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APPRAISAL - opinion of property market value
A.P.R. - Annual Percentage Rate
A.U.S. - Automated Underwriting System
CREDIT SCORE - score attached to credit history
Equifax - One of the nations three credit repositories (see Experian and TransUnion)
Experian - One of the nations three credit repositories (see Equifax and TransUnion)
FHA - Federal Housing Administration
FHLMC - Freddie Mac or Federal Home Loan Mortgage Corporation
FNMA - Fannie Mae or Federal National Mortgage Association
G.F.E. - Good Faith Estimate
LOAN APPLICATION (1003) - contains all borrower information
LTV - Loan To Value. Percentage of loan amount to appraised value or price
M.I.P. - Mortgage Insurance Premium (FHA loans)
MORTGAGEE or LENDER - Horizon Home Funding
MORTGAGOR - borrower
P.M.I. - Private Mortgage Insurance (conventional loans)
SUBPRIME - loans that will not meet FNMA/FHLMC criteria
T.I.L. - Truth In Lending
TITLE COMPANY - issues title insurance and closing functions
TransUnion- One of the nations three credit repositories (see Experian and Equifax)
UNDERWRITING - process of validation of borrower documentation
V.A. - Veterans Administration
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