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.
| Name (htm) |
| Enter your
name.
|
| negative amortization |
| An increase in a mortgage balance due to the fact that the payment amount is not adequate to cover the entire principal and interest due. The amount of the shortfall is added to the outstanding balance creating "negative" amortization. Adjustable rate mortgages allow the interest rate to fluctuate and can cause negative amortization. |
| Negative Amortization
(htm) |
| Enter the maximum amount of the total loan value that the borrower can owe,
if interest rates fluctuate to a point where the borrower's minimum payment
doesn't cover the interest due.
|
| net effective income |
| Gross income less federal income tax. |
| Net Proceeds |
| This is the number used for the calculation of the Total Annual Loan Cost (TALC) table required by Regulation Z. If this variable is equal to 0, the home_value is used. If the number is greater than one it is treated as a dollar amount. If it is 1 or less, it is used as a percentage and multiplied by the home_value to determine the number. Please note that this variable is only used as a short cut when you are trying to calculate a TALC table without reference to a specific example. If you are calculating a specific example, you should send 0 for this value. |
| net worth |
| The value of all of a person's assets, minus all liabilities. |
| New (htm) |
| New.
|
| New Loan (icon) (htm) |
| Click
to create a new study, or loan application.
|
| New Savings (htm) |
| Click
to create a new study file, or savings record.
|
| Next Month Button (htm) |
| Jump
ahead one month.
|
| Next Page (htm) |
| Click
to display the next page of the results.
|
| Next Year Button (htm) |
| Jump
ahead one year.
|
| Non-display columns -
Hidden (htm) |
| Select to hide columns in the Excel spreadsheet that aren't
selected. In Excel, you can choose to display these columns.
|
| Non-display columns -
Removed (htm) |
| Select to delete columns in the Excel spreadsheet that aren't
selected.
|
| non-liquid asset |
| An asset that cannot easily be converted into cash. |
| note |
| A legal document that obligates a borrower to repay a loan. Included terms are: interestrate, amount, maturity and repayment place and repayment method. |
| note rate |
| The interest rate on a loan. |
| notice of default |
| A formal written notice to a borrower that a default has occurred and that legal action may be taken. |
| Number of Compounding Periods |
| Enter the number of interest periods in the account. For example, if you have monthly compounding and the account is 18 months long, this equals 18. |
| Number of Compounding
Periods (htm) |
| Enter the number of interest periods in the account. For example,
if you have monthly compounding and the account is 18 months long, this equals
18.
|
| Number of Decimals for Accruals |
| Enter the number of decimal points that accrual calculations should use when rounding. The minimum value is 5. This value should reflect your current practices. |
| Number of Decimals
for Accruals (htm) |
| Enter the number of decimal points that accrual calculations
should use when rounding. The minimum value is 5. This value should reflect
your current practices.
|
| Number of months of
cushion (htm) |
| Enter the number of advance months for which you want to collect
payments for the escrow item.
|
| odd first period |
| |
| Odd interest adj. (htm) |
| Displays
the methods for paying off odd interest adjustments. Amortize spreads the interest over the total number of payments.
style='mso-bidi-font-style:normal'>Prepaid adds the interest payment to the
closing costs. Amortize - adj final pmt
adds the interest payment to the final loan payment. Irregular 1st Pmt adds the interest payment to the first payment.
|
| odd interest adjustment |
| The amount by which the interest in the odd first period is more or less than a regularperiod must be accounted for in the payment schedule. The methods offered by the ZMath®Engine are: Amortize - Spread the interest ratably over all the payments. Prepaid - The borrower pays the lender (long first period) or the lender pays theborrower (short first payment) in one payment at closing. Amortize-adjust first - The entire amount is charged or credited at the time of thefirst regular payment. Amortize-adjust final - The entire amount is charged or credited at the time of thefinal payment. |
| OK Button (htm) |
| Accepts
the selected or edited entries.
|
| Open Savings (htm) |
| Click
to open a previously saved study file, or savings record.
|
| Open Study (icon) (htm) |
| Click
to open a previously saved study, or loan application.
|
| options and variations |
| The options and variations allowed with each loan type will be displayed when you click onthe choices icon. The combo boxes at the top or the screen represent calculation Options. The radio buttons in the lower part allow choices appropriate to that type. Some choices aren't available because they don't make sense. For example you can't choose skipped payments with a single payment loan, since there aren't any payments to skip. |
| Options and Variations
Screen (htm) |
| Enter the appropriate options and variations for the loan being
calculated. Different loan types display different variations.
You can also enter the interest type, basis, and odd
interest adjustment. The values in these fields default to your User Defaults.
|
| Options and Variations
Screen dd (htm) |
| Enter the appropriate options and variations for the type of
savings scenario being calculated.
Select ‘Deposits’ or ‘Withdrawals’ to indicate regular
deposits or withdrawals amounts and options.
You can also enter the basis and the number of accrual
decimals. The values in these fields default to your User Defaults.
|
| Options and
Variations (htm) |
| Displays the options and variations available to the selected
loan type, along with the entry screen. If you don't check this box, you may
still see the options and variations by clicking the Options and Variations
icon on the entry screen toolbar.
|
| Options and
Variations dd icon (htm) |
| Click to display the options and variations screen. Use
this screen to select options such as basis and number of decimals for accruals
and to select deposits and withdrawals options.
|
| options, basis |
| Options, Rounding |
| Original (htm) |
| Original.
|
| original principal balance |
| The total amount of principal owed on a mortgage before any payments are made. |
| origination Fee |
| The fee(s) charged by a lender to cover certain processing expenses involved in theevaluation, preparation and submission of a mortgage loan. . Usually a percentage of the amount loaned. |
| Origination Fee (htm) |
| Enter
the amount you charge to the borrower for applying for a new loan (usually 1%,
or one point, of the total loan amount).
|
| Other - amount (htm) |
| Enter
the amount for any other fees that you charge the borrower.
|
| Other - explain (htm) |
| Enter
an explanation of the Other fee that you are charging the borrower.
|
| Other Cash Out |
| The amount of any other cash out required by the borrower. |
| Other Closing Costs |
| The total of any other closing costs besides lender fees. |
| Output Type |
| Choose the format of the preview page for the deposit engine data. |
| owner financing |
| An arrangement where which the property seller provides all or part of the financing. |
| Owner of loan (htm) |
| ?
|
| owner's title policy |
| An insurance premium charged by the title company to insure the buyer that the title is free from defects and the seller has merchantable title. |
| partial payment |
| A payment that is not sufficient to cover the scheduled monthly payment of principal and interest on a loan. |
| Payable To |
| Enter the name of the institution to which this payment will be made. |
| Payable to (htm) |
| Enter
the recipient of the escrow item payment. Type the name in the box the first
time you use it and save it if this is a recurring payee.
|
| Payment Adjustment Periods |
| The number of periods before subsequent payment changes. |
