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.
| 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.
|
| Enhancement Report (htm) |
| Select
to submit a request for a program change.
|
| Entire Commitment (htm) |
| Select
to charge interest on the entire construction loan amount, regardless of how
and when it is drawn.
|
| Entire Schedule |
| Check this box and click the "Request Output" button to view the entire accrual schedule. |
| Equal Credit Opportunity Act (ECOA) |
| A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. |
| equity |
| A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage. |
| Error Log (htm) |
| Displays
error messages caused by problems sending your e-mail.
|
| escrow |
| An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of certain conditions. Deposits by borrowers of funds to pay taxes and insurance premiums when due are examples. |
| Escrow Amount |
| Enter the amount of this escrow payment. |
| Escrow Item |
| Select the escrow item that applies (mortgage insurance, city tax, property tax,…). |
| Escrow Item (htm) |
| Select
the desired escrow item from the list. If the item you want doesn't display,
type a new name over the current item.
|
| escrow payment |
| The portion of a mortgagor's monthly payment that is held by the servicer to pay for taxes,hazard insurance, mortgage insurance, lease payments, and other items as they becomedue. Known as "impounds" or "reserves" in some states. |
| Escrow Use/Refund |
| This flag tells the engine whether the PMI renewal payments that are held in escrow will be used for the final payments in the case of a loan-to-value cutoff or refunded separately. If they are refunded separately, the term of the cutoff will not be credited by the number of months escrowed. |
| exact day |
| A regulation Z term describing the calculation of the exact number of days between two dates. |
| exact interest |
| Interest calculated on the exact number of days involved in a transaction. |
| examination of title |
| The report on the title of a property from the public records or an abstract of the title. |
| Existing Mortgage Balance |
| The balance remaining on the existing mortgage on the home. If there is no mortgage, this value is 0. |
| Exit (icon) (htm) |
| Select
to exit ZMath®.
|
| Exponential (htm) |
| This
indicates if the deposits or withdrawals that are subject to an exponential
growth rate.
|
| Export (htm) |
| Click to
export the worksheet with the specified settings.
|
| extended Locks |
| Mortgage rate commitments which are for longer than the typical 12 to 30 day locks. |
| Fair Credit Reporting Act |
| A consumer protection law that regulates the disclosure of consumer credit reports byconsumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record. |
| fair market value |
| The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. |
| Fannie 97® |
| A financing option for a fixed-rate mortgage that offers home buyers a 3 percent downpayment loan with either a 25- or 30-year term. The mortgage features a loan-to-value(LTV) percentage of 97 percent, and is designed to expand homeownership opportunities for people with modest incomes. Borrowers must take a pre-purchase home-buyer educationsession to qualify for a Fannie 97 mortgage. |
| Fannie Mae (FNMA) |
| Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Over the past 30 years, Fannie Mae hasprovided nearly $2. 5 trillion of mortgage financing for over 30 million families |
| Fannie Mae's Community Home Buyer's ProgramSM |
| An income-based community lending model, under which mortgage insurers and Fannie Maeoffer flexible underwriting guidelines to increase a low- or moderate-income family's buyingpower and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer educationsessions. |
| Federal Home Loan Mortgage Corporation (FHLMQ) |
| A quasi-governmental agency that purchases conventional mortgages in the secondary mortgage market from insured depository institutions and HUD approved mortgage bankers. It sells participation sales certificates secured by pools of conventional mortgage loans, their principal and interest guaranteed by the federal government through theFHLMC. It also sells Government National Mortgage Association bonds to raise funds to finance the purchase of mortgages. Popularly known as Freddie Mac. |
| Federal Housing Administration (FHA) |
| An agency of the U. S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing. |
| Federal National Mortgage Association (FNMA) |
| See Fannie Mae |
| fee simple |
| The most extensive interest in land that can be enjoyed. It is of perpetual duration. |
| Fees and Charges
Worksheets (htm) |
| Enter the fees and charges which should always be included or
always be excluded from a loan calculation. Use the Real Estate Loan Special
Exclusions tab to enter fees and charges which should be excluded from all
mortgages. Totals display at the beginning of the screen.
|
| FHA |
| A loan insured by the Federal Housing Administration (of HUD). |
| FHA mortgage |
| A government-backed mortgage loan supported by the US FHA and the Department of Housing and Urban Development (HUD). |
| final Inspection |
| Home inspection made by a lender, VA, FHA or the appraiser after a new home or repairs have been completed. |
| finance charge |
| The total dollar amount your loan will cost you. It includes all interest payments for the life of the loan, any interest paid at closing, your origination fee and any other charges paid to the lender and/or broker. |
| finder's fee |
| A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower. |
| Finder's fee (htm) |
| Enter
the fee paid to someone who brings a borrower to a lender. If this fee is paid
by the borrower, it is always included in the finance charge.
|
| firm commitment |
| A lender's agreement to make a loan to a specific borrower on a specific property. |
| First and Last Pages
Only (htm) |
| Select to print only the first and last pages of the report.
|
| First Month to Skip (htm) |
| Select
the first month to skip from the drop-down list.
|
| first mortgage |
| A mortgage that is the primary (senior) lien against a property. |
| First Page (htm) |
| Click
to display the first page of the results.
|
| First Year Property Charges |
| The first year property charges (i.e. taxes, insurance, etc.). This variable is Homekeeper specific and has no effect if you are calculating a HECM. |
