Real Estate Terms

Real Estate Terms - Real Estate Abbrevations

Terms and Abbreviations You May Encounter When Buying or Selling Montana Property

Below is a quick reference guide to some of the more commonly used terms and abbreviations a Montana real estate buyer or seller may encounter when buying or selling Montana property.

ALTA - American Land Title Association
APR - Annual Percentage Rate
ARM - Adjustable Rate Mortgage
ATIMA - As Their Interest May Appear
BD - Buydown
CCR - Covenants, Conditions, & Restrictions
CE - Certificate of Eligibility
CHFA  -California Housing Finance Association
CI - Current Index
CK - Check
CLTV - Combined Loan-to-Value
CMT - Constant Maturity Treasury
CO - Certificate of Occupancy
DBA - Doing Business As
DE - Direct Endorsement
Disc - Discount
DO  -Desktop Originator
docs - Documents
DOT - Deed of Trust
DU - Desktop Underwriting
ECOA - Equal Credit Opportunity Act
EofI - Evidence of Insurance
FAQs - Frequently Asked Questions
FCRA  -Fair Credit Reporting Act
FHA - Federal Housing Administration
FHLMC - Freddie Mac
FICO - Credit Score
FIR - Fully Indexed Rate
FNMA - Fannie Mae
FYI - For Your Information
GFE - Goodfaith Estimate
GNMA - Government National Mortgage Assoc. - (Ginnie Mae)
GPM -Graduated Payment Mortgage
Gross - Gross amount
HELOC - Home Equity Line of Credit
HOA - Home Owners’ Association
HUD - Department of Housing & Urban Development
IBS - Individual Benefit Statement
IND - Individual
Inv - Investor
JT - Joint
JTRS - Joint Tenants with Rights of Survivorship
Legal - Legal description on a property
LOC - Line of Credit
LTV - Loan-to-Value
LP - Loan Prospector
MBA  -Mortgage Bankers Association
MCC - (FHA) Master Conditional Commitment
MCR  -Merged Credit Report
MCRV - Master Certificate of Reasonable Value
MI - Mortgage Insurance
MIP - Mortgage Insurance Premium (FHA)
MLS - Multiple Listing Service
NAR - National Association of Realtors
NAV  -No Asset Verification
Net - Net amount
NINA - No Income No Asset

NIV - No Income VerificationN/O/O Non-Owner-Occupied
OIS  - Operating Income Statement
O/O - Owner-Occupied
Orig - Origination
P&L - Profit & Loss
PMI - Private Mortgage Insurance
POA - Power of Attorney
PUD - Planned Unit Development
Pur - Purchase
R&E - Renewal & Extension
Refi - Refinance
RESPA - Real Estate Settlement Procedure Act
rider - Attachment to a Deed or Note
RLIC - Residential Loan Inventory Control
RLPC - Residential Loan Production Control
RLPC - Rate Lock Price Confirmation
Schedule A - Schedule on a title report
SLMA - Student Loan Mortgage Association (Sallie Mae)
SOP - Standard Operating Procedure
SRP - Service Release Premium
Sub - Subordination Agreement
term - Loan term
VA - Veterans Administration
VOD - Verification of Deposit
VOE - Verification of Employment
VOL - Verification of Loan
VOM - Verification of Mortgage
VOR - Verification of Rent
VHDA - Virginia Housing Department Association
TIL - Truth-in-Lending
1040s - Tax Returns
30/15 - 30-year balloon loan due in 15 years
15/15 - 15-year balloon loan due in 15 years
3/1 - Fixed-rate loan for 3 years then adjusts every year after
5/1 - Fixed-rate for 5 years then adjusts every year after
7/1 - Fixed-rate for 7 years then adjusts every year after
10/1 - Fixed-rate for 10 years then adjusts every year after
7/23 - Fixed-rate for 7 years then comes due to payoff/refi
5/25 - Fixed-rate for 5 years then comes due to payoff/refi
3-2-1 - 3-year buydown
2-1 - 2-year buydown
28/36 - Ratios for Qualifying (front ratio/back ratio)
33/38 - Ratios for Qualifying (front ratio/back ratio)
360 - 30-year loan
240 - 20-year loan
180 - 15-year loan
120 - 10-year loan
3 ˝ - Computer Disk
2nd - Second Mortgage

 

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