November 16th, 2020

Bozeman Real Estate Terms

Glossary of Bozeman Real Estate Terms and Acronyms

Have you ever wondered about the meaning of various real estate-related terms?

ALTAAmerican Land Title Association
APRAnnual Percentage Rate
ARMAdjustable Rate Mortgage
ATIMAAs Their Interest May Appear
BDBuy Down
CCRCovenants, Conditions & Restrictions
CECertificate of Eligibility
CHFACalifornia Housing Finance Association
CICurrent Index
CLTVCombined Loan-to-Value
CMTConstant Maturity Treasury
COCertificate of Occupancy
DBADoing Business As
DEDirect Endorsement
DODesktop Originator
DOTDeed of Trust
DUDesktop Underwriting
DADual Agency
ECOAEqual Credit Opportunity Act
EoflEvidence of Insurance
FCRAFair Credit Reporting Act
FHAFederal Housing Administration
FHLMCFreddie Mac
FICOCredit Score
FIRFully Indexed Rate
FNMAFannie Mae
GFEGood Faith Estimate
GNMAGovernment National Mortgage Association (Ginnie Mae)
GPMGraduated Payment Mortgage
HELOCHome Equity Line of Credit
HOAHome Owners Association
HUDDepartment of Housing and Urban Development
IBSIndividual Benefit Statement
JTRSJoint Tenants with Rights of Survivorship
LegalLegal Description of a Property
LOCLine of Credit
LPLoan Prospector
MBAMortgage Bankers Association
MCC(FHA) Master Conditional Commitment
MCRMerged Credit Report
MCRVMaster Certificate of Reasonable Value
MIMortgage Insurance
MIPMortgage Insurance Premium (FHA)
MLSMultiple Listing Service
NARNational Association of Realtors
NAVNo Asset Verification
NETNet Amount
NINANo Income No Asset
NIVNo Income Verification
OISOperating Income Statement
P&LProfit & Loss
PMIPrivate Mortgage Insurance
POAPower of Attorney
PUDPlanned Unit Development
R&ERenewal & Extension
RESPAReal Estate Settlement Procedure Act
RiderAttachment to a Deed or Note
RLICResidential Loan Inventory Control
RLPCResidential Loan Production Control
Schedule ASchedule on a Title Report
SLMAStudent Loan Mortgage Association (Sallie Mae)
SOPStandard Operating Procedure
SRPService Release Premium
SubSubordination Agreement
TermLoan Term
VAVeterans Administration
VODVerification of Deposit
VOEVerification of Employment
VOLVerification of Loan
VOMVerification of Mortgage
VORVerification of Rent
30/1530 Year Balloon Loan due in 15 Years
15/1515 Year Balloon Loan due in 15 Years
3/1Fixed-Rate Loan for 3 Years then Adjusted Annually
7/1Fixed-Rate Loan for 7 Years then Adjusted Annually
10/1Fixed-Rate Loan for 10 Years then Adjusted Annually


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