Business Glossary-Term List

Establishes that the borrower will accommodate changes to loan documentation that result from errors and omissions, to ensure that the documents conform to industry standards. AKA: Errors and Omissions, E & O.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A report given a lender by a designated compliance inspector indicating whether construction or repairs conform to conditions established by prior inspection.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination

An agreement to lend money to a borrower that has yet to be identified, but is still subject to the approval of the lender. During HUD/FHA mortgage insurance processing, it indicates the satisfactory completion of technical processing involving the estimated cost of the project, the "as-is" value of the site, a detailed estimate of operating expenses and taxes, supportable costs, the financial and credit capacity of sponsors, financial requirements and mortgage amounts.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination

Confirms the percentage of a Condominium (Condo) Association or phase is currently occupied.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Authorizes a person to sign documents for a borrower.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes in detail the construction costs to build a new structure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes Adjustable Rate Mortgages and reviews their benefits and risks. AKA: CHARM.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A document that notifies the borrower of upcoming conversion options and scheduled interest rate changes..

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

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

Contains data about the property sale and conveyance tax calculations. Accompanies a Conveyance Deed at the time of recording. AKA: Deed Tax Form; Conveyance Tax Return.

Term Source: LDD Document

Term Type: Document

Focus Area: #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

Informs a cosigner of a loan that they will be obligated to pay the debt if there is a default by the main borrowers on the loan.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirms that the borrower has completed counseling related to their mortgage and property obligations

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Provides proof to lenders and other interested parties that clients have completed home retention counseling from a HUD-approved counseling agency. AKA: HUD-9912.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Provides proof to lenders and other interested parties that clients have completed homeownership counseling from a HUD-approved counseling agency. AKA: HUD-9911.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination