Mortgage acronyms

FHA Program: Fixed Rate Mortgages (Except for Condos)

FHA Rehabilitation Loan Program

Appraisal Form: Operating Expense Statement

Loan Type: Fixed Rate Program – Condominiums

FHA ARM Program

Form: Residential Loan Application

Appraisal Form: Rental Survey

Conventional Form: Transmittal Summary Listing Transaction and Borrower Income/Expense Features

IRS Form to Obtain Income from IRS

Form: Residential Loan Application (same as URLA)

VA Form: Loan Analysis a Summer of Transaction and Borrower Income and Debt Information

System: Automated Certificate of Eligibility

System: Automated Clearing House

Trade Organization: American Institute of Real Estate Appraisers

Form: American Land Title

System: Appraisal Management Company Authorized to Issue Appraisals as a Vendor to a Lender

Law: Anti-Money Laundering

System: Fannie Mae’s Asset Management Networth

Identification: Assessor’s Parcel Number

Formula: Annual Percentage Rate

Loan Type: Adjustable Rate Mortgage

Formula: Ability to Repay as Required by the CFPB & Fannie Mae

System: Automated Underwriting System

Appraisal: Automated Value Model (Appraisal) aka HVM – Housing Value Model

Appraisal: Broker Price Opinion

System: Credit Alert Verification Reporting System

Agency: Consumer Financial Protection Bureau – Agency Focused on Consumer Protection

Formula: Combined Loan-to-Value

Form: Certificate of Eligibility

Property Type: Condominium

Program Type: Conventional Loan

System: Ginnie Mae’s Central Paying and Transfer Agent

VA Form for Appraised Value: Certificate of Reasonable Value

Form: Military Separation Papers – Required on VA Loans to Obtain a Certificate of Eligibility

Designation: Direct Endorsement Underwriter

Process: HUD Condominium Approval Process Performed by Lender

Identification: Driver’s License

Program: Down Payment Assistance Program aka DAP

Report: Delinquency Status Reports for GNMA

Formula: Debt-to-Income Ratio

System: Desktop Undewriter

Insurance: Errors and Omissions

System: Electronic Class for FHA Loss Mitigation and Servicing System

Law: Equality Credit Opportunity Act

Process: Electronic Data Interchange

Identification: Employer Identification Number aka TIN and FEIN

Form: US Environmental Protection Agency

Law: Fair and Accurate Credit Transactions Act

Law: Fair Credit Reporting Act

Agency: Federal Deposit Insurance Corporation

Identification: Federal Employee Identification Number aka EIN and TIN

Agency: Federal Emergency Management Agency

Agency: Federal Financial Institutions Examination Council

Agency: Federal Housing Administration

System: FHA Connection

Agency: Federal Home Loan Bank

Agency: Federal Home Loan Mortgage Corporation aka Freddie Mac

Formula: Credit Score

Formula: Fair Market Value

Agency: Federal National Mortgage Association aka Fannie Mae

Formula: Fair Rent Value

Agency: Federal Trade Commission

Formula: Future Value

Document: Good Faith Estimate

Agency: Government National Mortgage Association aka Ginnie Mae

Program: Home Affordable Foreclosure Alternatives

Program: Home Affordable Refinance Program

Program: Home Equity Conversion Mortgage aka Reverse Mortgage

Loan Type: Home Equity Line of Credit

Law: Home Mortgage Disclosure Act

Insurance: Type of Condo Insurance

Association: Homeowners Association

Law: Home Ownership and Equity Protection Act

Loan Type: High Priced Mortgage Loan aka High Cost Loan

System: Fannie Mae’s Homesaver Solutions Network

Agency: Housing and Urban Development

Form: Settlement Statement Showing All Credits and Debts Related to a Loan Transaction

Appraisal: Home Value Model

Title: Joint Tenants

Law: Know Your Customer

Lender Type: Lender Appraisal Process Program

VA Insurance: Loan Guarantee Certificate

Form: Letter of Explanation

System: Loan Prospector

Form: FHA’s Loan Transmittal (92900-LT) Reflecting Transaction and Borrower’s Incomes/Debts

Formula: Loan-to-Value

Trade Organization: Mortgage Bankers Association

Form: Mortgage Bankers Financial Reporting Form

Portfolio: Mortgage Backed Security

System: Mortgage Electronic Registration System

Insurance: Mortgage Insurance

FHA Form: Mortgage Insurance Certificate

System: Mortgage Identification Number

Formula: Net Operating Incom

Occupancy: Non-Owner Occupied

Appraisal: VA Notice of Value Completed by a Lender’s Approved Underwriter

Occupancy: Owner Occupied

Agency: Office of Thrift Supervision

Formula: Principal, Interest, Taxes, Insurance Amount on Property

Ginnie Mae Pool Processing Agent

Formula: Present Value

Requirement: Quality Assurance

Requirement: Quality Control

Program Type: Rate and Term

Agency: Rural Development

Law: Real Estate Settlement Procedures Act

Formula: Remaining Principal Balance

System: Suspicious Activity Report

Delegation: Staff Appraisal Reviewer

Formula: Service Release Program

Agency: Social Security Administration

Identification: Social Security Identification

Identification: Social Security Number

System: Fannie Mae’s Servicer’s Reconciliation Facility

System: VA’s The Appraisal System

Title: Tenants in Common

Form: Truth-In-Lending

Law: Truth-In-Lending Act

Identification: Tax Identification Number aka EIN and FEIN

Formula: Total Loan-to-Value

Entity: Third Party Originator

Law: Unfair, Deceptive, Abusive Acts or Practices

Fee: Upfront Mortgage Insurance Premium on FHA Loan

Appraisal Form: Uniform Residential Appraisal Report

Form: Uniform Residential Loan Application

Agency: United States Department of Agriculture

Agency: Veteran Affairs

System: VA Electronic Reporting Interface

Form: Verification of Deposit

Form: Verification of Employment

Form: Verification of Mortgage

Form: Verification of Rental Payment

Form: Verbal Verification of Employment