Business Glossary-Term List

Describes items related to the application including borrower credit, income, employment or assets. Typically provided by borrower. Includes items provided by third parties in support of the application of the borrower. Documents provided by the lender to be signed by the borrower are not considered Borrower Correspondence.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Under Section 6 of the Real Estate Settlement Procedures Act, a written request to the loan servicer which identifies the borrower by name and account, includes a statement of reasons why the borrower believes the mortgage account is in error, and which should include the words qualified written request. The servicer has legal deadlines to respond to a qualified written request.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Verifies that there are no outstanding liens or mortgages that would not allow for the appropriate lien position of a new loan. AKA: Borrowers Affidavit.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Process in which the Borrower(s) inform the Lender that they do not wish to proceed with the loan origination process.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Authorizes lender to request personal information on the borrower's behalf. AKA: Borrowers Authorization, General Certification and Authorization.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes sources and amounts of compensation a brokered mortgage transaction. Provided by Broker to Borrower.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A report produced by a real estate sales person or broker which provides an estimation of the subject property's most probable selling price and a listing of comparable sales. The report typically combines information from a drive-by exterior inspection and various external data sources, such as MLS, but not an interior inspection. AKA: BPO.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

A report produced by a real estate sales person or broker which provides an estimation of the subject property's most probable selling price and a listing of comparable sales but with no physical inspection of the subject property.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

A report produced by a real estate sales person or broker which provides an estimation of the subject property's most probable selling price and a listing of comparable sales and includes details from a physical inspection of the subject property.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

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

Establishes a rate variant, or temporary adjustment, of interest rate on the loan. Used to reduce, or step down, an interest rate.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes the settlement process, charges, rights and remedies available under RESPA, as well as explanation of settlement services and costs. AKA: Settlement Cost Booklet.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirms results from the HUD Credit Alert Interactive Voice Response System, which indicates whether the individual is in default on direct or guaranteed federal loans or are otherwise ineligible for an FHA loan. Result is transcribed or captured as a screen-print from the HUD website. AKA: CAIVRS.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Process of calculating the minimum required amount of any insurance required by the Lender based on loan amount, dwelling replacement costs, or environmental factors. The Lender confirms the Borrower has obtained sufficient coverage on each policy to meet the Lender's minimum coverage and deductible requirements.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

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

Describes the legal obligation of a parent to pay money toward the care and maintenance of his/her children.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Process of reviewing documentation to confirm that all outstanding closing conditions are satisfied.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination