FirstBank OnBoarding Manual - Flipbook - Page 101
ACRONYMS AND ABBREVIATIONS
Mortgage Acronyms and Abbreviations
AHFA - Alabama Housing Finance Authority
FICO - Fair Isaac Corp (Credit Score)
ARM - Adjustable Rate Mortgage
FNMA - Fannie Mae (DU)
APR - Annual Percentage Rate
HELOC - Home Equity Line of Credit
AUS - Automated Underwriting System
• LPA
• DU
HOA - Home Owners Association
BPS - Basis Points
CAIVRS - Credit Alert Interactive Voice
Response System
COE - Certificate of Eligibility
100
HOI - Home Owners Insurance
HUD - Housing and Urban Development
HUD App Date - Application Date
IP - Investment Property
CONV - Conventional Loan
IRRRL - Interest Rate Reduction Refinancing
Loan (VA)
CD - Closing Disclosure
IRS - Internal Revenue Service
CFPB - Consumer Financial Protection Bureau
LOA - Loan Officer Assistant
CLTV -Combined Loan to Value
LE - Loan Estimate
CPI - Consumer Price Index
LIBOR - London Interbank Offered Rate
CTC or C2C - Clear to Close
LO - Loan Officer
DD214 - Military Discharge Form
LOE - Letter of Explanation
DO - Desktop Originator
LOI - Letter of Intent
DTI - Debt to Income
LOX - Letter of Explanation
DU -Desktop Underwriter (FNMA)
LPA - Loan Prospect Advisor (FDMC) (FMLMC)
ECOA - Equal Credit Opportunity Act
LPMI - Lender Paid Mortgage Insurance
FDIC - Federal Deposit Insurance Corporation
LTV - Loan to Value
FHLMC - Freddie Mac (LPA)
MCC - Mortgage Credit Certificate
FEMA - Federal Emergency Management Agency
MGIC - Mortgage Guaranty Insurance Corporation
FHA - Federal Housing Administration
MIP - Mortgage Insurance Premium (MI)
Onboarding Manual
Confidential. Property of FirstBank. Not for Distribution.
