Blacklist" of Borrowers that are banned from doing business
FMAC Exclusionary List
Microwaves are not permitted in this type of seniors housing acuity type.
ALZ
Before a loan can close, it must do this, a term for keeping the rate fixed for the entirety of the loan.
Rate Lock
This is the name of Mike Fissette's dog, but was not a part of HBO Game of Throne's Battle of the Bastards
Ramsey
The missing component from this FNMA rate stack: Index Rate plus __________ plus Guaranty Fee plus Servicing Fee
Investor Fee
The acronym for the KeyBank specific org chart that needs to be prepared for their internal compliance
BISBO
If a property has commercial tenants, these are considered improvements a commercial property owner makes to the interior of a rental space to suit the needs of a new tenant and also have an "allowance" when underwriting for tenant rollover.
Tenant Improvements (TI)
This analysis performed by a lender is completed as an initial look at a deal prior to sending out an application.
Pre-Screen