Mortgage Glossary Terms
Mortgage Definitions Dictionary
Below you will find an extensive list of mortgage glossary terms and a mortgage definitions dictionary. Learning mortgage terminology will help you pass the NMLS exam with confidence. Our online SAFE MLO exam prep has helped thousands of test-takers pass their mortgage loan originator examination!
Pass The NMLS Test - START NOW!Our program comes with 1,000 mortgage test questions with detailed answer explanations updated for 2023 rules and regulations. You will also get access to mortgage term flashcards, 50 additional MLO math prep test questions, mortgage exam prep videos, and reliable support from an expert mortgage instructor.
OUR SAFE MLO EXAM PREP INCLUDES...
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1,000 Practice Questions (UST)
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Vocabulary Flashcards & Glossary
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Expert MLO Instructor Support
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Study Mode & Timed Exam Mode
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User-Friendly On All Devices
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1 Year of Unlimited Access
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50 Additional Math Questions
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MLO Exam Tip Videos
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2023 Rules & Regulations
"I passed the NMLS exam on my first try..."
Pass your NMLS exam guaranteed! Our mortgage exam prep has helped thousands of test-takers pass their mortgage loan originator exam. Our MLO exam prep comes with 1,000 mortgage test questions up to date with the latest 2023 rules and regulations, 50 additional mortgage math questions, NMLS test flashcards, NMLS exam prep tip videos, and reliable support from an expert mortgage instructor.
Our SAFE MLO Exam Prep Covers: Federal Mortgage-Related Laws, General Mortgage Knowledge, Mortgage Loan Origination Activities, Ethics, and Uniform State Content.
Study For Your NMLS Test On Any Device
1,000 NMLS Practice Test Questions
8 Mortgage Tests & NMLS Exam Vocabulary Flashcards
50 Additional MLO Math Practice Questions
All Mortgage Math Topics Will Be Covered
User Friendly Dashboard On All Devices
Take Exams in Practice Mode, or Live Exam Mode!
Facebook Support Group
Q&A With Expert Mortgage Teacher
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3
- 3/1 ARM
-
5
- 5/1 ARM
-
A
- ACH (Automatic Clearing House)
- ALTA
- APR
- ARM
- ARM assumbility
- ARM disclosure
- ARM handbook
- Abstract of title
- Acceleration clause
- Accrued interest
- Acquisition costs
- Acquisition loan
- Addendum
- Additional principal payment
- Adjustable rate
- Adjustable-Rate Mortgage (ARM)
- Adjusted gross income
- Adjustment interval
- Adjustment period
- Affiliates
- Agent
- Agreement of sale
- Agreement/offer
- Agricultural property
- Alimony
- Alt-A Mortgage
- Alternative documentation
- American Land Title Association (ALTA)
- Amortization
- Amortization
- Amortization re-cast limitation
- Amortization re-cast period
- Amortization schedule
- Annual Income
- Annual Percentage Rate (APR)
- Applicant
- Application
- Application fee
- Appraisal
- Appraisal Fee
- Appraised value
- Appraiser
- Appreciation
- Arm's-length transaction
- As separate property
- Assessed valuation
- Assessment
- Asset
- Assignment
- Assumability
- Assumable mortgage
- Assumption
- Assumption
- Attorney fee
- Automated underwriting
-
B
- Balance sheet
- Balloon Mortgage
- Balloon Payment
- Bank check
- Bankruptcy
- Basis point
- Bearer
- Bequest
- Bill of sale
- Biweekly Mortgage
- Blanket Mortgage
- Bona fide
- Bond
- Borrower
- Borrower (Mortgagor)
- Borrower paid mortgage insurance (BPMI)
- Break-even point
- Bridge Loan
- Broker
- Buy-Down
- Buydown
- Buyer's broker
- Buyer's market
-
C
- CC&Rs
- CFPB
- CLTV
- COFI
- CRV
- Call option
- Caps
- Caps (Payment)
- Cash reserve
- Cash to close
- Cash-In Refinance
- Cash-Out Refinance
- Cash-out
- Cash-out refinancing
- Cashier's check (or bank check)
- Ceiling
- Certificate of Occupancy
- Certificate of Reasonable Value (CRV)
- Certificate of eligibility
- Certificate of title
- Certificate of veteran status
- Certified check
- Chain of title
- Changed circumstance
- Chat with an Agent Online
- Clear title
- Closing
- Closing (or settlement)
- Closing Checklist
- Closing Costs
- Closing Disclosure
- Closing agent/settlement agent.
- Closing date
- Closing statement
- Cloud on title
- Co-Borrower
- Co-borrower(s)
- Collateral
- Collection
- Combined loan-to-value (CLTV)
- Combo Loan
- Commission
- Commitment
- Commitment (loan)
- Commitment letter
- Comparable properties
- Compensating factors
- Concession
- Condominium
- Conforming Loan
- Construction Loan
- Consumer Financial Protection Bureau (CFPB)
- Contingency
- Contract of sale
- Conventional Loan
- Conventional Mortgage
- Conversion clause
- Conversion option
- Convertible ARM
- Convertible ARMs
- Conveyance
- Cooperative
- Cosigner
- Cost of funds index (COFI)
- Covenant
- Covenants, conditions and restrictions (CC&Rs)
- Credit History
- Credit Report
- Credit Requirements
- Credit Score
- Credit limit
- Credit reporting
- Credit reporting agency
- Credit risk
-
D
- De minimis PUD
- Debt Ratio
- Debt-to-Income Ratio
- Debt-to-income ratio (DTI)
- Deed
- Deed of Trust
- Deed-in-Lieu of Foreclosure
- Default
- Deferred Interest
- Delinquency
- Department of Housing and Urban Development (HUD)
- Department of Veterans Affairs (VA)
- Deposit
- Depreciation
- Disclosure
- Discount Points
- Discount Rate
- Discount points (or Points)
- Doctor Mortgage
- Documentary stamps
- Down Payment
- Down Payment Grant
- Down payment assistance program
- Draw period
- Due-on-sale clause
-
E
- ECOA
- Earnest Money
- Effective interest rate
- Eligibility
- Encroachment
- Encumbrance
- End of draw
- End of term
- Equal Credit Opportunity Act
- Equal Credit Opportunity Act (ECOA)
- Equal Credit Opportunity Act (ECOA).
- Equity
- Equity loan
- Escrow
- Escrow account
- Escrow agent
- Escrow payment
- Escrow waiver
- Estimated closing date
- Estimated monthly payment
- Estimated settlement charges
-
F
- FHA
- FHA Funding Fee
- FHA Handbook
- FHA Limits
- FHA Loan
- FHA Minimum Standards
- FHA One-Time Close
- FHA Refinance
- FHA Requirements
- FHAct
- FHLMC
- FIAR
- FICO Score
- FMHA
- FNMA
- Fair Credit Reporting Act (FCRA)
- Fair Housing Act (FHAct)
- Fannie Mae
- Farmer's Home Administration (FMHA)
- Federal Funds Rate
- Federal Home Loan Mortgage Corporation
- Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)
- Federal Home Loan Mortgage Corporation - FHLMC (Freddie Mac)
- Federal Housing Administration (FHA)
- Federal National Mortgage Association (FNMA or Fannie Mae)
- Federal National Mortgage Association- FNMA (Fannie Mae)
- Federal National Mortgage Corporation
- Federal Reserve
- Fee simple
- First adjusted payment
- First mortgage
- First-Time Home Buyer
- First-Time Homebuyer
- Fixed Rate Mortgage
- Fixed interest rate
- Fixed rate
- Fixed-Rate Mortgage
- Fixed-rate advance (FRA)
- Floating interest rate
- Flood insurance
- Floor
- Floor (Interest - ARM)
- Forbearance
- Foreclosure
- Foreclosure (or repossession)
- Freddie Mac
-
G
- GNMA
- GPM
- Gift Letter
- Ginnie Mae
- Good Faith Estimate
- Government National Mortgage Association (GNMA or Ginnie Mae)
- Government National Mortgage Association (GNMA)
- Grace period
- Graduated Payment Mortgage
- Graduated Payment Mortgage (GPM)
- Gross
- Gross income
- Gross monthly income
- Guarantee
- Guaranty
-
H
- HARP Loan
- HUD
- HUD-1 Settlement Statement
- Hard Money Loan
- Hazard Insurance
- High-ratio loan
- Home Appraisal
- Home Equity
- Home Equity Line of Credit
- Home Equity Loan
- Home Inspection
- Home Mortgage Disclosure Act (HMDA)
- Home Valuation Code of Conduct (HVCC)
- Home loan processor
- Home mortgage consultant
- Homeowner's insurance policy
- Homeowners association dues
- Homeowners insurance
- Homeowners warranty
- Housing and Economic Recovery Act (HERA)
- Housing and Urban Development (HUD)
- Housing code
- Housing expense ratio
- Housing expense-to-income ratio
-
I
- Identity Theft
- Impound (or reserves)
- Impound Account
- Impounds or reserves
- Income/expense ratio
- Index
- Index (ARM)
- Index/index rate
- Initial rate
- Insolvency
- Interest
- Interest Rate
- Interest rate cap
- Interest rate change date
- Interest rate floor
- Interest rate range
- Interest-Only Mortgage
- Interest-only payments
- Interim interest
- Investment Property
- Islamic Mortgage
-
L
- LIBOR (London Interbank Offered Rate)
- LTV
- Land acquisition loan
- Late charge
- Lender
- Lender Credit
- Lender Overlay
- Lender paid mortgage insurance (LPMI)
- Lender-Paid Mortgage Insurance
- Letter of Explanation
- Liability coverage
- Lien
- Life cap (Interest)
- Lifetime cap
- Limited partnership
- Line of credit
- Liquidity
- Loan Application
- Loan Approval
- Loan Balance
- Loan Calculator
- Loan Estimate
- Loan Guidelines
- Loan Officer
- Loan Origination
- Loan Processor
- Loan Term
- Loan administration
- Loan application fee
- Loan conditions
- Loan modification
- Loan origination fee
- Loan purpose
- Loan servicing
- Loan to value ratio (LTV)
- Loan-to-Value
- Loan-to-Value Ratio
- Loan-to-value (LTV) ratio
- Lock or lock-in
- London Interbank Offered Rate (LIBOR)
- Loss payable clause
-
M
- MIP
- MIP (Mortgage insurance premium)
- Manufactured home
- Margin
- Market price
- Market rate
- Market value
- Marketable title
- Maturity date
- Maximum interest rate/maximum monthly payment
- Mobile home
- Modular house
- Monthly Payment
- Monthly housing expense
- Mortgage
- Mortgage Broker
- Mortgage Closing
- Mortgage Discount Points
- Mortgage Due Date
- Mortgage Insurance
- Mortgage Late
- Mortgage Lender
- Mortgage Payment
- Mortgage Points
- Mortgage Principal
- Mortgage Rate
- Mortgage Rate Lockfloat their rate
- Mortgage Term
- Mortgage Underwriter
- Mortgage banker
- Mortgage commitment
- Mortgage insurance premium (MIP)
- Mortgage loan
- Mortgage loan originator
- Mortgage note
- Mortgagee
- Mortgagor
-
N
- NMLSR ID
- Nationwide Mortgage Licensing System and Registry (NMLSR)
- Negative Amortization
- Neighborhood Stabilization Program (NSP)
- Net
- Net effective income
- New principal balance
- Ninja Loan
- No Closing Cost Refinance
- Non-assumption clause
- Non-conforming loan
- Non-dischargeable debt
- Note
- Notice of default
-
O
- Obama Mortgage
- Office of Comptroller Currency
- Option Arm
- Origination
- Origination Fee
- Origination charge
- Owner Occupied
- Owner financing
- Owner occupancy
-
P
- PITI
- PMI
- Par Rate
- Payment Shock
- Payment cap
- Payment cap (ARM)
- Payment change date
- Payoff
- Payoff figures
- Per diem interest
- Periodic interest cap
- Permanent loan
- Personal property
- Piggyback Mortgage
- Planned Unit Development (PUD)
- Plans and specifications
- Points (or Discount points)
- Power of Attorney
- Pre-Approval
- Pre-Approval/Pre-Qualification
- Pre-payment penalty
- Preapproval
- Preliminary title report
- Prepaid expenses
- Prepaid interest
- Prepaids
- Prepayment
- Prepayment Penalty
- Prepayment fee or penalty
- Prequalification
- Primary Residence
- Primary mortgage market
- Prime Rate
- Principal
- Principal balance
- Principal payment
- Private mortgage insurance (PMI)
- Processing
- Profit and loss statement
- Property Tax
- Property Title
- Property usage
- Purchase Money Mortgage
- Purchase agreement
- Purchase contract (agreement/offer)
-
R
- RESPA
- Rate cap.
- Rate lock
- Rate lock expiration date
- Rate lock period
- Real Estate Agent
- Real Estate Owned (REO)
- Real Estate Settlement Procedures Act
- Real Estate Settlement Procedures Act (RESPA)
- Real assets
- Real estate
- Real estate broker
- Real estate/property taxes
- Real property
- Reclamation
- Reconveyance
- Recording
- Recording fee
- Refinance two main types of refinancingrate and term refinancecash-out refinance
- Refinancing
- Reissue or refinance rate (for title insurance)
- Rent with option to buy
- Repayment period
- Repossession (or foreclosure)
- Rescission
- Rescission period
- Reserve Requirements
- Reserves
- Resetting the Clock
- Responsible Lending Principles
- Responsible Servicing Principles
- Reverse Mortgage
- Revolving line of credit
- Right of Rescission
-
S
- Sale agreement
- Sales contract
- Satisfaction
- Satisfaction of mortgage
- Second Mortgage
- Second home (vacation home, weekend home)
- Secondary mortgage market
- Section 203(k) loan program
- Security
- Security instrument
- Security interest
- Seller Carryback
- Seller contributions
- Seller's broker
- Seller's market
- Servicing (or Loan administration)
- Settlement (or Closing)
- Settlement cost (HUD guide)
- Settlement costs
- Short Refinance
- Short Sale
- Simple interest
- Single Family Home
- Site value
- Start rate
- Stated Income Mortgage
- Streamline Refinance
- Subdivision
- Subordinate
- Subprime Mortgage
- Subsidized second mortgage
- Survey
- Sweat equity
-
T
- Tax impound
- Tax lien
- Tax sale
- Teaser Rate
- Term
- Title
- Title (insurance) company
- Title Insurance
- Title company
- Title insurance policy
- Title search
- Torrens certificate
- Transfer tax
- Trust account
- Trust deed
- Trustee
- Truth-in-Lending Act
- Truth-in-Lending Act (TILA)
-
U
- USDA loan
- Underwater Mortgage
- Underwriter
- Underwriting
- Uniform Residential Loan Application (URLA)
- Upfront Mortgage Insurance Premium (UFMIP)