Business Glossary-Term List

Borrower acknowledgement that they will conform with the requirements laid out by HUD for a 203(k) Rehabilitation Loan. AKA Form HUD-92700-A.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Certification that the borrower does not have an identity-of-interest with the seller of the property and does not have a conflict of interest with any other party to the transaction, including the realtor, lender, contractor, consultant, and/or the appraiser. In addition, certifying that the borrower is not obtaining any source of funds or acting as a 'straw buyer' for another individual, partnership, company, or investment club.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

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

Determines Maximum amount for 203K Mortgage based on the loan amount; closing costs; sales price (if purchase) and work to be performed. Provided to the Lender. AKA: MMW.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

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

American Bankers Association

Term Source: LDD Acronym

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

When true, indicates the purpose of the extension of credit exempts the transaction from Regulation Z requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the creditor organization type exempts the transaction from Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A free-form text field used to collect additional information when Other is selected for Ability To Repay Exemption Creditor Organization Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the Loan Program that exempts the transaction from Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A free-form text field used to collect additional information when Other is selected for Ability To Repay Exemption Loan Program Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the reason that transaction is exempt from Regulation Z Ability-To-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

A free-form text field used to collect additional information when Other is selected for Ability To Repay Exemption Reason Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

The ratio of all debt payments of the borrowers, including proposed housing expenses, to the qualifying income of the borrowers (back-end ratio) based on the note interest rate.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the method by which the creditor satisfied Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination