Business Glossary-Term List

Describes transactions recorded and account balances of the accounts of a customer during a specified period. AKA: Account Statement.

Term Source: LDD Document

Term Type: Document

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

Confirms that a property is no longer listed with a real estate agent.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Servicing

Represents money payable or paid (if cancelled). AKA: Checks, Cancelled Checks.

Term Source: LDD Document

Term Type: Document

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

Describes the list of action items, steps, or elements required to be consulted or completed to accomplish a task.

Term Source: LDD Document

Term Type: Document

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

Transfers title to a property from a seller (grantor) to a recipient (grantee); provides evidence of the legal right of ownership.

Term Source: LDD Document

Term Type: Document

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

Authorizes the lender to assign the borrowers stock certificate in case of default. AKA: Coop Stock Power.

Term Source: LDD Document

Term Type: Document

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

Authorizes a company to use a credit card belonging to a client for mortgage related charges. Generally these charges consist of credit report and appraisal fee.

Term Source: LDD Document

Term Type: Document

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

Establishes a repeatable direct deposit of funds into an account of a borrower. Used by servicing. AKA: EFT, Automatic Funds Transfer.

Term Source: LDD Document

Term Type: Document

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

Provides bill which itemizes nature and cost of transactions. AKA: Bill.

Term Source: LDD Document

Term Type: Document

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

Confirms the amount of interest a person has paid on a mortgage. AKA: Mortgage Interest Statement.

Term Source: LDD Document

Term Type: Document

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

Provides the borrowers tax identification number and certifies truthfulness of data provided. Provided by borrower via IRS W9 form. AKA: Request for Tax ID and Certification, Tax Payer ID.

Term Source: LDD Document

Term Type: Document

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

Establishes the rights of others over an individual's (the Testator's) property after the individual's death. AKA: Certificate of Appointment, Letters of Testamentary.

Term Source: LDD Document

Term Type: Document

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

Specifies agreement between a company and an individual to pay a pre-determined amount of money to a beneficiary if the insured dies during the policy term.

Term Source: LDD Document

Term Type: Document

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

A document which assigns a national identifier to a party for a government purpose like taxation or benefits. In the US this is an IRS or Social Security Administration document such as a Social Security Card. Evidences a party's identity and National Identifier Value.

Term Source: LDD Document

Term Type: Document

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

A national identity document used in many countries in Central and South America. Evidences a person's identity and national Identifier.

Term Source: LDD Document

Term Type: Document

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

A national identity document used in the US. Evidences a person's identity and Social Security Number.

Term Source: LDD Document

Term Type: Document

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

1) A general term for any kind of paper or document signed by a borrower that is an acknowledgment of the debt and is, by inference, a promise to pay. When the note is secured by a mortgage, it is called a mortgage note and the mortgagee is named as the payee. 2) Establishes a legal obligation of the borrower to repay the debt. AKA: Promissory Note, Mortgage Note, Loan Agreement.

Term Source: LDD Document, MBA Glossary

Term Type: Document

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

A document issued by a national government which certifies a person's identity, nationality, and passport identifier.

Term Source: LDD Document

Term Type: Document

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

Describes income for a particular pay period.

Term Source: LDD Document

Term Type: Document

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

Describes history of payments on a loan. AKA: Loan History.

Term Source: LDD Document

Term Type: Document

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