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.
| 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. |
| Payment Amount |
| The amount of the periodic payment in a HECM where the line of credit is to be calculated. If this number is entered as 1.0 or less, it is calculated based on a percentage of the principal limit. If there is no periodic payment, this variable should equal 0. |
| Payment Amount (htm) |
| Displays
the amount the borrower will repay, based on the loan type and variables.
ZMath® determines this figure when you click the Calculate button and displays
it on the documentation screen.
|
| Payment Amount (QS) (htm) |
| Leave
this field empty to solve for the Payment Amount, when you have entered
something for the Term and Loan Amount.
|
| Payment Cap |
| The amount the payment can increase (or decrease) at each payment change date. Entered as a percentage or dollar amount. |
| Payment Cap $ (htm) |
| Enter
the maximum dollar amount to which the payment can increase for the life of the
loan.
|
| Payment Cap % (htm) |
| Enter
the maximum percentage to which the payment can increase for the life of the
loan.
|
| payment change date |
| The date when a new monthly payment amount takes effect on an adjustable-ratemortgage (ARM) or a graduated-payment adjustable-rate mortgage (GPARM). Generally,the payment change date occurs in the month immediately after the adjustment date. |
| Payment Date (B) (htm) |
| Select
to display a payment due date column in the schedule.
|
| Payment Discount Rate |
| The initial discount rate for a Payment Option ARM. |
| Payment No. (A) (htm) |
| Select
to display the payment number in the Excel spreadsheet.
|
| Payment Option ARM |
| Payment Option ARM Loan - Interest Only Phase |
| Payment Option ARM |
| Payment Option ARM Loan - No Interest Only Phase |
| Payment Periods per
year for Draw Period (htm) |
| Enter the number of payments per year (interest only)
made during the draw period.
|
| Payments due exact
day (htm) |
| Select when payments are due on the same day of every period.
|
| Payments due period
end (htm) |
| Select when payments are due at the end of every period.
|
| Payments per Year |
| This is the frequency you would like to make payments per year, 12 = monthly, 26 = bi-weekly, 4 = quarterly, 1 = yearly. |
| Payments Per Year |
| The number of payments per year. |
| Payments Per Year |
| Enter the number of escrow payments per year for this item. |
| Payments per Year (htm) |
| Enter
the number of times (1, 2, 3, or 4) a year that this item is payable. The
specified number of fields will display, where you can enter the payment
information.
|
| periodic payment cap |
| A limit on the amount that payments can increase or decrease during any one adjustment period under an adjustable rate mortgage. See cap. |
| Periodic rate cap |
| alksdfj |
| Periodic Service Fee |
| The periodic (generally monthly) service fee. The period is determined by the payment frequency (i.e. payments_per_year) |
| Periods per year |
| The number of repayment periods for non-accelerated loans. Select 1 for annual; 2 for semi-annual (twice a year), 3 for three periods of four months each; 4 for quarterly (four periods of three months each); 6 for six periods of two months each; 12 for monthly; and 24 for semi-monthly.
Do not use 24 for bi-weekly or 52 for weekly (accelerated loans).
|
