Men were 1.2x more likely to get confused by home buying terms than women. New terms will be added to the glossary over time. One, usually a lender or a bank, that holds a mortgage. Millennials ages 25 – 34 were the least likely to know any home buying terms. Free English to English translation. Sample 3. The amortization term is expressed as a number of months. The legal seizure of property to force payment of debt. F. Fee mortgage - a mortgage granted by the owner of the fee simple estate of real property.. Fee simple estate - the highest and most complete form of real property ownership.. FHA –an acronym for the Federal Housing Administration. ABR® – The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. Statutory authority. The act of acquiring title to property that has an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments. A mortgage that is insured by the Federal Housing Administration (FHA). A mortgage that has a first-priority claim against the property in the event the borrower defaults on the loan. SEG Segment A Class which, together with one or more other Classes, constitutes one or more principal payment ""segments.'' BAPCPA - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 . Glossary of Bond Terms Accreted value- The current value of your zero-coupon municipal bond, taking into account interest that has been accumulating and automatically reinvested in the bond. Consolidated Plan; a locally developed plan for housing assistance and urban development under the Community Development Block Grant and other CPD programs. 42. Sometimes you may hear or see acronyms or abbreviations for terms commonly used by mortgage lenders. or mtges. Mortgage Terms Dictionary. n. 1. Mortgage insurance (or MI) typically is required if the borrower’s down payment is less than 20% of the purchase price. Contract Authority. Glossary of Fixed Income Market Terminology Investor Research & Communications Page 1 of 12 All-In The final price or yield cost to issuers after paying underwriting fees to the dealer. HUD 1. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets. A loan for the purchase of real property, secured by a lien on the property. PMI definition: private medical insurance | Meaning, pronunciation, translations and examples a wife’s share of the estate of her husband. Mortgage (mtg) — Abbreviation, Important, A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The most common fixed periods … The cost of the insurance is usually paid by the borrower and is most often required if the loan amount is more than 80% of the home's value. The property has a first mortgage with a balance of $90,000 and a second mortgage with a balance of $15,000. Federal National Mortgage Association (aka... More commonly referred to as Fannie Mae. Mortgage lenders generally follow strict underwriting guidelines to limit the possibility of borrowers defaulting on their payments. For example, 30 yr. mtg. Interest Rate (IR) — Acronym, Very Important, FHA mortgage insurance protects the lender (not the borrower) if a borrower defaults on the FHA loan. What does mortgagee mean? Glossary of Real Estate terms. Glossary - Banking in France. A.L.T.A. Look through 416 acronyms and abbreviations related to Mortgage: aag. Adjustable Rate Mortgage: Rate it: ARM: Adjustable Rate Mortgages: Rate it: ARM: an ARM Mortgage: Rate it: ASMB: American School of Mortgage Banking: Rate it: AV: Assessed Valuation: Rate it: AVC: Additional Voluntary Contribution: Rate it: BA: Banker's Acceptance: Rate it: BCL: Bank Credit Letter: Rate it: BFMG: Bankers Financial Mortgage Group: Rate it: BHFL: Birla Home Finance, LTD. Adjusted duration … mtge. Can also be used for potable water pipes. Glossary, Abbreviations, Illustrations Real Property Assessment Guidelines Page 3 amenity A feature of an improvement that enhances its suitability for its basic use. Mortgagee Neglect – For a mortgage insured on or after January 1, 1977, the failure by a mortgagee to inspect, or take reasonable action to preserve and protect a property securing an FHA insured mortgage, as required by 24 CFR 203.377. CMT: Constant Maturity Treasury. Business. Middlesex North Registry of Deeds 370 Jackson St. Lowell, MA 01852 Main Number: (978) 322-9000 Fax Number: (978) 322-9001 The list of Mortgage abbreviations in Mortgages. It is a mortgage where an elderly borrower (62 years old or older) may borrow against the equity in their home to receive a monthly payment, and/or lump sum payment of cash. Allowable Business Investment Loss. Adjustable-rate mortgage (ARM) A loan for which the interest rate (coupon rate) is adjusted periodically to reflect changes in a previously selected index rate. CPI: Consumer Price Index. Ab Initio Mundi - From the beginning of the world. The settlement or closing date for originations. Assumption of Mortgage. For applications that did not result in an origination, the date when the action was taken or when the notice was sent to the applicant is entered. FNMA is a government-sponsored.... FPM: Flexible-Payment Mortgage: A flexible-payment mortgage is a type of ARM that allows the borrower to.... FRM: Fixed Rate Mortgage: A type of mortgage where the interest rate stays the same for the life of.... FSBO: For Sale By Owner For example, an employee receiving a raise may reply with the words "cool beans," upon receiving the news. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. Board of Governors of the Federal Reserve System. A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where “5” is the number of years your initial interest rate will stay fixed. 203k Loan – an FHA loan that allows you to finance home improvements and permanent financing in a single mortgage loan.. 3/1 ARM – An ARM that is fixed for the first three years (36 months) of the loan term before becoming annually adjustable.. 5/1 ARM – An ARM that doesn’t have its first adjustment until year six, and then adjusts once annually thereafter. Learning mortgage terminology will help you pass the NMLS exam with confidence. FICO ® [skip to next word] The Dictionary added new words and definition to our vast collection, and we want to see how well-versed you are in the formally recognized new lingo. ACQ (CAQ, cuivre ammoniacal quaternaire, m.) Abbreviation for alkaline copper quaternary. Learn more. bride’s sponsor; guardian, he who has the right to give a young woman in marriage. Here are some of the most common mortgage acronyms that professionals suggest you learn: APR (Annual Percentage Rate): APR is the interest rate on your mortgage expressed as an annual rate. HMDA Glossary. Real Estate Listing Abbreviations. See more. The plural abbreviation of mortgage is mtgs. expand. Learn more in the Cambridge English-Chinese simplified Dictionary. Alt-A Mortgage collateral that is superior to sub-prime pools, but inferior to prime pools; often as result of lack of documentation and perhaps a small credit-related blemish. Translate English to English online and download now our free translator to use any time at no charge. (noun) Second Mortgage — Definition, Important, A mortgage which ranks after a first mortgage in priority on a registered land title. Based on 42 documents. The 1003 Form is a common form used during the mortgage loan application process. … Sample 2. When you’re buying a home, you’re likely to see the abbreviation come up in the context of an "FHA loan." Of these two abbreviations, mtg. FICO score –an acronym for Fair Isaac Credit Organization. Abatement - To put an end to. COE: certificate of eligibility. Also see the Loan Glossary. Real Estate Words is the largest online dictionary of real estate terms on the internet. Sample 1. Calculators Rates Documents Finance Products Licensing Glossary Contact Us Below you will find an extensive list of mortgage glossary terms and a mortgage definitions dictionary. The Federal Reserve Board of Governors in Washington DC. COOP. Lenders may charge a warehouse fee to cover an expense charged by the warehouse lender. Reasonable action includes initiating foreclosure within the required time frame pursuant to 24 CFR 203.355(b). A 100% loan is a loan with no down payment. Banking. COD: cancellation of debt. AAMB. Financial Definition of mortgage. A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full. Borrowers with this type of loan will have the same principal and interest payments for the life of the loan. Looking for online definition of mortgage or what mortgage stands for? At Cascadia, we don’t believe in one size fits all mortgage products. Assignment of Mortgage: A document evidencing the transfer of ownership of a mortgage from one person to another. Amortization was the most confusing mortgage term for those surveyed, and down payment was the least confusing. BPO - (Broker Price Opinion)—is an evaluation of a property’s value which a servicer uses as an alternative to getting a full appraisal after a loan has gone into default. This fee may include an application fee, appraisal fee, fees for all the … Delinquent Mortgage — Definition, Important, A mortgage loan where the borrower fails to make payments as specified in the loan agreement. Mortgage - is the loan and supporting documentation for the purchase of a home. PMI – Private Mortgage Insurance POA – Power of Attorney POF – Proof of Funds Sub2 – Subject to existing financing TIL – Truth In Lending. Few, if any, of these terms are complex, but they are not phrases that most people will encounter outside of the mortgage process: Adjustable Rate Mortgages (ARM): Loans with an initial fixed-rate period (usually 5, 7, or 10 years). In the mortgage world you might think we speak out own language. One, usually a lender or a bank, that holds a mortgage. Filter glossary. Our editors consistently update our vast database of real estate terms to always keep this amazing resource relevant and up to date. MOM Loan means, with respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator or Borrower, as the case may be, of such Mortgage Loan and its successors and assignees. Abbreviations Glossary . The seller receives the use of the funds for the specified time period but does not receive the monthly cash flows from the mortgage … The transfer of an interest in a bond, mortgage, lease or other instrument by writing. Assumable Mortgage: A mortgage loan that can be taken over (assumed) by the buyer when a home is sold. Abbreviations Listed below are definitions of commonly used transactions. Used in legal writing to indicate a cause and effect relationship. The home itself will be the source of repayment. Here is a quick reference tool to help you. The term refers to loans that are eligible for FHA mortgage insurance, which protects lenders against losses if the homeowner defaults. For example, a borrower defaults on a loan secured by a property worth $100,000 net of sale costs. NOTE: What’s in parentheses is the abbreviation from the Instrument Type column of the Deeds Look-up table. Mortgage broker Also known as a government loan. - American Land Title Association. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Our passion is helping our community and its people thrive; we do this by creating a mortgage or refinance solution tailored to your specific needs. For example, for a 30-year fixed-rate mortgage… Budget authority permitting contracting or obligations prior to an appropriation for payment. Introduction. 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