To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.
| # Days in period (C) (htm) |
| Add
a column to display the number of days in each period.
|
| # months escrowed (htm) |
| Enter
the number of months of insurance premiums that will be saved in escrow.
|
| # of Months to Skip (htm) |
| Enter
the number of months in which payments should be skipped.
|
| # of Payment periods before 1st change (htm) |
| Enter the number of payment periods before the first rate
change in an ARM or GPARM loan.
|
| # of Payments (htm) |
| Enter
the number of payments at this rate.
|
| # of Payments (QAPR) (htm) |
| Enter
the number of payments in this payment stream.
|
| # periods between changes (htm) |
| Enter the number of payment periods between subsequent rate
changes.
|
| % Growth Rate |
| The growth rate for accounts where the deposits or withdrawals will graduate at a constant rate. |
| % Negative
Amortization (htm) |
| Enter the maximum PERCENTAGE of the total loan that the
outstanding balance may increase, if interest rates fluctuate to a point where
the borrower's minimum payment doesn't cover the interest due.
|
| Effective Income Tax Rate |
| The amount of tax you paid on the amount of money you made. The total of Federal,State and local income taxes, divided by taxable income. This is the average rate you paid, as if you were paying the same rate on every dollar you make, not taking into account tax brackets. |
| (htm) |
|
|
| 1/6 Aggregate Escrow (htm) |
| This
screen displays the escrow information entered on the 1/6 Aggregate Escrow
screen. Information includes the escrow item, annual and monthly escrow
amounts, payee, and running balance.
You can scroll through the pages, zoom in and out, and print
the report by using the icons on the toolbar.
|
| 1/6 Aggregate Escrow
(icon) (htm) |
| After filling in the loan application fields, click to display the
1/6 Aggregate Escrow screen.
|
| 1/6 Aggregate Escrow
Screen (htm) |
| Enter the information for the escrow items, such as mortgage
insurance, including number of months of cushion, escrow item, payee, number of
payments per year, the month due, and the amount.
|
| 1st Draw Payment Date
(htm) |
| Enter the first payment date for the draw note.
|
| 1st Interest Payment
Date (htm) |
| Enter the date the first interest payment is due.
|
| 1st Principal Payment
Date (htm) |
| Enter the date, in mm/dd/yyyy format, when the first payment is due
for this stream. This date determines the dates for the other payments,
according to the values entered in the Prin PY and Prin term fields, for this
stream. |
| 1st scheduled Payment Date |
| The date on which the first interest payment on the construction loan is scheduled to occur. |
| abstract of title |
| The history of the chain of title (all of the documents that transfer title) to a parcel of real property, starting with the earliest existing document and ending with the most recent. |
| Abstract of title
fees (htm) |
| Enter the amount for producing the title abstract.
|
| Accelerated Bi-Weekly
(htm) |
| Select if payments will be made every fourteen days. (This isn't the same
as semi-monthly payments, which are collected twice a month. )
|
| Accelerated Weekly (htm) |
| Select
if payments will be made every seven days. (This isn't the same as weekly
payments, which are collected four times a month. )
|
| acceleration clause |
| A provision in a mortgage that gives the lender the right to demand payment of the balance of the loan immediately, if regular payments are not made as agreed or for breach of other terms of the mortgage. |
| accident and health calculation method |
| Gross coverage Net coverage |
| accident and health insurance |
| Insures against borrower's inability to make loan payments due to njury or illness. In order for the premium be excluded from the Finance Charge, it must be OPTIONAL (not required), or the consumer must be allowed to purchase the coverage elsewhere. |
| accident and health rate |
| n/a |
| accident and health term |
| n/a |
| Accident Rate (htm) |
| Enter
the rate for accident and health insurance.
|
| Accident Term (htm) |
| Enter
the term for accident and health insurance. In most cases, this will be the
same as the term for the loan.
|
| Activate Developer (htm) |
| Click
to activate the developer options, which are available from the final
calculation screen. You will need to contact Math Corporation for the password.
|
| Activate
Developer/Developer Activated (htm) |
| Click Activate Developer to display the
password screen. Click Developer Activated to deactivate the developer mode.
|
| actuarial method |
| The method of allocating payments between the amount financed and the finance charge, where a payment is applied first to the accumulated finance charge. Any remainder is subtracted from, or any deficiency is added to the unpaid principal balance of the amount financed. |
| additional principal payment |
| Unscheduled principal payments made to reduce the remaining balance of a loan. |
| add-on interest |
| When interest is added to the amount borrowed. For example, a $5,000. 00 loan at a 10% nominal rate for one year would have the $500. 00 interest added to the loan amount. The base loan amount would be $5,500. 00, but the borrower would actually receive $5,000. 00 at closing. |
| adjustable-rate mortgage (ARM) |
| also called AMLs(Adjustable Mortgage Loans) or VRMs (Variable rate mortgage). A Mortgage where the interest rate may change over the life of the loan in accordance with movements in an index rate. The terms, adjustment schedule and index that the loan is based upon vary by loan program. To protect the borrower, "caps" often limit the amount of payment adjustment. ARMs are also referred to as |
| Adjusted Payment
Number (htm) |
| Enter the payment number when adjustments should occur for
reimbursement information.
|
| adjustment date |
| The date on which the interest rate changes for an adjustable-rate mortgage (ARM). |
| adjustment interval |
| For an adjustable rate mortgage, the time between changes in the interest rate charged. The most common adjustment intervals are one, three or five years. |
| adjustment period |
| With most ARMs, the interest rate and monthly payment change every year, every three years, or every five years. However, some ARMs have more frequent interest and payment changes. The period between one rate change and the next is called the adjustment period. So, a loan with an adjustment period of one year is called a one-year ARM, and the interest rate can change once every year. |
| Advance (Note) date (htm) |
| Enter
the closing date for the loan, when the customer will receive the requested
funds.
|
| Advance (note) date
(QAPR) (htm) |
| The date on which the funds were advanced (disbursed).
|
| affordability analysis |
| A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income, liabilities, and available funds, along with the type of mortgage you plan to use, the area where you want to purchase a home, and the closing costs that you might expect to pay. |
| All (htm) |
| Select to
print all pages.
|
| Allow Different Basis
(htm) |
| Select if you want to use a different accrual method in the odd first
period than you do for the rest of the loan.
|
| amortization |
| Literally to kill (root: mort) the outstanding balance of a loan by making equal payments on a regular schedule (usually monthly). The payments are structured so that the borrower pays both interest and principal with each equal payment. |
| amortization schedule or table |
| An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made. It may also show amount due for mortgage insurance or other items |
| Amortization Schedule
Screen (htm) |
| This screen displays the amortization report for the loan
application. Information includes base terms, dates, Truth In Lending
information, the selected calculation options, and the amortization schedule.
You can modify the amortization schedule results by clicking the Customize
button.
You can scroll through the pages, zoom in and out, and print
the report by using the icons on the toolbar.
|
| amortization term |
| The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of periods (months, quarters ,years etc. ) to maturity. For example, a 30-year monthly payment mortgage would have an amortization term of 360 months. |
| Amortization Term (htm) |
| The
total number of payments on which the payment is based.
|
| amortize |
| To repay a mortgage with regular payments that cover both principal and interest. |
| Amount (htm) |
| Enter the
dollar amount of the payment due for this payment period.
|
