Business Glossary-Term List

Establishes that the lender will not be responsible for replacing the abstract.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD

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

Certification that the borrower will not use a multiple dwelling property for hotel or transient housing. AKA: Hotel Transient, HUD 92561.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD

Confirms that the property construction is completed to requirements. Provided by builder. AKA: Termite Treatment Builders Certificate (99A).

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Written authorization from a local municipal authority for the construction of a new building, or for extensive repairs or improvements on an existing structure.

Term Source: LDD Document

Term Type: Document

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

Authorizes the legal operation of a business in an area issued by the state or municipality.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

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

Establishes the rules for governing and operating the Cooperative (Coop) Housing Corporation.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Describes the planned revenues and expenditures of the Cooperative (Coop) for the current fiscal year.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Establishes the rights and duties of the Cooperative (Coop) and member shareholder under which the shareholder is allowed to use a certain unit in the premises.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Establishes the responsibility of the Cooperative (Coop) to notify the lender in the event of borrower default.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Confirms an individual's ownership interest in the Cooperative. AKA: Membership certificate/Perpetual Use & Equity Contract/Certificate of Ownership/Ownership Contract, Coop Stock Certificate.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

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

Confirms that the property was constructed to CABO (Council of American Building Officials) standards. Provided by builder. AKA: CABO Certification

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD

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

A report including a balance sheet and an income statement that describes the financial performance of a business entity or individual.

Term Source: LDD Document, MBA Glossary

Term Type: Document

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