Mortgage Terminology

2. A term used in the Truth in Lending Act to represent the full cost of a loan including interest and loan fees
6. The LOS system used to process the documentation
9. A person qualified to estimate the value of real property.
11. Provided in Good Faith, outlines the terms and conditions of the loan request
12. The conclusion of a transaction
13. Required when the loan amount is over 80% LTV
15. A document completed by a borrowers employer verifying their position and salary
17. The amount of money that the borrower will contribute towards the purchase of a property
18. Someone who analysis the risk involved in making a loan to a potential borrower
19. Mac An investor used to sell loans to in the secondary market

1. The notice provided to the borrower when a negative decision has been made on the loan request
3. The type of transaction when the borrower is borrowing against something that they already own
4. The document used to secure the collateral
5. The type of transaction when the borrower is acquiring a property
7. The document received to evidence the ownership of a property
8. The settlement statement provided at closing detailing the terms and conditions and all closing costs
10. The contract that pays for loss on a home from certain hazards such as fire
14. A claim on the property of another as security against the payment of debt
16. Report A report used to help determine a borrower’s credit worthiness