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.

*Or, Click on a letter below*

A | B | C | D | E | F | G | H | I | J | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |

**ID Number**

Enter the loan identification number. This number will appear on the 1/6 Aggregate Escrow Deposit Statement.

**ID Number (htm)**

Optional

field that can be used to assign a identifying number to this loan information

for future reference. When saving loan information, you must enter either a

customer name, ID Number, or both.

field that can be used to assign a identifying number to this loan information

for future reference. When saving loan information, you must enter either a

customer name, ID Number, or both.

**If declining balance, then average balance (htm)**

Select if the declining balance for PMI renewal

calculations should be based on the average balance for the year.

calculations should be based on the average balance for the year.

**If declining balance, then beginning balance (htm)**

Select if the declining balance for PMI renewal

calculations should be based on the beginning balance for the year.

calculations should be based on the beginning balance for the year.

**If declining balance, then ending balance (htm)**

Select if the declining balance should be based on the

ending balance for the year.

ending balance for the year.

**impound**

That portion of a mortgagor's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as escrows or reserves in some states.

**income property**

Real estate developed or improved to produce income.

**index**

A published interest rate not controlled by the lender to which the interest rate on an Adjustable Rate Mortgage (ARM) or GPARM loan is tied. Some commonly used indices include 1YTB One Year Treasury Bill Yield, 3YTB Three Year Treasury Note Yield, 5YTB FiveYear Treasury Note Yield, 10YTB Ten Year Treasury Bond Yield, 30YTB Thirty Year TreasuryBond Yield, 6mTB Six Month Treasury Bill Yield, 6mCD Six Month CD Rate, 6mLIB Six MonthLIBOR, 1LIB One Year LIBOR, Prime Interest Rate. A margin is added to the index to determine the fully indexed rate, or ithat will be charged on the ARM or GPARM for the period.

**Index Rate**

The value of the interest rate index at the time of origination.

**Initial Draw**

The amount ($ or %) of any initial draw requested by the borrower. If the number is 1.0 or less, it is treated as a percentage. If there is no initial draw, this variable should equal

0.

0.

**initial interest rate**

The original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). Sometimes known as "start rate" or "teaser. "

**Initial Payment Amount**

Initial Payment Amount

**Initial Payment Periods**

The number of periods before the first payment change.

**Initial Rate**

Initial Rate

**Initial rate periods**

some stuff

**installment**

The regular periodic payment that a borrower agrees to make to a lender.

**installment debt**

Borrowed money that is repaid in several successive payments(installments).

**Insurance No (htm)**

Select

if there will be no mortgage insurance or credit life/A&H insurance written

on this loan.

if there will be no mortgage insurance or credit life/A&H insurance written

on this loan.

**Insurance Rate 1, 2 (htm)**

Enter

the appropriate renewal rates for mortgage insurance payments when there is an

up-front premium.

the appropriate renewal rates for mortgage insurance payments when there is an

up-front premium.

**Insurance Yes (htm)**

Select

if either mortgage insurance or credit life/A&H insurance will be written

on this loan.

if either mortgage insurance or credit life/A&H insurance will be written

on this loan.

**insured mortgage**

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

**Interest (G) (htm)**

Select

to display the interest portion of the payment in the Excel spreadsheet.

to display the interest portion of the payment in the Excel spreadsheet.

**Interest Accrue (htm)**

Select

to accumulate and amortize the interest over the term of the loan. No interest

payments will be made during the loan.

to accumulate and amortize the interest over the term of the loan. No interest

payments will be made during the loan.

**Interest Only Interest rate**

Enter the interest rate which will be charged during the period when only interest payments will be made on this loan. Only the interest is paid during this period.

**interest only loan**

n/a

**Interest Only Loan (htm)**

Select

to calculate a loan where only the interest is repaid during term. The entire

principal balance is due in one payment at maturity.

to calculate a loan where only the interest is repaid during term. The entire

principal balance is due in one payment at maturity.

**Interest Only Period / Repayment Loan (ARM)**

Enter the terms for an interest only period / adjustable rate loan and click Calculate. You must enter the interest rate, periods per year, term, loan amount, prepaids, advance date, and date of first payment along with the ARM terms or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

**Interest Only Period / Repayment Loan (Level)**

Enter the terms for an interest only / level payment loan (one that has equal

payments for the life of the loan) and click Calculate. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

payments for the life of the loan) and click Calculate. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

**Interest Only Periods per Year**

Enter the number of periods per year during the interest only repayment period. Interest only is paid during this period with the repayment occuring after the interest only period.

**Interest Only Term**

Enter the total number of interest only payments during the interest only payment period.

**Interest Periods Deferred**

The number of interest periods deferred for a deferred payment annuity.

**Interest Periods per year (htm)**

per year.

**Interest Periods Deferred (htm)**

The number of interest periods deferred for a deferred payment

annuity.

annuity.

**Interest portion of pmt (F) (htm)**

Select to insert a column to display the interest portion of the

payment.

payment.

**Interest Rate**

The interest rate you expect to be charged by your lending institution.

**Interest Rate**

Enter the interest rate in full percent. For example, 8.375 or 5.5. The program will convert it to decimal form.

**Interest Rate (CON) (htm)**

Enter the interest rate for the construction loan.

**Interest Rate (CS) (htm)**

Include a column showing the interest rate for the period.

**Interest Rate (htm)**

Enter

the interest rate in full percent. For example, 8. 375 or 5. 5. The program will

convert it to decimal form.

the interest rate in full percent. For example, 8. 375 or 5. 5. The program will

convert it to decimal form.

**Interest Rate (M) (htm)**

Enter the interest rate for this payment stream

**Interest Rate (QS) (htm)**

This

is a required field in Quick Solver. Enter the rate in full percent (for

example, 8. 375).

is a required field in Quick Solver. Enter the rate in full percent (for

example, 8. 375).

**interest rate buydown plan**

An arrangement wherein the property seller (or any other party) deposits money to an account so that it can be released each month to reduce the mortgagor's monthly payments during the early years of a mortgage. During the specified period, the mortgagor's effective interest rate is "bought down" below the actual interest rate.

**interest rate cap**

A limit on interest rate increases and/or decreases during each interest rate adjustment(adjustment period cap) or over the term (life cap) of the mortgage.

**interest rate ceiling**

For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.

**interest rate floor**

For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.

**Interest Rate for Draw Period (htm)**

Enter the interest rate for this draw period.

**Interest term (htm)**

Enter

the total number of interest payments for this payment stream.

the total number of interest payments for this payment stream.

**Interest term when principal and interest are being amortized differently.**

This is the Term of the interest portion of a loan where the principal and interest are being amortized differently. The left panel entry box applies to the principal and this entry box applies to the interest payments.

**Interest type (htm)**

Displays the appropriate interest types for the selected loan. Simple is the most common interest type. Discount is available with Single Payment Loans only. Add-on is available with Level Payment Loans only.

**Interest Bill (htm)**

Select to have the borrower pay the interest amounts as they come due.

**Interest-only Loan Screen (htm)**

Enter the terms for the interest-only loan (where principal is due

at maturity). You must enter the interest rate, number of interest periods per

year, term, loan amount, prepaids, advance date, and date of first payment or

error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

at maturity). You must enter the interest rate, number of interest periods per

year, term, loan amount, prepaids, advance date, and date of first payment or

error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

**Investigation fees (htm)**

Enter

the amount you charge for investigating the borrower. You don't need to include

the premium in the finance charge if it is optional, or if the creditor is

allowed to purchase it from an insurer of their choice.

the amount you charge for investigating the borrower. You don't need to include

the premium in the finance charge if it is optional, or if the creditor is

allowed to purchase it from an insurer of their choice.

**investment property**

A property that is not occupied by the owner.

**Investment Rate**

The percentage of your income you save/invest.

**IRA (individual retirement account)**

A retirement account that allows individuals to make tax-deferred contributions to a personal retirement fund. Individuals can place IRA funds in bank accounts or in other forms of investment such as stocks, bonds, or mutual funds.

**irregular first period**

J

**joint tenancy**

A form of co-ownership where each party has equal ownership in the property, including the right of survivorship.

**judgment lien**

A lien on the property of a debtor resulting from the decree of a court.

**judicial foreclosure**

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure

**jumbo loan**

A loan that exceeds Fannie Mae's legislated mortgage amount limits. Also called a nonconforming loan. A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans. Jumbo LoanA loan above the limits are set by the Federal National Mortgage Association and the FederalHome Loan Mortgage Corporation. They are also referred to as nonconforming loans.

**Landscape (htm)**

Select

to set the print orientation as landscape, typically interpreted as

"wide. "

to set the print orientation as landscape, typically interpreted as

"wide. "

**Last Page (htm)**

Click

to display the last page of the results.

to display the last page of the results.

**late charge**

The penalty a borrower must pay when a payment is made a stated number of days after its due date.

**leap year**

Calculate leap years under a Gregorian calendar as follows: If a year is evenly divisible by 4,it is a leap year unless it is also evenly divisible by 100. If a year is evenly divisible by 100,it is not a leap year unless it is also evenly divisible by 400.

**lease option**

An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price

**leasehold estate**

A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.

**Left Margin (htm)**

Enter

the left margin in tenths of an inch, or accept the default.

the left margin in tenths of an inch, or accept the default.

**legal description**

A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.

**Lender Fees**

The total of the lender fees.

**lender paid mortgage insurance**

Mortgage insurance program which allows the lender to collect a higher interest rate fromthe borrower and forward the excess interest to the mortgage insurance company to pay for the mortgage insurance.

**lenders margin**

This is simply the profit the lender expects to receive from the loan. You can ask your lender what the margin is on an adjustable rate mortgage. Typically, lenders use a discount rate initially as a teaser rate. You must be sure to get the normal margin after the discount period is over. Level payment loan LiabilitiesA person's financial obligations. Liabilities include long-term and short-term debt, as wel las any other amounts that are owed to others. liability insurance Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner's insurance policy

**Lending Limit**

The lending limit for the area where the loan is originated. This number should be acquired from the governing (i.e. HUD or FNMA) agency.

**Level Payment Loan (htm)**

Select

when there will be equal payments, including principal and interest, for the

life of the loan. Level payment loans can result in a balloon payment at term

or they can be fully paid off (fully amortized).

when there will be equal payments, including principal and interest, for the

life of the loan. Level payment loans can result in a balloon payment at term

or they can be fully paid off (fully amortized).

**Level Payment Loan Screen (htm)**

Enter the terms for a level payment loan (one that has equal

payments for the life of the loan) and click Calculate. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

payments for the life of the loan) and click Calculate. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

**LIBOR / COFI Type Loan**

TBD

**lien**

A legal claim against a property that must be paid off when the property is sold.

**Life Expectancy**

The life expectancy of the youngest borrower (in years).

**life of loan cap**

The maximum interest rate that can be charged during the life of the loan. Also called Lifetime Cap. This value is often expressed as an increment above the initial loan rate. For example, an adjustable rate loan with an initial rate of 7. 25% and a 6% lifetime cap willnever adjust above a rate of 13. 25% (7. 25+6. 0).

**lifetime payment cap**

For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of the mortgage. See cap.

**lifetime rate cap**

On an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the loan. See cap.

**Lifetime Rate Cap**

teslklk

**Lifetime Rate Cap (htm)**

Enter

the maximum percentage that the initial interest rate can increase for the life

of the loan.

the maximum percentage that the initial interest rate can increase for the life

of the loan.

**line of credit**

An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower. See home equity line of credit.

**Line of Credit Calculation Flag**

This flag tells the engine whether it should be calculating the amount of a line of credit.

1 = Calculate Line of Credit. 0 = Do NOT calculate Line of Credit.

1 = Calculate Line of Credit. 0 = Do NOT calculate Line of Credit.

**Linear (htm)**

This

indicates if the deposits or withdrawals that are subject to a linear growth

rate.

indicates if the deposits or withdrawals that are subject to a linear growth

rate.

**liquid asset**

A cash asset or an asset that is easily converted into cash.

**Loan Amount**

The amount of money you intend to borrow. The purchase price less your down payment

**loan amount**

The base amount the borrower has requested before the addition of any finance charges.

**Loan Amount (CON) (htm)**

The

amount of the construction loan.

amount of the construction loan.

**Loan Amount (htm)**

Enter

the base amount the borrower has requested before the addition of any finance

charges. You need only enter a decimal point if the base loan has odd cents.

Commas, decimal points, and trailing zeros will be entered by the system.

the base amount the borrower has requested before the addition of any finance

charges. You need only enter a decimal point if the base loan has odd cents.

Commas, decimal points, and trailing zeros will be entered by the system.

**Loan Amount (QAPR) (htm)**

The

note amount.

note amount.

**Loan Amount (QS) (htm)**

Leave

this field empty to solve for the amount of the loan, when you have entered

something for the Term and Payment Amount.

this field empty to solve for the amount of the loan, when you have entered

something for the Term and Payment Amount.

**Loan Applicant Delinquent**

Indicate whether you are presently delinquent, or in default on any Federal debt or any mortgage, loan, bond, financial obligation or loan guarantee.

**Loan Application Address Line 1**

Enter the first line of your address, often the street number and name.

**Loan Application Address Line 2**

Enter any additional address information that should appear below the main address line for example; a continuation of line one, an apartment number etc.

**Loan Application Assets - Autos**

Enter the current value of your auto(s). You might get this by calling your car dealer, or bank, or by using an internet source such as Kelly's or NADA.

**Loan Application Assets - Cash Deposits**

Enter the amount of any currency or cash on hand.

**Loan Application Assets - Checking Account**

Enter your checking account balance.

**Loan Application Assets - CSV Life Insurance**

This is the Cash Surrender Value of your life insurance. You can find the amount in the policy itself, or by contacting your insurance agent,

**Loan Application Assets - Money Market**

Enter the total balances of your Money Market accounts.

**Loan Application Assets - NW Business Owned**

Enter the net worth of any business you may own. You will also be required to furnish financial statements and/or tax returns for this business.

More glossary items are available....

Please use the index or Click here to view the next set of items.

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