Welcome to our Glossary of Terms.   Here you will find descriptions of terms used throughout our web site and terms common in the industry.

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.

First Item to Display:       
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  | 


Top Margin (htm)
Enter
the top margin in tenths of an inch, or accept the default.


Total # Payments draw period (htm)
Enter the total number of payments for this draw period.


Total excluded fees incl. RE (htm)
Displays the total of all fees from the Never Included and R. E.
Loan Special Exclusions tabs.


Total fees and charges (htm)
Displays the total of all fees from all three tabs.


Total Included Fees (htm)
Displays
the total of all fees from the Always Included tab.


Total periods per year Draw period (htm)
Enter the number of periods per year for this draw period.


Transfer fee/tax (htm)
Enter
the amount it costs to transfer ownership from the seller to the buyer.


transfer tax
Taxes levied by a state or local government when title passes from one owner to another. May be in the form of tax stamps.

treasury index
An index based on the results of auctions that the U. S. Treasury holds for its Treasury billsand securities or on the U. S. Treasury's daily yield curve. It is often used as an index upon which changes in rate for some adjustable-rate mortgage (ARM) plans are based.

Truth In Lending Disclosure Statement (htm)
This screen displays the Truth In Lending Statement,
as required by Regulation Z. Information includes the annual percentage rate
(APR), total finance charge, the amount financed, the total amount (including
principal and interest) that will be repaid by maturity, and the payment
schedule, including the total number of payments, payment amount, and payment
due dates.

You can scroll through the pages, zoom in and out, and print
the report by using the icons on the toolbar.


truth-in-lending (TIL)
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

Turn What's This On (icon) (htm)
Click to turn on field-level Help for the current dialog box.


two-step mortgage
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or sevenyears of its mortgage term and a different interest rate for the remainder of the amortization term.

unsecured loan
A loan that is not backed by collateral.

Update (htm)
Click to
update the current example with the current loan application information.


Upfront Mortgage Insurance Rate
The upfront mortgage insurance rate.

Up-front Rate (htm)
Enter
the initial mortgage insurance premium rate.


US Rule Accrual
This flag tells the engine whether the loan being structured is subject to the US Rule and should use US Rule amortization. US Rule amortization does not allow negative amortization or the charging of interest on unpaid interest. So, if a payment is not enough to cover the accrued interest, the unpaid accrued interest is carried separately and does not accrue additional interest nor increase the unamortized balance.

Useful life of this house
The number of years you intend to live in this house. The default is 15 years but you may change that if you like. Consider the number of years before you will downsize, need a bigger house or will probably move.

User Defaults (icon) (htm)
Click
to display the user defaults dialog box.


User Defaults Screen (htm)
Set
the default values for loan applications by selecting the desired values. You
can use the areas at the bottom of the screen to set the folders for the
default locations for your Study, Excel, Example, and QAPR files.


VA
A loan, part of which is guaranteed by the Veterans Administration.

Verification of income
1. A current pay stub from borrower(s) employer.
2. W2's from the borrower(s) employer -- most recent two years.
3. Written verification of employment from the employer (lenders request this information directly from employer).
4. Federal tax returns for last two years and current period profit and loss statement for self-employed borrowers.

Veterans Administration (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

weekly/bi-weekly
When Payments are Due (htm)
Click the drop-down arrow and select the time period when payments are due.
The default is Monthly.


Withdrawal Amount
The amount of the regular withdrawal.

Withdrawal Amount (htm)
The
amount of the regular withdrawal.

Withdrawals
Check this box to enter withdrawal amounts.

Withdrawals (htm)
Check
this box to enter withdrawal amounts.


Withdrawals per Year
The number of withdrawal periods per year if the account includes regular withdrawals.

Withdrawals Per Year (htm)
The
number of withdrawal periods per year if the account includes regular
withdrawals.


Worksheet (htm)
Click
to display the Fees and Charges Worksheet, where you enter fees that must be
always included in the calculation, those that are never included, and any
special exclusions for real estate loans.


Worksheet Name (htm)
Enter
the worksheet name for the Excel spreadsheet.


wraparound mortgage
A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.

XML Close Button
Click here to close the XML Preview window.

XML Close Button
Click here to close the XML Preview window.

XML Detail
The XML Detail check box, when checked, will display all the XML details available from the engine. Normally, just the data name and value are included in the XML Output. Additional data that is displayed when this option is selected includes the data type and the data definition of each field.

XML Detail
The XML Detail check box, when checked, will display all the XML details available from the engine. Normally, just the data name and value are included in the XML Output. Additional data that is displayed when this option is selected includes the data type and the data definition of each field.

XML Request Output Button
Click here to refresh the XML Preview window if you have selected different options.

XML Request Output Button
Click here to refresh the XML Preview window if you have selected different options.

XML Structure
The XML Structure check box, when checked, will display all the XML definitions available from the engine. Normally, only data fields are displayed that contain values (non-zero or non-blank). When this box is checked, all fields are output regardless of their value.

XML Structure
The XML Structure check box, when checked, will display all the XML definitions available from the engine. Normally, only data fields are displayed that contain values (non-zero or non-blank). When this box is checked, all fields are output regardless of their value.

Year-end interest total (I) (htm)
Select to display the total of interest payments by the end of
the year on the amortization schedule.


Yearly Maintenance Costs
The average yearly cost of maintaining this house being purchased in this comparison. Since you are comparing with a rental where you will not have to maintain the property, you should include any costs you may incur which you would not incur if you rented.

See Hints:

Zoom In (icon) (htm)
Click
to display the results at a larger screen size.


Zoom Out (icon) (htm)
Click
to display the results at a smaller screen size.


 

^Top