WorksheetsMortgage Acronnyms
Total questions: 50
Worksheet time: 25mins
Name
Class
Date
1.
1004D (Appraisal Update/Completion)
a)
In regard to a property with no legal address. Can be used for pre-approval while a borrower shops for a home.
b)
A governing body that creates and enforces rules for the properties within their jurisdiction.
c)
Protects a homeowner against the cost of damages to property caused by fire, windstorms, and other common hazards.
d)
A report that provides the lender with accurate updates of an appraisal and it's completion.
2.
AMC (Appraisal Management Company)
a)
Interest generated by a sum that is charge to borrows or paid investors. It is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. It provides consumers with a bottom-line number they can compare among lenders, credit cads, or investment products.
b)
Equal to a borrowers' total fixed, recurring monthly debts plus new housing expense, divided by total monthly gross household income.
c)
Provides important details about the loan requested. The lender must provide a Loan Estimate within three business days of receiving an application. The form provides you with the estimated interest rate, monthly payment, and total closing costs for the loan.
d)
Independent entity through which mortgage lenders order residential real estate valuation services (appraisals) for properties on which they are considering.
3.
APR (Annual Percentage Rate Yearly)
a)
Fannie Mae's automated underwriting system that helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Fannie Mae with easy-to-use powerful tools.
b)
A deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, an escrow deposit, or good faith money.
c)
Interest generated by a sum that is charge to borrows or paid investors. It is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. It provides consumers with a bottom-line number they can compare among lenders, credit cads, or investment products.
d)
Programs the help prospective home buyers who are ready to purchase but don't have the funds for a full down payment. Assistance can come in the form of grants, low-interest loans, or zero-interest loans. Some of these may be forgivable.
4.
ARM (Adjustable Rate Mortgage)
a)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
b)
Freddie Mac's automated underwriting system. Helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Freddie Mac with easy-to-use power tools.
c)
A loan in which the interest rate changes periodically. It may start with a lower monthly payment that is fixed but will adjust up or down based on the market.
d)
A five-page form that provides final details about the mortgage loan that has been selected. It includes the loan terms, your projected monthly payments, and how much the borrower will pay in fees and other costs to get your mortgage (the "closing costs"). Lenders must give days to review the CD before consummation.
5.
AUS (Automated Underwriting System)
a)
Programs the help prospective home buyers who are ready to purchase but don't have the funds for a full down payment. Assistance can come in the form of grants, low-interest loans, or zero-interest loans. Some of these may be forgivable.
b)
A computer generated loan underwriting decision, using completed loan application information. Fannie Mae uses Desktop Underwriter (DU) and Freddie Mac used Loan Product Advisor (LPA).
c)
Loan from U.S. Dept of HUD. Allows for lower down payment minimums and lower credit scores than traditional lenders. Must have mortgage Insurance. Mortgage insurance protects lenders against losses from mortgage defaults.
d)
Used by creditors to review a borrower's employment history for verification of job stability and income history.
6.
CAIVRS (Credit Alert Verification Reporting System)
a)
Mortgagee clause by lenders who may choose to sell the loan to another entity or servicer and extend the insurance policy to include insurance coverage for other parties with whom the mortgagee tends to do business.
b)
Certificate issued by the department of Veterans Affairs to establish status and amount of a veteran's eligibility to qualify for a loan guaranty.
c)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
d)
A shared database of defaulted federal debtors.
7.
CD (Closing Disclosure)
a)
Provides important details about the loan requested. The lender must provide a Loan Estimate within three business days of receiving an application. The form provides you with the estimated interest rate, monthly payment, and total closing costs for the loan.
b)
Mortgagee clause by lenders who may choose to sell the loan to another entity or servicer and extend the insurance policy to include insurance coverage for other parties with whom the mortgagee tends to do business.
c)
A five-page form that provides final details about the mortgage loan that has been selected. It includes the loan terms, your projected monthly payments, and how much the borrower will pay in fees and other costs to get your mortgage (the "closing costs"). Lenders must give days to review the CD before consummation.
d)
Known as Ginnie Mae. A Federal agency that guarantees residential mortgages insured or guaranteed by FHA, VA, or USDA.
8.
CLTV (Combined Loan to Value )
a)
A single-close loan hat starts as a construction loan where money is drawn as needed to pay building costs, then converts to a permanent mortgage upon the completion of the home.
b)
A home loan that has a fixed interest rate for the entire term of the loan. The mortgage carries a constant interest rate from the beginning to end.
c)
Known as Fannie Mae. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
d)
A ratio calculated to determine the total percentage of a homeowner's property that is taken up by all liens. Mortgage balances to the value of the property.
9.
COE (Certificate of Eligibility)
a)
Certificate issued by the department of Veterans Affairs to establish status and amount of a veteran's eligibility to qualify for a loan guaranty.
b)
The most commonly used credit score in the United States. Scores range from 300 to 850. Stands for Fair Isaac Corporation.
c)
USDA's automatic underwriting system for submitting and processing Rural Development Single Family Housing Guaranteed Loans. Allows for electronic processing of loan applications and submission to the agency.
d)
A shared database of defaulted federal debtors.
10.
CPL (Closing Protection Letter)
a)
Rules outlining interactions between lenders and appraisers. Lenders must arrange appraisals through third-party management companies.
b)
A contract between title insurance underwriter and lender in which underwriter agrees to indemnify the lender for actual losses caused by certain kinds of misconduct by the closing agent.
c)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
d)
Length of time you'll be making payments on a loan.
11.
CTC (Clear to Close)
a)
Loan whose amount is based on the difference between the home's current market value and the homeowner's mortgage balance due. Variable Rates.
b)
The most commonly used credit score in the United States. Scores range from 300 to 850. Stands for Fair Isaac Corporation.
c)
A mortgage loan for people who have served or are currently serving in the armed forces. Surviving spouses can also qualify for this type of loan.
d)
All of the conditions necessary to make the loan have been satisfied and the lender gives the final approval to schedule the closing.
12.
CTP (Construction to Permanent )
a)
Used by creditors to review borrower's mortgage payment history and terms.
b)
Programs the help prospective home buyers who are ready to purchase but don't have the funds for a full down payment. Assistance can come in the form of grants, low-interest loans, or zero-interest loans. Some of these may be forgivable.
c)
A single-close loan hat starts as a construction loan where money is drawn as needed to pay building costs, then converts to a permanent mortgage upon the completion of the home.
d)
An individual who has not owned a home in the last 3 years
13.
DPA (Down Payment Assistance)
a)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
b)
Programs the help prospective home buyers who are ready to purchase but don't have the funds for a full down payment. Assistance can come in the form of grants, low-interest loans, or zero-interest loans. Some of these may be forgivable.
c)
Known as Fannie Mae. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
d)
Used by creditors to review borrower's mortgage payment history and terms.
14.
DTI (Debt to Income)
a)
Mortgagee clause by lenders who may choose to sell the loan to another entity or servicer and extend the insurance policy to include insurance coverage for other parties with whom the mortgagee tends to do business.
b)
A structure maintained and used as a single dwelling unit.
c)
Equal to a borrowers' total fixed, recurring monthly debts plus new housing expense, divided by total monthly gross household income.
d)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
15.
DU (Desktop Underwriter)
a)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
b)
All of the conditions necessary to make the loan have been satisfied and the lender gives the final approval to schedule the closing.
c)
Fannie Mae's automated underwriting system that helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Fannie Mae with easy-to-use powerful tools.
d)
A ratio calculated to determine the total percentage of a homeowner's property that is taken up by all liens. Mortgage balances to the value of the property.
16.
EMD (Earnest Money Deposit)
a)
A deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, an escrow deposit, or good faith money.
b)
Protects lenders if borrower stops making payments. Borrower pays PMI until 20% of loan value is paid.
c)
In regard to a property with no legal address. Can be used for pre-approval while a borrower shops for a home.
d)
A structure maintained and used as a single dwelling unit.
17.
FHA (Federal Housing Administration)
a)
Programs the help prospective home buyers who are ready to purchase but don't have the funds for a full down payment. Assistance can come in the form of grants, low-interest loans, or zero-interest loans. Some of these may be forgivable.
b)
A governing body that creates and enforces rules for the properties within their jurisdiction.
c)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
d)
Loan from U.S. Dept of HUD. Allows for lower down payment minimums and lower credit scores than traditional lenders. Must have mortgage Insurance. Mortgage insurance protects lenders against losses from mortgage defaults.
18.
FHLMC (Federal Home Loan Mortgage Corporation)
a)
Known as Fannie Mae. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
b)
A five-page form that provides final details about the mortgage loan that has been selected. It includes the loan terms, your projected monthly payments, and how much the borrower will pay in fees and other costs to get your mortgage (the "closing costs"). Lenders must give days to review the CD before consummation.
c)
Ratio that compares the principal of a loan to the value of a home. The higher the LTV, the higher the risk for a lender.
d)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
19.
FICO
a)
Used by creditors to review borrower's mortgage payment history and terms.
b)
The most commonly used credit score in the United States. Scores range from 300 to 850. Stands for Fair Isaac Corporation.
c)
Protects a homeowner against the cost of damages to property caused by fire, windstorms, and other common hazards.
d)
All of the conditions necessary to make the loan have been satisfied and the lender gives the final approval to schedule the closing.
20.
FNMA (Federal National Mortgage Association)
a)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
b)
Known as Fannie Mae. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
c)
A mortgage loan for people who have served or are currently serving in the armed forces. Surviving spouses can also qualify for this type of loan.
d)
A home loan that has a fixed interest rate for the entire term of the loan. The mortgage carries a constant interest rate from the beginning to end.
21.
FRM (Fixed Rate Mortgage )
a)
Rules outlining interactions between lenders and appraisers. Lenders must arrange appraisals through third-party management companies.
b)
Freddie Mac's automated underwriting system. Helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Freddie Mac with easy-to-use power tools.
c)
Length of time you'll be making payments on a loan.
d)
A home loan that has a fixed interest rate for the entire term of the loan. The mortgage carries a constant interest rate from the beginning to end.
22.
FSBO (For Sale By Owner)
a)
In regard to a property with no legal address. Can be used for pre-approval while a borrower shops for a home.
b)
A Home Loan offered to rural property owners by the United States Department of Agriculture.
c)
No broker or agent necessary to sell real estate.
d)
A federal agency responsible for addressing housing needs in America, and enforcing fair housing laws.
23.
FTHB (First Time Home Buyer)
a)
An estimate of all closing costs and fees required for the proposed mortgage loan. Only applicable to people seeking reverse mortgages, with loan estimate forms being introduced for other types of home loans
b)
An individual who has not owned a home in the last 3 years
c)
Certificate issued by the department of Veterans Affairs to establish status and amount of a veteran's eligibility to qualify for a loan guaranty.
d)
A report that provides the lender with accurate updates of an appraisal and it's completion.
24.
GFE (Good Faith Estimate)
a)
The secondary market software platform used to price, lock, hedge, and trade loans nationwide.
b)
A shared database of defaulted federal debtors.
c)
An estimate of all closing costs and fees required for the proposed mortgage loan. Only applicable to people seeking reverse mortgages, with loan estimate forms being introduced for other types of home loans
d)
Used by creditors to review borrower's mortgage payment history and terms.
25.
GNMA (Government National Mortgage Association)
a)
Known as Ginnie Mae. A Federal agency that guarantees residential mortgages insured or guaranteed by FHA, VA, or USDA.
b)
USDA's automatic underwriting system for submitting and processing Rural Development Single Family Housing Guaranteed Loans. Allows for electronic processing of loan applications and submission to the agency.
c)
A governing body that creates and enforces rules for the properties within their jurisdiction.
d)
Fannie Mae's automated underwriting system that helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Fannie Mae with easy-to-use powerful tools.
26.
GUS (Guaranteed Underwriting System)
a)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
b)
USDA's automatic underwriting system for submitting and processing Rural Development Single Family Housing Guaranteed Loans. Allows for electronic processing of loan applications and submission to the agency.
c)
The most commonly used credit score in the United States. Scores range from 300 to 850. Stands for Fair Isaac Corporation.
d)
Independent entity through which mortgage lenders order residential real estate valuation services (appraisals) for properties on which they are considering.
27.
HELOC (Home Equity Line of Credit Loan)
a)
A home loan that has a fixed interest rate for the entire term of the loan. The mortgage carries a constant interest rate from the beginning to end.
b)
These are the basic elements of a monthly mortgage payment.
c)
A shared database of defaulted federal debtors.
d)
Loan whose amount is based on the difference between the home's current market value and the homeowner's mortgage balance due. Variable Rates.
28.
HOA (Homeowners' Association)
a)
A structure maintained and used as a single dwelling unit.
b)
A Home Loan offered to rural property owners by the United States Department of Agriculture.
c)
A governing body that creates and enforces rules for the properties within their jurisdiction.
d)
Known as Ginnie Mae. A Federal agency that guarantees residential mortgages insured or guaranteed by FHA, VA, or USDA.
29.
HOI (Home Owners Insurance)
a)
A Home Loan offered to rural property owners by the United States Department of Agriculture.
b)
Protects a homeowner against the cost of damages to property caused by fire, windstorms, and other common hazards.
c)
Used by creditors to review borrower's mortgage payment history and terms.
d)
Loan from U.S. Dept of HUD. Allows for lower down payment minimums and lower credit scores than traditional lenders. Must have mortgage Insurance. Mortgage insurance protects lenders against losses from mortgage defaults.
30.
HUD (Department of Housing and Urban Development)
a)
Length of time you'll be making payments on a loan.
b)
Social Security Number
c)
Certificate issued by the department of Veterans Affairs to establish status and amount of a veteran's eligibility to qualify for a loan guaranty.
d)
A federal agency responsible for addressing housing needs in America, and enforcing fair housing laws.
31.
HVCC (Home Valuation Code of Conduct)
a)
Rules outlining interactions between lenders and appraisers. Lenders must arrange appraisals through third-party management companies.
b)
Programs the help prospective home buyers who are ready to purchase but don't have the funds for a full down payment. Assistance can come in the form of grants, low-interest loans, or zero-interest loans. Some of these may be forgivable.
c)
Used by creditors to review a borrower's employment history for verification of job stability and income history.
d)
No broker or agent necessary to sell real estate.
32.
IBR (Income Based Repayment)
a)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
b)
Provides important details about the loan requested. The lender must provide a Loan Estimate within three business days of receiving an application. The form provides you with the estimated interest rate, monthly payment, and total closing costs for the loan.
c)
The secondary market software platform used to price, lock, hedge, and trade loans nationwide.
d)
Repayment program that adjusts the amount you owe each month based on your income and family size.
33.
ISAOA/ATIMA (Its successors and/or assigns as their interests may appear)
a)
Mortgagee clause by lenders who may choose to sell the loan to another entity or servicer and extend the insurance policy to include insurance coverage for other parties with whom the mortgagee tends to do business.
b)
A single-close loan hat starts as a construction loan where money is drawn as needed to pay building costs, then converts to a permanent mortgage upon the completion of the home.
c)
Used by creditors to review a borrower's employment history for verification of job stability and income history.
d)
A ratio calculated to determine the total percentage of a homeowner's property that is taken up by all liens. Mortgage balances to the value of the property.
34.
LE (Loan Estimate)
a)
A shared database of defaulted federal debtors.
b)
Social Security Number
c)
Provides important details about the loan requested. The lender must provide a Loan Estimate within three business days of receiving an application. The form provides you with the estimated interest rate, monthly payment, and total closing costs for the loan.
d)
USDA's automatic underwriting system for submitting and processing Rural Development Single Family Housing Guaranteed Loans. Allows for electronic processing of loan applications and submission to the agency.
35.
LOX/LOE ( Letter of Explanation)
a)
A single-close loan hat starts as a construction loan where money is drawn as needed to pay building costs, then converts to a permanent mortgage upon the completion of the home.
b)
A brief document that explains anything on your financial or employment documents that may make an underwriter pause i.e.. previous bankruptcy.
c)
Protects lenders if borrower stops making payments. Borrower pays PMI until 20% of loan value is paid.
d)
Known as Ginnie Mae. A Federal agency that guarantees residential mortgages insured or guaranteed by FHA, VA, or USDA.
36.
LPA or LP (Loan Product Advisor)
a)
Mortgagee clause by lenders who may choose to sell the loan to another entity or servicer and extend the insurance policy to include insurance coverage for other parties with whom the mortgagee tends to do business.
b)
A federal agency responsible for addressing housing needs in America, and enforcing fair housing laws.
c)
Freddie Mac's automated underwriting system. Helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Freddie Mac with easy-to-use power tools.
d)
A deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, an escrow deposit, or good faith money.
37.
LT (Loan Term)
a)
An individual who has not owned a home in the last 3 years
b)
USDA's automatic underwriting system for submitting and processing Rural Development Single Family Housing Guaranteed Loans. Allows for electronic processing of loan applications and submission to the agency.
c)
A single-close loan hat starts as a construction loan where money is drawn as needed to pay building costs, then converts to a permanent mortgage upon the completion of the home.
d)
Length of time you'll be making payments on a loan.
38.
LTV (Loan to Value)
a)
A computer generated loan underwriting decision, using completed loan application information. Fannie Mae uses Desktop Underwriter (DU) and Freddie Mac used Loan Product Advisor (LPA).
b)
A ratio calculated to determine the total percentage of a homeowner's property that is taken up by all liens. Mortgage balances to the value of the property.
c)
Repayment program that adjusts the amount you owe each month based on your income and family size.
d)
Ratio that compares the principal of a loan to the value of a home. The higher the LTV, the higher the risk for a lender.
39.
MSHDA (Michigan State Housing Development Authority)
a)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
b)
The most commonly used credit score in the United States. Scores range from 300 to 850. Stands for Fair Isaac Corporation.
c)
Social Security Number
d)
A Home Loan offered to rural property owners by the United States Department of Agriculture.
40.
OB (Optimal Blue)
a)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
b)
Freddie Mac's automated underwriting system. Helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Freddie Mac with easy-to-use power tools.
c)
USDA's automatic underwriting system for submitting and processing Rural Development Single Family Housing Guaranteed Loans. Allows for electronic processing of loan applications and submission to the agency.
d)
The secondary market software platform used to price, lock, hedge, and trade loans nationwide.
41.
PITIA (Principal, Interest, Taxes, Insurance, & Association Dues)
a)
Ratio that compares the principal of a loan to the value of a home. The higher the LTV, the higher the risk for a lender.
b)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
c)
These are the basic elements of a monthly mortgage payment.
d)
A brief document that explains anything on your financial or employment documents that may make an underwriter pause i.e.. previous bankruptcy.
42.
PMI (Private Mortgage Insurance)
a)
A five-page form that provides final details about the mortgage loan that has been selected. It includes the loan terms, your projected monthly payments, and how much the borrower will pay in fees and other costs to get your mortgage (the "closing costs"). Lenders must give days to review the CD before consummation.
b)
Length of time you'll be making payments on a loan.
c)
The secondary market software platform used to price, lock, hedge, and trade loans nationwide.
d)
Protects lenders if borrower stops making payments. Borrower pays PMI until 20% of loan value is paid.
43.
SFR (Single Family Residence)
a)
A structure maintained and used as a single dwelling unit.
b)
An estimate of all closing costs and fees required for the proposed mortgage loan. Only applicable to people seeking reverse mortgages, with loan estimate forms being introduced for other types of home loans
c)
Known as FREDDIE MAC. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
d)
Length of time you'll be making payments on a loan.
44.
SSN
a)
Protects lenders if borrower stops making payments. Borrower pays PMI until 20% of loan value is paid.
b)
Social Security Number
c)
Known as Fannie Mae. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
d)
Repayment program that adjusts the amount you owe each month based on your income and family size.
45.
TBD (To Be Determined)
a)
In regard to a property with no legal address. Can be used for pre-approval while a borrower shops for a home.
b)
Provides important details about the loan requested. The lender must provide a Loan Estimate within three business days of receiving an application. The form provides you with the estimated interest rate, monthly payment, and total closing costs for the loan.
c)
Used by creditors to review borrower's mortgage payment history and terms.
d)
A home loan that has a fixed interest rate for the entire term of the loan. The mortgage carries a constant interest rate from the beginning to end.
46.
URLA/1003
a)
Loan whose amount is based on the difference between the home's current market value and the homeowner's mortgage balance due. Variable Rates.
b)
Freddie Mac's automated underwriting system. Helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Freddie Mac with easy-to-use power tools.
c)
Known as Fannie Mae. A Government Sponsored Enterprise the purchases, guarantees, and securitizes home loans.
d)
Loan application. Used by creditors to determine your creditworthiness for a home loan.
47.
USDA (US Department of Agriculture)
a)
Interest generated by a sum that is charge to borrows or paid investors. It is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. It provides consumers with a bottom-line number they can compare among lenders, credit cads, or investment products.
b)
A Home Loan offered to rural property owners by the United States Department of Agriculture.
c)
Provides stable, quality affordable housing opportunities for low-and moderate-income families throughout the local community in the state of Michigan. Offers down payment assistance.
d)
Fannie Mae's automated underwriting system that helps lenders complete credit risk assessments to establish a home loan's eligibility for sale and delivery to Fannie Mae with easy-to-use powerful tools.
48.
VA (Department of Veterans Affairs)
a)
USDA's automatic underwriting system for submitting and processing Rural Development Single Family Housing Guaranteed Loans. Allows for electronic processing of loan applications and submission to the agency.
b)
Programs the help prospective home buyers who are ready to purchase but don't have the funds for a full down payment. Assistance can come in the form of grants, low-interest loans, or zero-interest loans. Some of these may be forgivable.
c)
A contract between title insurance underwriter and lender in which underwriter agrees to indemnify the lender for actual losses caused by certain kinds of misconduct by the closing agent.
d)
A mortgage loan for people who have served or are currently serving in the armed forces. Surviving spouses can also qualify for this type of loan.
49.
VOE (Verification of Employment)
a)
Interest generated by a sum that is charge to borrows or paid investors. It is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. It provides consumers with a bottom-line number they can compare among lenders, credit cads, or investment products.
b)
A governing body that creates and enforces rules for the properties within their jurisdiction.
c)
Used by creditors to review a borrower's employment history for verification of job stability and income history.
d)
An individual who has not owned a home in the last 3 years
50.
VOM (Verification of Mortgage)
a)
Used by creditors to review borrower's mortgage payment history and terms.
b)
A single-close loan hat starts as a construction loan where money is drawn as needed to pay building costs, then converts to a permanent mortgage upon the completion of the home.
c)
A home loan that has a fixed interest rate for the entire term of the loan. The mortgage carries a constant interest rate from the beginning to end.
d)
Provides important details about the loan requested. The lender must provide a Loan Estimate within three business days of receiving an application. The form provides you with the estimated interest rate, monthly payment, and total closing costs for the loan.
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