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.

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Credit card payments
Enter the total of your credit card payments. If you pay off the balance before interest begins to accrue do not include it here.

credit insurance - accident & health
Insurance which makes the borrower's payment if (s)he is disabled, or pays the loan balance in full in the event of the borrower's death.

credit life insurance - (mortgage life insurance)
A type of insurance often purchased by creditors to pay off the balance of their loan if they die while the loan is outstanding. Under Regulation Z, in order for the premium to be excludable from the Finance Charge, it must be OPTIONAL, or the borrower must be allowed to purchase coverage elsewhere. Credit Insurance calculation method - Gross coverage. Credit Insurance calculation method - Net coverage. Credit life rateCredit life term

Credit Life Rate (htm)
Enter
the rate for credit life insurance.


Credit Life Term (htm)
Enter
the term for credit life insurance. In most cases, this will be the same as the
term for the loan.


Credit Life, A&H insurance
The borrower will be covered by Accident and Health insurance or Credit Life insurance, or both.

credit Limit
The maximum amount that an applicant may borrow from a lender.

Credit Line
The amount of the credit line requested by the borrower ($ or %). If this number is 1.0 or
less it is treated as a percentage. If there is no credit line OR if the credit line is to be calculated, this variable should equal 0.

Credit Line Growth Rate
Used in the Homekeeper reverse mortgage calculation. This value should be entered as a percentage (i.e. 95). The engine will divide it by 100.

Credit Periods / Year (htm)
The number of crediting periods per year, which is the number of times per
year that interest is credited to the account if daily or continuous
compounding is selected.


Credit Periods per Year
The number of crediting periods per year, which is the number of times per year that interest is credited to the account if daily or continuous compounding is selected.

credit report
A report to a prospective lender of an individual's credit history prepared by a credit bureau. Information is included regarding outstanding debt, late payments, defaults, or bankruptcies.

credit report fee
A fee charged for obtaining a credit report from a credit reporting agency. The fee is includeable in the Finance Charge under Regulation Z, unless it is covered by an application fee which is imposed on all applicants(successful as well as unsuccessful). It also need NOT be included in real estate loans in which case it is covered by a specific exclusion.

Credit report fees (htm)
Enter
the amount charged for obtaining a credit report, which can be included in the
finance charge, except in the case of real estate loans where it is covered by
specific exclusion.


credit reporting agency
An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.

credit score
A Lender's standardized guidelines taking into account such things as the amount of money owed in relationship to income or the credit limit, the borrower's record of repayment, the length of the relationship and other factors.

creditor
A person to whom money is owed.

Current INDEX
from some table

Current Index (htm)
Enter
the published interest rate to which the adjustable mortgage rate is tied.
Commonly used indicators include the one-year Treasury Bill, Certificate of
Deposit Index (CODI), London InterBank Offer Rate (LIBOR), and the Cost of
Funds Index (COFI).


Current Page (htm)
Select
to print the page that currently displays on your screen.


Current Selection List (htm)
Select the desired sample file from the current list of selections.


Customer First Name
Enter the customer's first name. This name will appear on the 1/6 Aggregate Escrow Deposit Statement.

Customer Last Name
Enter the customer's last name. This name will appear on the 1/6 Aggregate Escrow Deposit Statement.

Customer Name (htm)
Optional
field that can be used to assign a identifying name to this loan information
for future reference. When saving loan information, you may enter either a
customer name, ID Number, or both.


Customize (htm)
Click
to display the options dialog box for this document.


Date (htm)
Enter the
date of the combined report.


Date of 1st payment (htm)
Enter
the date of the first regularly scheduled payment. Select to display the number
of days on the Excel spreadsheet.


Date of first interest payment
where the principal and interest are being amortized differently. The left panel entry is the first payment to principal and this entry box asks for the date of the first interest payment.

Days (C) (htm)
Select
to display the number of days on the Excel spreadsheet.


Days to Maturity
Enter the number of days to term.

Days to Maturity (htm)
Enter
the number of days to term.


debt ratio
The total of all of the borrowers monthly payments including the proposed house payment(PITI), divided by the borrowers gross income.

deed of trust
The document used in some states instead of a mortgage. There are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). The borrower transfers the legal title for the property to the trustee who holds the property in trust assecurity for the payment of the debt to the lender or beneficiary.

default
Failure to make payments called for on a timely basis, or to comply with other requirements or covenants on a loan,. In the event of default, the governing instrument may give the lender the right to accelerate payments, take possession and receive rents, and startforeclosure.

Default for QAPR files (htm)
Name the drive and folder where you want QAPR files to be saved.


Default location for EXAMPLE files (htm)
Name the drive and folder where you want stored example files
to be saved.


Default location for EXCEL files (htm)
Name the drive and folder where you want Excel output files to
be saved.


Default location for STUDY files (htm)
Name the drive and folder where you want loan (study) files to
be saved.


default/repo insurance
Insurance insuring the lender against the borrower's default and/or the costs ofrepossessing the collateral. This insurance premium must always be included in the finance charge under Regulation Z.

Default/repo insurance (htm)
Enter the insurance premium. This insurance protects the lender
against possible default and/or costs of repossessing the collateral and is
always included in the finance charge.


Deferred
Check this box to enter deferred deposits/withdrawals.

Deferred (Deposits) (htm)
Check
this box to enter deferred deposits.


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


Delete (htm)
Click to
delete the selected example.


delinquency
Failure to make loan payments when due.

Deposit Amount
The amount of the regular deposit.

Deposit Amount (htm)
The
amount of the regular deposit.


Deposits
Check this box to enter deposit amounts.

Deposits (htm)
Check
this box to enter deposit amounts.


Deposits Per Year
The number of deposit periods per year if the account includes regular deposits.

Deposits Per Year (htm)
The
number of deposit periods per year if the account includes regular deposits.


Description (htm)
Type
your request.


Developer Activation Password (htm)
Enter the password given to you by Math Corporation.


Developer Preview (htm)
This
screen displays the internal code information for the loan application and the
amortization schedule.

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


differing frequency loan
A loan on which payments to principal and interest are paid at different frequencies. For example a loan could call for principal payments to be paid annually and interest payments to be paid monthly.

Differing Frequency No (htm)
Select if principal and interest payments will be made at the same
frequency.


Differing Frequency Yes (htm)
Select if principal and interest payments will be made at different
frequency.


Disclosed APR (htm)
Enter
the annual percentage rate (APR) as disclosed for this loan.


Disclosed Finance Charge
Enter the finance charges as disclosed for this loan.

disclosures - combined
Select to produce a disclosure statement that includes both the single level loan and the construction loan terms.

disclosures - separate
Select to produce individual disclosure statements for the single level loan and the construction loan terms.

Disclosures Combined (htm)
Select
to produce a disclosure statement that combines the construction and permanent
financing phases.


Disclosures Separate (htm)
Select
to produce individual disclosure statements for the construction and permanent
financing phases.


discount interest

discount ( or re-discount) rate
The rate at which Banks borrow from the Federal Reserve Bank.

Discount Rate Periods
The number of payments the initial discount rate is in effect.

discounted rate
A lower or "teaser" rate on a variable rate or adjustable rate mortgage for an early period inthe life of the loan. After this period is over the rate may rise.

Display "What's this" help
If you feel you don't need to see the "what's this" help buttons (the little question mark icons) you can turn them off on all pages by unchecking this box.

Display "What's this" help
If you feel you don't need to see the "what's this" help buttons (the little question mark icons) you can turn them off on all pages by unchecking this box.

Display Detail Schedule (htm)
Select to display the detailed amortization schedule.


Display Input Terms (htm)
Display
all of the loan terms above the amortization schedule.


Display Options: QAPR Combined Report (htm)
Enter the values for the QAPR Combined Report.


Display Options: Amortization (htm)
Select the display options for the amortization schedule.
Required fields are automatically included.


Display Options: Export to Excel (htm)
Select the display options when exporting a loan to Excel.
Choose whether non-display columns should be hidden or removed from the
resulting Excel file.


Display year end totals (htm)
Select to display year end totals on the report.


Document (htm)
Click to
select from the list of documents available for this loan application.


Documentation (htm)
This
screen displays the same information as the Truth In Lending Statement, but in
a slightly different format. 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.


Down Payment
The amount of money you intend to spend on a down payment. Typically 20% of the loan.

down payment
Money paid by a buyer from his own funds, as opposed to that portion of the purchase price which is financed.

Draw Interest rate
Enter the interest rate which will be charged during the period when draws are being made on this loan. Interest Only the interest is paid during this period.

Draw Note Loan Screen (htm)
Enter the terms for a draw note, or a loan with multiple disbursements. You
must enter the interest rate, periods per year, term, loan amount, prepaids,
advance date, and date of first payment for each disbursement or error messages
display.

Click the Options and Variations button on the toolbar to
enter any variations.


draw notes
A loan arrangement where the proceeds are drawn in several stages.

Draw P/Y
Enter the number of periods per year during the draw period. Interest only is paid during this period with the repayment occuring after the draw period.

Draw Repay Method - Level Payment Loan (htm)
Select if the draw note will be repaid with a level
payment loan.


Draw Repay Method - Plus Interest Loan (htm)
Select if the draw note will be repaid with a plus
interest loan.


Draw Repayment Method - Level Payment Loan
.

Draw Repayment Method - Plus Interest Loan
.

Draw term
Enter the total number of interest only payments during the draw period.

draws
Money drawn under a multiple advance loan (draw note) or taken out of an escrow account in the case of a construction loan.

Draws Amount (htm)
Enter
the amount for this draw.


Draws Date (htm)
Enter the date when this amount will be drawn..

due-on-sale provision
A provision in a mortgage that gives the lender the option of demanding payment in full if the borrower sells the property that serves as security for the mortgage.

earnest money deposit
A deposit made by a home buyer to show that he or she is serious about buying the house.

Effective Rate Cap
The effective rate cap for the purposes of calculating the actual shared appreciation figure. This figure is ONLY used if there is shared appreciation (i.e. shared_appreciation > 0).

E-Mail Account (htm)
Enter
your e-mail address.


E-mail Math Corp Technical Support (icon) (htm)
Click to display the Technical Support Request
Form.


E-mail this message to (htm)
Enter the e-mail address of the person to whom you want to send this
message, or accept the default value. You should only change the default value
if you have been instructed to do so by someone from Math Corp.


encumbrance
A lien or anything else that affects or limits the fee simple title to a property, such asmortgages, leases, easements, or restrictions.

End of Month Flag
End of month flag. Y or N. This flag tells the engine whether the payment due dates are to fall at the end of the month or not. For example, if the first payment date is 6/30/2007, should the next payment fall on 7/30/2007 (N) or 7/31/2007 (Y)? If this field is set to Y, the engine makes this and all succeeding payments due on the last day of the month. If this field is set to N, the engine makes all of the payments due on, in this case, the 30th of the month.

End Page (htm)
Enter
the last page number of the range of pages to print.


Engine Output (htm)
Select
your default output option for the output preview screen.



More glossary items are available....
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