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.
| 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.
|
| 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.
|
| 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.
|
| If declining balance,
then ending balance (htm) |
| Select if the declining balance should be based on the
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. |
| 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 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.
|
| Insurance Rate 1, 2 (htm) |
| Enter
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.
|
| 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.
|
| 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. |
| 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.
|
| 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. |
| 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. |
| 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.
|
| Interest portion of
pmt (F) (htm) |
| Select to insert a column to display the interest portion of the
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.
|
| 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).
|
| 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.
|
| 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.
|
| 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.
|
