Business Glossary-Term List

Describes escrowed repairs and certifies that escrowed repairs will be completed. Provided by Lender. AKA: Mortgagee's Assurance of Completion.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A borrower's attestation of the damage to the permanent residence in a FEMA major declared disaster area as demonstrated by an insurance report, an inspection report by an independent fee inspector or government agency, or conclusive photographic evidence showing the destruction or damage.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Confirms that a person is under a Power of Attorney and warrants specifics facts about the person such as: POA has not been revoked, principle has not died, no divorce action has been commenced if spouse of the principle, a guardian or conservator has not been appointed for the Principle.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms results from an automated property valuation system. AKA: AVM, Automated Value Model.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Informs borrower of what will happen when lender is instructed to pay off debt on behalf of a borrower directly from a Home Equity account

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Informs the borrower that rate and payment amount may change when the refinance option is chosen for balloon loans and describes how the interest rate and payments are determined. AKA: Convertible Balloon Disclosure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Provides written evidence of a deposit to a financial institution.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

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

Confirms that a person or company is legally free and clear to repay certain debts. Provided by the court.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

1) The price at which a seller will sell particular securities. In the securities and commodities trade, the highest price offered for a security or commodity at a given time. Also called a quotation or quote. 2) Describes required home repairs or improvements and provides an estimation of cost to complete. AKA: Estimate to Complete Work, Repair Estimate, Alteration Improvement and Repairs.

Term Source: MBA Glossary, LDD Document

Term Type: Data, Document

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

The process of establishing a loan on a servicing system, either through new loan origination and set-up or via a servicing transfer.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

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

The first written notification to a borrower that an account has moved from a current to delinquent status. Includes the necessary terms to cure the breach. AKA: Breach Letter

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #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. 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 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

Requests that a line of credit be closed after receiving a payoff under a separate cover. AKA: account Closure Letter.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing