Processing
Compiling and maintaining the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. Mortgage brokers usually process the loans they handle. The processing file is handed off to underwriting for the loan decision.
Popular Mortgage Terms
A loan with no down payment. ...
The interest rate adjusted for intra-year compounding. Because interest on a mortgage is calculated monthly, a 6% mortgage actually has a rate of .5% per month. If there were no principal ...
A particular computerized system for doing automated underwriting. Mortgage insurers and some large lenders have developed such systems, but the most widely used are Fannie Mae's 'Desktop ...
A term that small lenders sometimes use to distinguish themselves from mortgage brokers. ...
Loan applications that are withdrawn by borrowers, because they have found a better deal or for other reasons. ...
A contract provision that adjusts the payment on an ARM periodically to make it fully amortizing. ...
A borrower who doesn't pay. ...
A lender who delivers loans to another (usually larger) lender against prior price commitments the larger lender has made to the correspondent. Mortgage brokers sometimes evolve into ...
A mortgage lender or mortgage broker. ...
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