Mortgage Compliance Industry Acronyms . This may be required in addition to a standard appraisal. For FHA, Fannie Mae, and Freddie Mac, the general quality control guidelines is that you need to perform an appraisal field review on 1. Appraiser. A professional with knowledge of real estate markets, who estimates the value of a property through an appraisal. APRAnnual Percentage Rate. ARMAdjustable Rate Mortgage. ATIMAAs Their Interest May Appear. ATRAbility to Repay. Mortgage loan programs offered by Kings Mortgage Services in. Excellent program if you plan to own your home no longer than. Stated Income and No Income. An FHA reverse mortgage program. 12 Month Treasury Average Index. Stated Income, Stated Assets. Refinance, FHA, Investor Loans, No Income No Asset, Stated income. Stated Income, No Doc Loans, 12 month MTA. FIXED RATE SECOND MORTGAGE LOANS – PROGRAM R. AUSAutomated Underwriting System. Automated underwriting. An automated, computer- driven process for providing a recommendation for the lender either to approve the loan or forward the loan to an underwriter. This helps inform the loan applicant very quickly about approval. Automated underwriting system. A computer system for automated underwriting. Mortgage insurers and some large lenders have developed their own systems, but the most widely used are Fannie Mae's . Generally loans that are delinquent for 9. Delinquency. A mortgage payment that is more than 3. Dept of HUDDepartment of Housing and Urban Development. DFADodd- Frank Wall Street Reform and Consumer Protection Act. DILDeed in Lieu. Dodd- Frank Act. The Dodd- Frank Wall Street Reform and Consumer Protection Act. DOTDeed of Trust.
DTADeferred Tax Assets. DTCDirect to Consumer. DTIDebt to Income Ratio. DU / DODesktop Underwriter and Desktop Originator. States Fannie Mae AUS. EE& OError and Ommission Insurance. ECOAEqual Credit Opportunity Act. EIMEffective Interest Method. EIREffective Interest Rate. EPDEarly Payment Default. EPLSExcluded Parties List System. ERMEnterprise Risk Management. EUEuropean Union. FFACTAFair and Accurate Credit Transaction Act. Fannie Mae. Federal National Mortgage Association (FNMA). Along with Freddie Mac, it is one of two Federal agencies that purchase home loans from lenders. FASBFinancial Accounting Standards Board. FCRAFair Credit Reporting Act. FDCPAFair Debt Collection Practices Act. FDICFederal Deposit Insurance Corporation. FEDFederal Reserve Board. FHAFederal Housing Administration. An agency of HUD that insures residential mortgages. FHA Mortgage. A mortgage insured by the Federal Housing Administration, which insures the lender against loss. One advantage of an FHA loan is the low down payment requirement. FHACFederal Housing Administration Connection (FHA computerized system)FHFAFederal Housing Finance Authority. FHLBFederal Home Loan Banks. FHLMCFreddie. Mac. FICOFair Issac Credit Score. FIPSFederal Information Processing Standard. FKAFormerly Known As. FNMAFannie. Mae. FOMCFederal Open Market Committee. Freddie Mac. Federal Home Loan Mortgage Corporation. Along with Fannie Mae, it is one of two Federal agencies that purchase home loans from lenders. FSOCFinancial Stability Oversight Council. FTCFederal Trade Commission. The FTC helps protect consumers and promote fair competition, while prohibiting . The form that lists estimated settlement charges the borrower must pay at closing. Lenders must provide borrowers with the GFE within three business days of receiving the loan application. GLBGraham- Leach- Bliley Act/Financial Services Moderization Act of 1. GNMAGinnie. Mae. Government National Mortgage Association. A Federal agency that guarantees residential mortgages insured or guaranteed by FHA or VA. GPMGraduated Payment Mortgage. GPMGross Profit Margin. GSEGovernment Sponsored Enterprise. GTMGovernment Technical Monitor. GTRGovernment Technical Representative. GUSUSDA Guaranteed Underwriting System. HHAMPHome Affordable Modification Program. HARPHome Affordable Refinance Program. HECMHome Equity Conversion Mortgage (Reverse Mtg). An FHA reverse mortgage program. HELOCHome Equity Line of Credit - A mortgage set up as a line of credit for the borrower to draw up to a maximum amount, with the borrower's equity in their home as collateral. HFCHeld for Sale. HFIHeld for Investment. HIPAHome. Owners Information Protection Act. HMDAHome Mortgage Disclosure Act. HOAHome Owners Association. HOC HUDHomeownership Center. HOEPAHome Ownership and Equity Protection Act. HOIHome Owners Insurance. HPAHome Price Appreciation. HPMLHigher Priced Mortgage Loan. HUDU. Department of Housing and Urban Development, which deals with programs for urban renewal and improved housing. HUD 1. Loan Settlement Statement. The standardized form a borrower receives at closing, detailing all funds paid at closing in a real estate transaction. This includes RE commissions, loan fees, points, taxes, initial escrow amounts, and other parties receiving distributions. HUD 1a. Loan Settlement Statement for a Refinance Transaction. HVCCHome Valuation Code of Conduct. A rule effective May 1, 2. Fannie Mae and Freddie Mac are prohibiting lenders from working directly with appraisers. Instead, lenders must arrange appraisals through third- party management companies. HVCREHigh Value Credit Risk Estimate. HWHousing. Wire Magazine. IIASBInternational Accounting Standards Board. ICBAIndependent Community Bankers Association. IEDInitial Escrow Disclosure. ILCImprovement Location Certificate. IMFInternational Monetary Fund. IOInterest Only. IRInterest Rate. IRLCInterest Rate Lock Commitment. IRRRL(VA) Interest Rate Reduction Refinance Loan. ISAOAIt's successors and/or assigns. LLALoan Amount. LARALand Safe Appraisal Risk Analysis. LELoan Estimate. LGDLoss given default. LHFSLoan Held for Sale. LIBORLondon Interbank Offered Rate. LNLoan. LOLoan Officer. Loan Prospector. Automated underwriting system for Freddie Mac loans. LOCOMLower of Cost or Market. LOSLoan Origination System. LPFHLMC AUS: Freddie Mac AUS Loan Prospector. LPMILender Paid Mortgage Insurance. LQILQI FNMA Loan Quality Initiative. LTVLoan- to- Value. MMAAMortage Action Alliance. MARMaster Appraisal Report. MBAMortgage Bankers Association. MBSMortgage Backed Securities. MCAWMortgage Credit Analysis Worksheet. FHA Underwrting Loan Transmittal Summary. MCCMaster Conditional Commitment. MCCMortgage Credit Certificate. MDIA/HDIAMortgage Disclosure Information Act. MERSMortgage Electronic Registration System. MFRMulti- Family Residence. MIMortgage Insurance. MICMortgage Insurance Certificate. MINMortgage Identification Number. MIPMortgage Insurance Premium. MISMOMortgage Industry Standards Maintenance Organization. MLSMultiple Listing Service. MODLoan Modification. MOMMERS as Original Mortgagee. Mortgage Broker. An independent contractor who acts as an intermediary to sell mortgage loans. In contrast to a correspondent, a mortgage broker does not fund the loans. Mortgage Lender. The financial institution that disburses funds to the borrower. The lender receives the note evidencing the borrower's obligation to pay, and the mortgage which is the lien on the subject property. MRBMortgage Revenue Bond. MSAMortgage Servicing Assets. MSAMetropolitan Statistical Area. MSNMortgage Servicing News. MSRMortgage Servicing Rights. MTMortgage Technology. MTA1. 2 Month Treasury Average Index. MTGMortgage. NNAMBNational Association of Mortgage Brokers. NARNational Association of Realtors. NCUANational Credit Union Administration. Neg Am. Negative Amortization. NINANo Income, No Assets. NKANow Known As. NMLSNational Mortgage Licensing System. NMNNational Mortgage News. NOIANotice of Incomplete Application. Non- Conforming Mortgage. A mortgage that does not meet the purchase requirements of Fannie Mae or Freddie Mac. NOONon- Owner Occupied. NORNotice of Rejection may be used interchangeably with non- endorsement. Note. A written agreement that evidences a debt and a promise to repay the loan, including the manner in which the loan shall be paid. NPLNon- Performing Loan. NPRNotices of Proposed Rulemakings from Basel Committee. NRSRONationally Recognized Statistical Rating Organization. OOCCOffice of the Comptroller of the Currency. OCIOther Comprehensive Income. OFACOffice of Foreign Assets Control. OMSROriginated Mortgage Servicing Rights. OOOwner Occupied. ORMOperational Risk Management. OTCOne Time Close. OTSOffice of Thrift Supervision - now defunct. PPATRIOT Act. Uniting and Strengthening American by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2. PCIPurchased Credit- Impaired Asset. PDProbability default. PIPayment and Interest. PITIPayment, Interest, Taxes, & Insurance. PMIPrivate Mortgage Insurance. PMSRPurchased Mortgage Servicing Rights. POSPoint of Sale. PPPPrepayment Penalty. PRPrimary Residence. PTDPrior to Documents. PTFPrior to Funding. PUDPlanned Unit Development. QQAQuality Assurance. QCQuality Control. QMQualified Mortgage. QRMQualified Residential Mortgage. Quality Control Audit. Often referred to as a . Some agencies that require a QC plan include FHA, Fannie Mae, and Freddie Mac. RRDOTRecorded Deed of Trust. Red Flag Policy. A program required by the FTC to detect, prevent, and mitigate identity theft. Financial institutions and creditors must have a Red Flag Policy in place. Red Flags Rule. A regulation from the Federal Trade Commission requiring all financial institutions and creditors to have a Red Flag Policy in place, in order to help prevent identity theft. Reg XSection of RESPA dealing with Fee Disclosure. Regulation ZRegulation from the Federal Reserve promoting . The regulation also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. RESPA was designed to protect consumers by requiring lenders to provide certain disclosures, as well as prohibiting referral fees and kickbacks. Reverse Mortgage. A special type of home equity loan available to seniors aged 6. A reverse mortgage allows the home owner to convert some of the home's equity into cash and usually does not need to be repaid during their lifetime (unless they sell their home or move to a retirement community). RESPROReal Estate Services Provider’s Council. Right of Rescission. The right of refinancing borrowers, under the Truth in Lending Act, to cancel the deal within three days of closing, at no cost. RMLResidential Mortgage Loan.
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