Business Glossary-Term List

Certification letter completed by all consultants and plan reviewers who are required to sign the following certification after preparing/reviewing the work write-up and cost estimate. The signer certifies that all items requiring correction and that the rehabilitation proposal now meets all HUD requirements for 203(k) Rehabilitation Mortgage Insurance.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Describes the work that needs to be done to bring the house to FHA standards. AKA: 203K Specification of Repairs.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Breakdown of the costs, by line item, associated with the work to be conducted in the rehabilitation of the property.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector. AKA Form HUD-9746-A

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms the final bid amount for the project and the time frame for completion. A contract between the homeowner and the contractor. AKA: 203K Contractor Acknowledgement.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Establishes the terms and conditions of the 203K loan program works and describes the guidelines that will be followed in administering funds.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Establishes a direct debit from a borrowers account for loan or escrow payment. AKA: ACH.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Establishes the fact of death but does not contain personally identifiable information.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Establishes the fact that the Note is lost. The Lost Note Affidavit together with a copy of the lost note may be accepted as a note equivalent.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

A contract between a buyer and seller (borrower) has already been executed and the borrower is requesting approval from the servicer for the short sale. The borrower did not follow the recommended Short Sale Agreement checklist and is requesting the appr

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A table showing the amounts of principal and interest due at regular intervals and the unpaid mortgage balance after each payment is made.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

1) Process: The transfer of ownership, rights or interests in property, as in a mortgage, lease or deed of trust. Mortgages and other security instruments are regularly assigned from one investor to another and commitments by HUD/FHA to insure mortgages may be assigned by one originating lender to another before insurance. 2) Document: Transfers the beneficial interest in a instrument from one party to another.

Term Source: MBA Glossary, LDD Document

Term Type: Document, Process

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

A written agreement that a property buyer will assume responsibility for the obligations of a mortgage from the builder or original owner.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

Describes escrowed repairs and certifies that escrowed repairs will be completed. Provided by Lender. AKA: Mortgagee's Assurance of Completion.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A borrower's attestation of the damage to the permanent residence in a FEMA major declared disaster area as demonstrated by an insurance report, an inspection report by an independent fee inspector or government agency, or conclusive photographic evidence showing the destruction or damage.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Confirms that a person is under a Power of Attorney and warrants specifics facts about the person such as: POA has not been revoked, principle has not died, no divorce action has been commenced if spouse of the principle, a guardian or conservator has not been appointed for the Principle.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms results from an automated property valuation system. AKA: AVM, Automated Value Model.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Informs borrower of what will happen when lender is instructed to pay off debt on behalf of a borrower directly from a Home Equity account

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Informs the borrower that rate and payment amount may change when the refinance option is chosen for balloon loans and describes how the interest rate and payments are determined. AKA: Convertible Balloon Disclosure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing