Mortgage General
Mortgage Programs
Mortgage Acronyms
Titles
Compliance
100

An account set up by the lender to pay your property taxes and insurance premiums

What is an escrow account? 

100

A Mortgage insured by the Federal Housing Administration.

What is an FHA Mortgage?

100
DTI
What is Debt to Income Ratio?
100

A person licensed to engage in the business of originating a residential mortgage loan.

What is an Mortgage Loan Originator (MLO)

100

Act that was designed to protect consumers by requiring lenders to provide certain disclosures, as well as prohibiting referral fees and kickbacks

What is RESPA?

200

An unbiased professional opinion of the value of a home that is calculated based on comparable sales in the property neighborhood using key features of the home

What is an Appraisal? 

200

A loan that is not insured or guaranteed by the federal government.

What is a Conventional Mortgage?

200

FHA

What Federal Housing Administration?

200

A party who helps complete a transaction between a buyer and a seller

What is a Settlement Agent? 

200

Enacted on July 30, 2008, mandating a nationwide licensing and registration system for residential mortgage loan originators

What is the SAFE Act?

300

A type of insurance that is required to ensure the property is free of liens or judgments which could jeopardize the mortgage

What is Title Insurance?

300

A mortgage that is guaranteed by the U.S. Department of Veterans Affairs.

What is a VA Mortgage

300

LTV

What is Loan-to-Value?

300

The financial institution that disburses funds to the borrower.

What is Mortgage Lender? 

300

Potentially Suspicious Activity that may indicate Money Laundering

What are Red-Flags?

400

A legal document authorizing one person to act on behalf of another

What is a Power of Attorney (POA)?

400
mortgages backed the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program.
What is a USDA Loan
400

PITI

What is Principle, Interest, Taxes and Insurance? 

400

Collects and organizes application paperwork and prepares the loan for underwriting.

What is a Loan Processor? 

400

A federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry.

What is the Dodd-Frank Act? 

500

When the LTV is above 80% most lenders will not do a mortgage loan without additional insurance known as

What is PMI (Private Mortgage Insurance)

500

a mortgage loan that conforms to Fannie Mae and Freddie Mac guidelines.

What is a conforming loan?

500

PMI

What is Private Mortgage Insurance? 

500

An independent contractor who acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses

What is a Mortgage Broker?

500

A federal law designed to promote the informed use of consumer credit, by requiring disclosures about terms and cost of a loan in order to standardize the manner in which costs associated with borrowing are calculated and disclosed

What is Truth-in-Lending (TILA)

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