The Amount of money the borrower needs to bring to closing to complete the real estate purchase; however, does not refer to actual physical cash
Cash to Close (CTC)
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In spousal or community property states, a borrowerโs spouse must sign closing documents even if that spouse is not named on the loan
Non-Borrowing Spouse (NBS)
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Borrowers are required to submit certain information and/or documentation to get a loan approved; however, if they fail to respond to attempts to collect these items the loan file can be closed
File Closing for Incompleteness (FCI)
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Since some loan programs are only designed to finance a borrowerโs principle residence, the borrower must submit proof that the address being mortgaged is where he or she actually lives.
Proof of Occupancy (POO)
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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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This is a legal document that authorizes one person to act on behalf of another.
Power of Attorney (POA)
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Also known as a loan officer, these individuals are knowledgeable about all the various types of loans offered and can advise borrowers on the best options for their needs
Loan Advisor
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Monthly payments are due the first of every month, with a 15-day grace period before fees are assessed.
Next Payment Due (NPD)
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Forms that must be sent to the borrower to inform them of costs or procedures associated with their loan.
Disclosures
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This is the most common type of home listed.
Single Family Home (SFH)
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An agreement between two mortgagees holding mortgages on the same real estate property that agrees to the priority of each mortgage.
Subordination
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Freedomโs centralized computer software program where all loan information is housed, accessed by Operations personnel and updated as required by role
Lakewood (LW)
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Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for this type of insurance