Business Glossary-Term List

Documentation or information that must exist (""be satisfied"") at or before a point in the origination process, such as Prior to Closing, Prior to Funding, etc. Common conditions include proof of mortgage insurance (when applicable), proof of homeowners insurance, and requests for additional documentation.

Term Source: MISMO Life of Loan

Term Type: Other

Focus Area: #MISMOLifeOfLoan, #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

Process of reviewing the loan approval's expiration dates and the expiration of documents associated with the underwriting approval.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #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