Business Glossary-Term List

Determines whether the loan is high cost or predatory based on state or national statutes. AKA: Anti-Predatory Worksheet.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Agrees to hold harmless and indemnify (assumes the legal liability of) the lender from any future liability on items defined in the notice. AKA: Indemnity Notice.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirms that the borrower has completed a homebuyer education program. The programs are usually in association with first time homebuyer and affordable housing programs.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Authorizes lender to freeze a Home Equity Line of Credit in anticipation of a pay off.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms the property meets HUD requirements. Provided by the Condominium Association. AKA: Condominium Association Certification, HOA Certification, PUD Certification.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A written list of homeownership counseling organizations that provide relevant services in the loan applicant's location, obtained: 1) using a tool developed and maintained by the CFPB on its website, or 2) using data made available by the CFPB or HUD.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirms the correct borrower name to be used in executing the documents.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Informs the borrower about identify theft and how to protect their credit.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Informs the borrower that the application as submitted is incomplete and establishes a time period in which information must be received. AKA: 10 Day Letter, Request For Additional Information.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes the funds available through a program that matches funds of the borrower deposited for the sole purpose of purchasing a residence.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Initial disclosure of potential rate or payment change per CFPB regulation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Estimates the amount and activity in the escrow account based on anticipated future payments. AKA: Escrow Analysis Statement, Impound.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

CFPB mortgage disclosure required under the Truth in Lending Act and the Real Estate Settlement Procedures Act for most closed-end consumer credit transactions secured by real property. This enumerated value is provisionally supported and must not be used until the regulation is final.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Discloses the interest rate and discount points to the borrower and are an agreement between the borrower and the lender. The Veteran's Affairs does not govern the rate or points on the loan. AKA: Interest Rate and Discount Disclosure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Provides bill which itemizes nature and cost of transactions. AKA: Bill.

Term Source: LDD Document

Term Type: Document

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

U.S. Individual Income Tax Return.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

U.S. Income Tax Return for Estates and Trusts.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

U.S. Return of Partnership Income.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Confirms the amount of interest a person has paid on a mortgage. AKA: Mortgage Interest Statement.

Term Source: LDD Document

Term Type: Document

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

Reports a person's non-salary income. This is a generic document type used for any IRS 1099 document when the specific IRS 1099 document type is unknown or unnecessary

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination