10 more abbreviations every mortgage pro must know
April 13, 2017 2:46 PM
Love 'em or hate 'em, the mortgage business is full of jargony abbreviations. There are even abbreviations of abbreviations (we're looking at you, TRID). Some abbreves are so ubiquitous, it's easy to forget what they even stand for.
Test your mortgage knowledge on these key industry terms. Consider the category and clue to hazard a guess before flipping to the answer on the next slide.
Check out the first edition of our mortgage abbreviation slideshow here.
Test your mortgage knowledge on these key industry terms. Consider the category and clue to hazard a guess before flipping to the answer on the next slide.
Clue: On Sept. 7, 2008, this regulator placed Fannie Mae and Freddie Mac into conservatorship.
Federal Housing Finance Agency
Clue: It is not the name of a British pop group, but part of a mortgage servicing rights buyer's portfolio analysis.
Weighted Average Maturity
Clue: The government-sponsored enterprises want to make sure mortgage insurers have enough money to pay claims.
Private Mortgage Insurer Eligibility Requirements
Clue: This is not your morning beverage but a reference index for some adjustable rate mortgages.
Cost of Funds Index
Clue: This GSE creation allows information on the closing disclosure to be communicated electronically.
Uniform Closing Dataset
Clue: Active duty military families receive extra protections against foreclosure under this law. Violations could be costly.
Servicemembers Civil Relief Act
Clue: This response to the thrift crisis of the 1980s instituted rules that still govern residential property appraisals.
Financial Institutions Reform Recovery and Enforcement Act
Clue: It's the ratio of the total amount of debt on a property and its value; some lenders went up to 125%.
Combined Loan To Value
Clue: Freddie Mac seller/servicers can choose this alternative for sending the agency its portion of the monthly payment.
Accelerated Remittance Cycle
Clue: This group creates the specifications lenders use to share data.
