MERS: Mortgage Electronic Registration Systems. There is one type of mortgage where the adjustment period is monthly. The rate will normally be adjusted either once a year or twice a year. The fixed period can be as short as 1 month or as long as 10 years. LAPP: Lender Appraisal Processing Program ARM: Adjustable Rate Mortgage is a mortgage that will have a fixed rate for a set period of time and then the rate is adjusted. JTWROS: joint tenants with rights of survivorship L IRRRL: Interest Rate Reduction Refinance Loan HUD: Department of Housing and Urban Development HOEPA: Home Ownership and Equity Protection Act of 1994 HCLTV: home equity combined loan-to-value HAMP:Home Affordable Modification Program GNMA:Government National Mortgage Association GAAP: generally accepted accounting principles ![]() ![]() ![]() Here are some of the most common acronyms: AĬAIVRS: Credit Alert Interactive Voice Response SystemĬPIRT: construction-to-permanent investor reportingĬ-to-P: construction-to-permanent mortgage loanĬUSIP: Committee on Uniform Security Identification Procedures DĭELRAP: direct endorsement lender review and approval processįAIR: Fair Access to Insurance RequirementįDIC: Federal Deposit Insurance CorporationįEMA: Federal Emergency Management AgencyįHLMC: Federal Home Loan Mortgage Corporation (Freddie Mac)įNMA: Federal National Mortgage Corp. We’re here to help decode the jumble of letters and make you sound like a pro. There are so many acronyms in the mortgage space that often it can seem like a foreign language.
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