Acronyms 1
What does HBC stand for?
Home Buyers Club
What is the property that is being identified as collateral for the mortgage note?
Subject Property
What does CLTV stand for?
Combined Loan To Value
What is the post closing sub–department that makes sure files are complete and shipped to the investor for purchase?
Shipping
What does DTI stand for?
Debt–to–Income Ratio
What does NPS stand for?
Non Purchasing Spouse
Who is a person or firm to whom property is conveyed as security for a mortgage loan?
Mortgagee
What does BOM stand for?
Branch Operations Manager
Who is one who borrows money, giving a mortgage or deed of trust on real estate property as security (a debtor)?
Mortgagor
What does AUS stand for?
Automated Underwriting System
What does RESPA stand for?
Real Estate Settlement Procedures Act
What is consumer credit information pulled from two or more of the major credit–reporting bureaus that is merged into one format?
Merged Credit Report
What does ECOA stand for?
Equal Credit Opportunity Act
What is Topic–Driven requirements on a product by product basis (ie. Assets, income, debt, credit scores)?
Product Guidelines
What does CAD stand for?
Centralized Appraisal Department OR Condo Approval Department
What does CDRS stand for?
Closing Document Review Specialist
What are the fees charged to borrowers prior to a closing, such as an appraisal fee?
Up Front Charges
What does AIR stand for?
Appraiser Independence Requirements
What is a non–conforming loan; a loan that exceeds Fannie Mae's and Freddie Mac's loan limits?
Jumbo Loan
What does FTHB stand for?
First Time Home Buyer
What does CAIVRS stand for?
Credit Alert Interactive Voice Response System
What is the act of allowing an interest rate and discount points to fluctuate with changes in the market?
Float
What does HOEPA stand for?
Homeownership and Equity Protection Act
What is repayment of a debt in equal installments of principal and interest, rather than interest–only payments?
Amortization
What does TRID stand for?
TILA–RESPA Integrated Disclosure