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

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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.


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).


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.


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
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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 (htm)
Enter
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.

Linear (htm)
This
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 base amount the borrower has requested before the addition of any finance charges.

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

Loan Amount (CON) (htm)
The
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.


Loan Amount (QAPR) (htm)
The
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.


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.

Loan Application Assets - Other Assets
Enter any assets.

Loan Application Assets - Other Real Estate
What is the value of other real estate you own besides your primary residence.

Loan Application Assets - Personal Property
Enter the value of all personal property such as furniture, jewelry, appliances etc.

Loan Application Assets - Residence
Enter the estimated current market value of your residence.

Loan Application Assets - Savings Account
Enter your total on-hand cash reserves.

Loan Application Assets - Stocks & Bonds
Enter the current value of any Stocks or Bonds you own.

Loan Application Assets - Time Deposit
Enter your Time Deposit balance.

Loan Application Assets - Vested Retirement Fund
Enter the value of any Vested Retirement Funds.

Loan Application Bankrupt
Indicate whether you have declared bankruptcy in the past 7 years.

Loan Application Billing Preference
Here you will indicate how you would like to make the payments. You can choose an automatic withdrawal option where we will extract the funds from your account each month. Or you can choose to be invoiced for the payment each month and submit checks via the mail.

Loan Application Borrow Amount
The loan amount requested. The purchase price and closing charges less the down payment.

Loan Application Borrower First Name
The first name of the primary borrower.

Loan Application Business Phone Number
Enter your work phone number including area code. i.e. 999-555-1313. If you have no telephone, enter N/A.

Loan Application City
Enter the full name of the city in which you reside.

Loan Application Closing Costs
Estimate what you think the total closing costs may be for this purchase. To see a list of common closing costs and their explanation click here.

Loan Application Co-Borrower First Name
The first name of this co-borrower.

Loan Application Co-Borrower Total
How many borrowers will be obligated under this loan?

Loan Application Co-Borrower Type
Who will be applying for this mortgage?

Loan Application Collection Agencies
Indicate whether you have any accounts that have been turned over to collection agencies.

Loan Application Co-maker or Endorser
Indicate whether you are currently a co-maker or an endorser on a note.

Loan Application Credit Check
By checking this check box, you and co-borrower(s) are agreeing to authorize MCBank to verify employment, credity, deposit and other miscellaneous information for their use in evaluating credit worthiness. Each co-borrower must agree to this statement.

Loan Application Current Customer
Tell us if you are currently a customer of ours.

Loan Application Date of Birth
Entered as mm/dd/ccyy (i.e. 11/25/1981)

Loan Application ECOA

Loan Application Email
Enter your email address. (ex. jerrywilson@quirk.com)

Loan Application Email Address
Enter your email address (i.e. matcustomer@myserver.com).

Loan Application Employer's City

Loan Application Employer's Employment Type
Indicate the type of employment.

Loan Application Employer's End Date
Indicate the date that you left this job. Dates should be entered as mm/dd/ccyy (I.e. 11/15/2000). If you still work here, just leave this date blank.

Loan Application Employer's Job Title
Please provide your full job title when you left this company.

Loan Application Employer's Line of Work
What is your line of work, trade or profession? Describe briefly. Ex. draftsman, truck driver, attorney etc.

Loan Application Employer's Name
Please provide the full name of your employer.

Loan Application Employer's Start Date
Indicate the date that you started this job. Dates should be entered as mm/dd/ccyy (I.e. 11/15/2000)

Loan Application Employer's State

Loan Application Employer's Supervisor's Name
This is the person to whom you report. If you don't report to anyone enter none.

Loan Application Employer's Years in Line of Work
The number of years you have been in this trade, profession or line of work.

Loan Application Employer's Years on the Job

Loan Application Employer's Zip Code
Enter your employer's zip code.

Loan Application Expenses - Alimony/Child Support
Enter your montly child support and alimony payments.

Loan Application Expenses - Car Loans
Enter your total monthly car payment amounts.

Loan Application Expenses - Credit Cards
Enter your total monthly credit card debt.

Loan Application Expenses - Hazard Insurance
Enter your monthly hazard insurance payment.

Loan Application Expenses - Heat & Utility
Enter your monthly heat and utility payment.

Loan Application Expenses - Maintenance
Enter your monthly maintenance payment.

Loan Application Expenses - Other Debt
Enter your total "Other" debt. Include any monthly debt that is not covered by the questions above.

Loan Application Expenses - Other Mortgage Payments
Enter your other mortgage payments amounts (summarized).

Loan Application Expenses - P&I
Enter the principal and interest amounts on your first mortgage.

Loan Application Expenses - Rent
Enter your monthly rent payment.

Loan Application Expenses - Social Security
Enter your Social Security payment amount.

Loan Application Expenses - State/Local Taxes
Enter your monthly state and local taxes expenses.

Loan Application Fax Number
Enter your fax phone number. i.e. 999-555-1414. If you don't have one please enter N/A.

Loan Application Final Comments
You can use this area to note any special circumstances or to provide us with any information that may be relevant to your application.

Loan Application First Name
Enter your full/legal first name.

Loan Application Forgotten Password
if you forgot

Loan Application Gross Monthly Income
Enter your gross monthly income.

Loan Application Home Phone Number
Enter your home phone number including the area code. i.e. 999-555-1212. If you don't have a telephone type N/A.

Loan Application How Long
Enter the number of years and months you have lived at this address.

Loan Application How Long
Enter the number of years and months you have lived at this address.

Loan Application How Long
Enter the number of years and months you have lived at this address.

Loan Application Income - Base
Enter your base monthly income (before taxes).

Loan Application Income - Base
Enter your base monthly income (before taxes).

Loan Application Income - Base
Enter your base monthly income (before taxes).

Loan Application Income - Base
Enter your base monthly income (before taxes).


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