Business Glossary-Term List

The CFPB Closing Disclosure document. Provides disclosures that help consumers in understanding all of the costs of the transaction.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Closing Disclosure using the alternative disclosures and modifications permitted for transactions without a seller. Refers to Exhibit H 25(J) "Modification to Closing Disclosure for Transaction Not Involving Seller" in the CFPB Integrated Mortgage Disclosures Regulation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

For split disclosures, the borrower-only representation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Closing Disclosure providing both borrower and seller sides of the real estate transaction. Refers to Exhibit H 25(A) "Mortgage Loan Transaction Closing Disclosure Model Form" in the CFPB Integrated Mortgage Disclosures Regulation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

For split disclosures, the property seller-only representation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes the conditions that must be met in order to complete the closing. Provided by Lender to Closing Agent. AKA: Lender Closing Instructions, Settlement Agent Instructions.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A document the collection officer uses to record all collections related to the Single Family Property Disposition Program (Section 204(g)). The document provides the initial point of an audit trail regarding all collections. Form HUD-235 (5/89).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

The lender uses a comparative income analysis document to compare the performance of a self-employed borrower's business over a period of years to determine its viability. Fannie Mae Form 1088 July 96.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Establishes that the borrower will accommodate changes to loan documentation that result from errors and omissions, to ensure that the documents conform to industry standards. AKA: Errors and Omissions, E & O.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A report given a lender by a designated compliance inspector indicating whether construction or repairs conform to conditions established by prior inspection.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination

An agreement to lend money to a borrower that has yet to be identified, but is still subject to the approval of the lender. During HUD/FHA mortgage insurance processing, it indicates the satisfactory completion of technical processing involving the estimated cost of the project, the "as-is" value of the site, a detailed estimate of operating expenses and taxes, supportable costs, the financial and credit capacity of sponsors, financial requirements and mortgage amounts.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination

Confirms the percentage of a Condominium (Condo) Association or phase is currently occupied.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Authorizes a person to sign documents for a borrower.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes in detail the construction costs to build a new structure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes Adjustable Rate Mortgages and reviews their benefits and risks. AKA: CHARM.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A document that notifies the borrower of upcoming conversion options and scheduled interest rate changes..

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Transfers title to a property from a seller (grantor) to a recipient (grantee); provides evidence of the legal right of ownership.

Term Source: LDD Document

Term Type: Document

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

Contains data about the property sale and conveyance tax calculations. Accompanies a Conveyance Deed at the time of recording. AKA: Deed Tax Form; Conveyance Tax Return.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Establishes the rules for governing and operating the Cooperative (Coop) Housing Corporation.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Describes the planned revenues and expenditures of the Cooperative (Coop) for the current fiscal year.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination