Share Mortgage Acronyms and Terms for Streamline
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The estimated date that is provided to the borrower, but is not the same as the exact date of closing
Anticipated Closing Date (ACD)
Provides a more complete picture by taking the interest rate as a starting point and accounting for lender fees and other charges required to finance the mortgage loan
Annual Percentage Rate (APR)
The individual receiving funds on loan from a lender, obligating him/herself to terms of repayment
Borrower (BWR)
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)
A second individual receiving funds on loan from a lender, obligating him/herself to terms of repayment
Co-Borrower (CB)
Five page form that provides final details about the mortgage loan the borrower has selected.
Closing Disclosure (CD)
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)
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)
A software system used by Freedom to store and index loan related documents for current and past loan applications.
Electronic Document Management System (EDMS)
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)
Freedom Mortgage is dedicated to fostering homeownership in America. We build lasting relationships – one loan at a time – by providing personalized mortgage solutions and unparalleled service
Freedom Mortgage Corporation (FMC)
An organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents
Homeowner's Association (HOA)
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)
The Federal agency responsible for national policy and programs that address America's housing needs, that improve and develop the Nation's communities, and enforce fair housing laws.
Housing Urban Development (HUD)
This is a loan status in Lakewood and the status in which the loan is received in Streamline processing.
Iniital Disclosure Complete (IDC)
This is the borrower’s commitment to a lender. If a borrower has applied for a loan and has received loan estimates from a few lenders, he or she must notify which lender’s loan offer will be accepted within 10 business days after basic app
Intent to Proceed (ITP)
