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Confirms that a person is under a Power of Attorney and warrants specifics facts about the person such as: POA has not been revoked, principle has not died, no divorce action has been commenced if spouse of the principle, a guardian or conservator has not been appointed for the Principle.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

Addresses trust or other property matters and confirms the legality of the information that is being provided to the lender. This could consist of beneficiary information, assets used as collateral, trustee and revocable nature of trusts. In Some States, Title insurance is provided via an Attorney's Opinion Letter. AKA: Title Opinion, Opinion of Abstract.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirms results from Desk Top Underwriter, Loan Prospector or other underwriting system, including the loan decision and conditions or stipulations of the approval. AKA: DU Findings, LP Feedback, Feedback Certificate, Findings, Feedback, Findings Report and Underwriting Analysis, AUS Findings.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A valuation report from an automated valuation model or system that is not signed by a certified or licensed appraiser and contains both property data and an estimate of value usually quantified by some type of confidence score and value definition.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A valuation report from an automated valuation model or system that is not signed by a certified or licensed appraiser and contains both property data and an estimate of value usually quantified by some type of confidence score, a value definition and some level of condition of property report from a physical inspection.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

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

Confirms that a company will return to the funding lender the collateral package, the funded value, or mortgage-backed security value of a property.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

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

Outlines the details for distribution of funds from a benefit plan.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

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

Confirms details about the birth of an individual. An official record provided by a government entity such as a state, county, city or borough.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirms the ownership of a bond.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirms that the borrowers understand the condition of the property.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

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