This refers to a real estate development that integrates residential and commercial buildings with open spaces in a single project.
Planned Urban Development (PUD)
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Five page form that provides final details about the mortgage loan the borrower has selected.
Closing Disclosure (CD)
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The government agency that issues and insures mortgage by the VA.
Veterans Affairs (VA)
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Paying off an existing mortgage loan while simultaneously taking a new one.
Refinance
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In the refinance process, when the borrower made their last payment on their current loan could be important to determine if seasoning (how old the current loan is) requirement have been met
Last Payment Made (LPM)
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Also known as the loan processor, this individual keeps the borrower informed through email, inbound and outbound calls, about the status of his/her loan application
Customer Advocate (CA)
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An up-to-date report on the total of funds needed to satisfy the debt of an existing mortgage.
Payoff
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Makes it unlawful for any creditor to discriminate against any applicant, on any kind of credit transaction based on race, color, religion, nationality, sex, marital status or age
Equal Credit Opportunity Act (ECOA)
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An organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents
Homeowner's Association (HOA)
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This a form of property insurance that covers losses and damages to an individual's house and to assets in the home
Homeowner's Insurance (HOI)
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Mortgage insurance for conventional loan through Freddie Mac and Fannie Mae is known as?
Private Mortgage Insurance (PMI)
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An order awarded by a court to pay money owed to a creditor.