Real Estate Terms

Real Estate Terminology and Acronyms

Real Estate Terms and Acronyms Used in Bozeman Montana Real Estate Transactions

ALTA American Land Title Association
APR Annual Percentage Rate
ARM Adjustable Rate Mortgage
ATIMA As Their Interest May Appear
BD Buy Down
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
Eofl Evidence of Insurance
FCRA Fair Credit Reporting Act
FHA Federal Housing Administration
FHLMC Freddie Mac
FICO Credit Score
FIR Fully Indexed Rate
FNMA Fannie Mae
GFE Good Faith Estimate
GNMA Government National Mortgage Association (Ginnie Mae)
GPM Graduated Payment Mortgage
HELOC Home Equity Line of Credit
HOA Home Owners Association
HUD Department of Housing and Urban Development
IBS Individual Benefit Statement
IND Individual
INV Investor
JT Joint
JTRS Joint Tenants with Rights of Survivorship
Legal Legal Description of 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 Verification
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
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
TIL Truth-in-Lending
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 Adjusted Annually
7/1 Fixed-Rate Loan for 7 Years then Adjusted Annually
10/1 Fixed-Rate Loan for 10 Years then Adjusted Annually



All information contained herein is derived from sources deemed reliable, however, is not guaranteed by Christie’s International Real Estate, Managing Broker, Agents or Sellers. Offering is subject to error, omissions, prior sales, price change or withdrawal without notice and approval of purchase by Seller. We urge independent verification of each and every item submitted, to the satisfaction of any prospective purchaser. 2015 – 2017 ©Copyright Taunya Fagan Montana Real Estate. All rights reserved. An independently owned and operated member of Christie’s International Real Estate. Equal Housing Opportunity.