Business Glossary-Term List

Confirms the individual is a foreign tax resident. AKA: IRS Certificate of Foreign Status.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Provides the borrowers tax identification number and certifies truthfulness of data provided. Provided by borrower via IRS W9 form. AKA: Request for Tax ID and Certification, Tax Payer ID.

Term Source: LDD Document

Term Type: Document

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

Describes the finance charges associated with the mortgage loan. May be included in the TIL Disclosure document.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

1) A formal decision given by a court or an obligation (such as a debt) created by the decree and/or a certificate evidencing such a decree. 2) Final determination by a court of the rights and claims of the parties to an action.

Term Source: LDD Document, MBA Glossary

Term Type: Document

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

Establishes the interest in land of a person who owns the lease granted by the property owner.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Establishes the rights of others over an individual's (the Testator's) property after the individual's death. AKA: Certificate of Appointment, Letters of Testamentary.

Term Source: LDD Document

Term Type: Document

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

A document titled "Protect Your Family from Lead in Your Home" that informs people about how to reduce exposure to lead hazards in their home. Sellers or their agents must provide the buyers with this pamphlet for houses built prior to 1978. EPA747-K-99-001 June 2003.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony. This is primarily a component of other documents (i.e. security instruments, title policies, commitments), but is received separately on some occasions.

Term Source: LDD Document, MBA Glossary

Term Type: Data

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

Informs the borrower or a third party, information from, or about, the lender. This is other then a federal, state, or local requirements or regulations. AKA: Cover Letter, Welcome Letter.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A letter from the lender on company letterhead requesting insurance endorsement more than 60 days after loan closing or funds disbursement, whichever is later. When submitting a late request for endorsement, the lender is required to include a dated certification with an original signature of its representative on company letterhead, which includes the lender's complete address and telephone number. The certification must be specific to the case being submitted, identifying the FHA case number, the name(s) of the borrower(s), and must state specific information based on the mortgage type.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Specifies agreement between a company and an individual to pay a pre-determined amount of money to a beneficiary if the insured dies during the policy term.

Term Source: LDD Document

Term Type: Document

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

Describes in detail the budget for the construction of a home.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Provides information about the employment, income, assets, debts and other financial information of the prospective borrowers. Includes information about the purpose of the home loan and about the property securing the home loan. Provided by Borrower with assistance from the lender. AKA: Uniform Residential Loan Application, 1003, Credit Application, 65.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Residential Loan Application for Reverse Mortgages

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Uniform Residential Loan Application

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Informs the borrower of total finance charges and interest rates associated with the loan.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

The CFPB Loan Estimate document. Provides disclosures that help consumers in understanding the key features, costs, and risks of the mortgage for which they are applying. The Loan Estimate replaces the GFE document and the initial TILDisclosure document.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A testament that the items stated in the modification application package are true and correct.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

An agreement between a servicer and a borrower to permanently modify the terms of a mortgage loan and either modify existing or establish new conditions as appropriate.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A statement that a modification is denied and the reason(s) why.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing