Acronym Crossword Puzzle

123456789101112131415161718
Across
  1. 4. The government agency that ensures FHA loans.
  2. 6. The 5 pieces of information that make up a loan application.
  3. 7. A type of mortgage insurance where the lender, typically through premium pricing, absorbs the cost of the MI in the rate.
  4. 8. A type of mortgage that is popular among first time home buyers due to a low down payment requirement.
  5. 10. A loan disclosure that outlines the fees being paid in conjunction with the mortgage loan. Consumers are legally required to receive and sign acknowledging receipt of this disclosure 3 business days before closing on any Purchase or Refinance.
  6. 11. Government-sponsored enterprises, or financial services corporations, that were created by Congress with the aim of improving the slow of credit into certain housing markets while reducing the cost of that same credit
  7. 12. The upfront and/or periodic charges that the borrower pays for mortgage insurance. There are different mortgage insurance plans with differing combinations of upfront, monthly and annual premiums.
  8. 14. A request for a loan that includes the information about the potential borrower, the property, and the requested loan that the solicited lender needs to render a decision. Also known as an application, and previously known as the “1003”.
  9. 16. The loan amount divided by the lesser of the selling price or the appraised value.
  10. 17. A particular computerized system for doing automated underwriting.
  11. 18. A measure of the cost of credit to the borrower that takes into account the interest rate, points, and flat dollar charges by the lender. The charges covered also include mortgage insurance, but not payments to third parties such as title insurers and appraisers.
Down
  1. 1. One of two Federal agencies that purchase home loans from lenders, known as Freddie Mac.
  2. 2. Freddie Mac's automated underwriting system.
  3. 3. One of two Federal agencies that purchase home loans from lenders, known as Fannie Mae.
  4. 5. Fannie Mae’s automated underwriting system.
  5. 7. The disclosure provided to the borrower within 3 days of application that outlines all of the fees in conjunction with the loan.
  6. 9. Insurance purchased by the borrower and required by the lender, to protect the property against loss from fire and other hazards. Also known as hazard insurance.
  7. 11. U.S. government corporation within the Department of Housing and Urban Development.
  8. 13. The complete components of the monthly housing expense.
  9. 15. A federal consumer protection statute designed to protect home purchasers and owners shopping for settlement services by mandating certain disclosures and prohibiting referral fees and kickbacks.
  10. 17. A mortgage on which the interest rate, after an initial period, can be changed by the lender. During the life of the loan the interest rate will change based on the index and margin. Payments can increase or decrease depending on the index.