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ACH: Automated Clearing House
ALTA: American Land Title Association
AMC: Appraisal management companies
AMI: Area median incomes
ASAP Plus: As Soon As Pooled Plus
ASAP Sale: As Soon As Pooled Sale
ASF: American Securitization Forum
ATR: Ability to repay
AVM: Automated valuation model
API: Annual Percentage Interest is the interest rate the borrower pays for the mortgage.
APR: Annual Percentage Rate calculates the cost to the applicant for the mortgage by taking the total amount borrowed and subtracting certain fees.
ARM: Adjustable Rate Mortgage is a mortgage that will have a fixed rate for a set period of time and then the rate is adjusted.
AUS: Automated Underwriting System: Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Prospector.
ADS: Automated Drafting System: the system used to process principal and interest payments for loans in Fannie Mae mortgage-backed securities pools.
ARC: Accelerated Remittance Cycle: Freddie Mac seller/servicers can choose this alternative for sending the agency its portion of the monthly payment.
BPO: Broker price opinion
BPS: Basis points
BWR: Borrower is the primary applicant on a mortgage application.
BTSA: Bonus to Selling Agent: this is a payment made to a real estate agent that brings a buyer to a transaction that closes.
BPO: Broker Price Opinion: after a property goes into default, the servicer needs to report to the investor how much it is worth.
CMT: Constant Maturity Treasury
Condo: Unit in a condominium project
Co-op: Unit in a cooperative project
CPI: Consumer Price Index
CPIRT: Construction-to-Permanent Investor Reporting
CPM: Condo Project Manager
CU: Collateral Underwriter
CUSIP: Committee on Uniform Security Identification Procedures
CBWR: Co-Borrower is the secondary applicant on a mortgage application.
COFI: Cost of Funds Index: this is not your morning beverage but a reference index for some adjustable rate mortgages.
CMA: Comparative Market Analysis: the real estate agent performs this type of study using a recent home sale to establish a listing price.
CPR: Conditional Prepayment Rate: this measure is used by servicers and securitizers to estimate how many loans in their portfolio will pay off.
COE: Close of Escrow: this is the last step in the home sales process, when the deed transfer is recorded with the local government.
DDC: Designated document custodian
DO: Desktop Originator
DTI: Debt to Income is the ratio of the borrower's gross monthly income to their consumer and/or housing debt.
DU: Desktop Underwriter is the automated underwriting engine developed by Fannie Mae for underwriting Fannie Mae eligible mortgages.
EDI: Electronic Data Interface
EMD: Earnest Money Deposit: this is a payment a buyer includes with an accepted offer that will be applied to the down payment and closing costs.
FAIR: Fair Access to Insurance Requirement
FCC: Full-service certification custodian
FDIC: Federal Deposit Insurance Corporation
FEMA: Federal Emergency Management Agency
FHLBB: Federal Home Loan Bank Board
FHLMC: Federal Home Loan Mortgage Corporation
FRM: Fixed-rate mortgage
Fannie Mae: Federal National Mortgage Association, one of two GSE's (Government Sponsored Enterprises) created by Congress to increase access to mortgages.
Freddie Mac: Federal Home Loan Mortgage Corporation, the second of two GSE's created by Congress to increase access to mortgages.
FIRREA: Financial Institutions Reform Recovery and Enforcement Act: this response to the thrift crisis of the 1980s instituted rules that still govern residential property appraisals.
FDCPA: Fair Debt Collections Practices Act: this law lists abusive and deceptive actions that are prohibited when trying to collect a debt.
FHFA: Federal Housing Finance Agency: on Sept. 7, 2008, this regulator placed Fannie Mae and Freddie Mac into conservatorship.
FSBO: For Sale by Owner: in these transactions, there isn't a seller's real estate agent for the buyer or the mortgage originator to communicate with.
FMV: Fair Market Value: this is the price a property would change hands between a willing buyer and a willing seller.
FHA: Federal Housing Administration, the Federal Government Agency that oversees the US Housing market.
FTHB: First Time Home Buyer is a purchaser(s) that has not had an ownership interest in a residence within the previous three years.
GAAP: Generally accepted accounting principles
GSE: Government-sponsored enterprise
GFE: Good Faith Estimate is one of the documents that an applicant(s), under RESPA guidelines, is supposed to receive within 3 business days.
Ginnie Mae: Government National Mortgage Association is the actual guarantee agency for Federally Guaranteed mortgages by VA, FHA, RHS, and PIH.
HCLTV: Home equity combined loan-to-value
HFA: Housing Finance Agency
HOEPA: Home Ownership and Equity Protection Act of 1994
HELOC: Home Equity Line of Credit is a revolving line of credit based on the equity in a property.
HUD: Housing and Urban Development is the Cabinet Department of the Federal Government that oversees the US housing market.
HUD1: HUD1 is the statement that you receive that details all the costs and expenses involved in the actual closing of a mortgage.
HOA: Home Owners Association: this entity makes and enforces rules for the properties in its boundaries and collects dues.
IDR: Independent Dispute Resolution
IRS: Internal Revenue Service
IP: Investment Property
IO: Interest Only is a payment type where none of the required payment goes towards principal.
IRRRL: Interest Rate Reduction Refinance Loan: Ginnie Mae put rules in place to stop churning of this Veterans Affairs-guaranteed product.
IDI: Imminent Default Indicator: a tool created by Freddie Mac that lets servicers determine if the borrower is about to stop making payments on their loan.
LLC: Limited liability company
LLPA: Loan-level price adjustment
LOS: Loan Origination System
LPI: Last paid installment
LQC: Loan Quality Center
LPMI: Lender Paid Mortgage Insurance is mortgage insurance paid by the lender instead of the borrower.
LO: Loan Officer is the person that takes the actual application for a mortgage.
LTV: Loan-to-Value is the percentage of the mortgage to either the purchase price (when purchasing) or the appraised value (when refinancing).
LP: Loan Prospector is the automated underwriting engine developed by Freddie Mac for underwriting Freddie Mac eligible mortgages.
LIBOR: London Inter Bank Offered Rate: this was the most popular index for both residential and commercial adjustable-rate mortgages.
MBS: Mortgage Backed Security. These are the investment instruments that are bundled by Fannie Mae, Freddie Mac, and Ginnie Mae for sale on Wall Street.
MERS: Mortgage Electronic Registration Systems, Inc.
MI: Mortgage insurance
MIC: Mortgage insurance certificate
MIN: MERS identification number
MSA: Metropolitan statistical area
MSSC: Mortgage Selling and Servicing Contract
MUD: Municipal utility district
MIP: Mortgage Insurance Premium is similar to PMI but is used for FHA mortgages.
MTMLTV: Mark-to-Market Loan-to-Value: this calculation divides the gross UPB (including any forbearance from a previous modification) by the current value.
MISMO: Mortgage Industry Standards Maintenance Organization: this group creates the specifications lenders use to share data.
NCLTN: National Community Land Trust Network
NCUA: National Credit Union Administration
NPI: Nonpublic personal information
NEG AM: Negative Amortization occurs when the required mortgage payment is not sufficient to cover the interest owed on the payment.
NOO: Non Owner Occupied is a property where the mortgagor does not live in the property and has it as an investment.
NIV: No Income Verification is usually another name for a No Ratio mortgage, another reduced documentation type mortgage.
NINA: No Income No Asset is another type of reduced documentation mortgage.
NAMB: National Association of Mortgage Brokers is a membership organization that represents the mortgage brokerage industry.
OFAC: Office of Foreign Assets Control
O/O: Owner Occupied is the mortgagor's principal or primary residence.
P&I: Principal and interest
PAL: Price-adjusted loan
PERS: Project Eligibility Review Service
PITIA: Principal, interest, taxes, insurance, and other assessments
PUD: Planned unit development
PITI: Principal-Interest-Taxes-Insurance is the total housing expense on a monthly basis.
PMI: Private Mortgage Insurance is charged on conforming mortgages that are over 80% LTV.
PPP: PrePayment Penalty is charged in those states that allow it by subprime lenders and an occasional conforming lender.
PR: Primary Residence
PIH: Public and Indian Housing is the Federal Agency that, like FHA, guarantees mortgages.
PIW: Property Inspection Waiver: certain transactions that are underwritten through Fannie Mae's Desktop Underwriter are eligible for this appraisal alternative.
PID: Public Improvement District: this is a defined geographical area established with the consent of a municipality to provide specific types of improvements.
PMIER: Private Mortgage Insurer Eligibility Requirements: the government-sponsored enterprises want to make sure mortgage insurers have enough money to pay claims.
QAS: Quality Assurance System
QRPC: Quality Right Party Contact: the standard servicers are to use when communicating with a borrower about resolving a delinquent loan.
RD: Rural Development
REIT: Real estate investment trust
REMIC: Real Estate Mortgage Investment Conduit
RHS: Rural Housing Service
RPM: Rapid payment method
RESPA: Real Estate Settlement Practices Act is the Federal Law that regulates what is allowable and not in the sale/purchase of residential real estate.
REO: Real Estate Owned: what a bank has on its books after it buys a property out of foreclosure.
SEC: Securities and Exchange Commission
SFC: Special feature code
SFHA: Special Flood Hazard Area
SIFMA: Securities Industry and Financial Markets Association
SMBS: Stripped mortgage-backed security
SRP: Service Release Premium is similar to YSP except that SRP is usually not available to brokers but only to direct lenders.
SIVA: Stated Income Verified Asset is a type of reduced documentation mortgage.
SISA: Stated Income Stated Asset is another type of reduced documentation mortgage.
SCRA: Servicemembers Civil Relief Act: active duty military families receive extra protections against foreclosure under this law.
TIL: Truth in Lending is the other major document that an applicant is to receive within three business days of applying for a mortgage.
TILA: Truth in Lending Act
T&I: Taxes and insurance
TLTV: Total-Loan-to-Value is another name for CLTV.
TIN: Tax Identification Number: non-citizens that do not have a Social Security number but still want to purchase a home must have one of these.
TIC: Tenants in Common: a form of property ownership where each person has a separate and undivided interest in the home.
UCC: Uniform Commercial Code
UETA: Uniform Electronic Transactions Act
USPAP: Uniform Standards of Professional Appraisal Practice
USDA/RHS: United States Department of Agriculture/Rural Housing Services: like FHA, these mortgages are guaranteed by the Federal Government.
UPB: Unpaid Principal Balance: the amount the borrower owes on the loan, minus the interest, taxes and insurance payments.
UCD: Uniform Closing Dataset: this GSE creation allows information on the closing disclosure to be communicated electronically.
VA: Veterans Administration, like FHA, guarantees mortgages for the Federal Government.
VOR: Verification of Rent is a form that is sent to the landlord to verify the timely payment of rent.
VOM: Verification of Mortgage is a form that is sent to a lender to verify the timely payment of the mortgage.
VOD: Verification of Deposit is a form sent to the bank/credit union/savings bank to verify the amount of funds in the account.
VOE: Verification of Employment is a form that is sent to the employer to verify employment.
WAM: Weighted Average Maturity: part of a mortgage servicing rights buyer's portfolio analysis.
WAC: Weighted Average Coupon: servicing rights buyers look at this measure to help gauge the likelihood of the underlying loans refinancing.
W-2: W-2's are tax forms provided by the employer to show total year's income.
YSP: Yield Spread Premium is what a lender pays a broker for bringing the mortgage application to them.