Mortgages Analyzed
Mortgages Analyzed
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Mortgage Glossary
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Amortization Schedule

Amortization table shows the calculation of periodic interest and the application of periodic payment towards the principal and interest.

 
 

Applicant

A person or an entity that is seeking or requesting a mortgage loan.

 

Appraisal

The process of determining an opinion of the value of the property at a specified time by a person that is licensed or authorized to conduct appraisals.

 

Appraisal Disclosure

Appraisal Disclosure is a notice in writing of the applicant's right to receive a copy of appraisal report or any other written valuation developed in connection with a loan application that is secured by a first lien on a one to four unit residential property.

 

Appraisal Report

An appraisal report provides an independent opinion on the value of a property at a specified point time for a given purpose.

 
 

Appraisal Waiver Letter

Appraisal Waiver Letter is a notice to the lender where the loan applicant waives his/her right to receive the appraisal at least three business days prior to loan consummation or account opening, whichever is earlier.

 

Appraised Value

An opinion of the value of a property at a specified time by a person licensed or authorized to conduct appraisals. The appraised value may consider factors such as improvements, location, neighborhood, and rental incomes.

 

Appraiser

Appraiser is a licensed or certified person who prepares the appraisal report and provides the opinion of value.

 

Appreciation

Appreciation is the increase in the property value.

 

Approved Seller

A seller that has been approved by an investor/bank to originate and sell loans to it.

 

Assessed Value

Assessed value is the property value determined by a public official.

 

Automated Underwriting System (AUS)

A computer software that analyzes borrower's information and applies pre-defined decision rules to make an underwriting decision or risk grade.

 

Automated Valuation Model (AVM)

A computer based analytical model to provide an opinion of the market value of the property based on various characteristics such as recent home sales trends in the neighborhood, property features and age, etc.

 

Average Prime Offer Rate (APOR)

Average Prime Offer Rate (APOR) is a survey-based estimate of Annual Percentage Rates (APRs) currently offered on prime mortgage loans.

 
 
 

Balloon Mortgage Loan

Balloon mortgage is a loan where the amortization period is longer than the loan term due to which the monthly payments will not cover the entire principal and interest and results in a lump-sum amount to be due at the end of the loan term.

 

Balloon Payment

Balloon Payment is the lump-sum amount due at the end of the loan term of a balloon mortgage.

 
 

Bank Secrecy Act (BSA)

Bank Secrecy Act (BSA) refers to the laws that require financial institutions to assist the US government in preventing, detecting and reporting money laundering, terrorist financing, and financial crimes

 
 

Bank Statement

Bank Statement is a periodic statement detailing financial transactions, account balances, interest rate changes, and other financial events occurring in a given period of time for a bank account held at a depository institution.

 
 
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