Slideshow 10 more abbreviations every mortgage pro must know

Published
  • April 13 2017, 2:46pm EDT

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.

<b>FHFA</b>

Clue: On Sept. 7, 2008, this regulator placed Fannie Mae and Freddie Mac into conservatorship.

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<b>FHFA</b>

Federal Housing Finance Agency

<b>WAM</b>

Clue: It is not the name of a British pop group, but part of a mortgage servicing rights buyer's portfolio analysis.

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<b>WAM</b>

Weighted Average Maturity

<b>PMIER</b>

Clue: The government-sponsored enterprises want to make sure mortgage insurers have enough money to pay claims.

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<b>PMIER</b>

Private Mortgage Insurer Eligibility Requirements

<b>COFI</b>

Clue: This is not your morning beverage but a reference index for some adjustable rate mortgages.

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<b>COFI</b>

Cost of Funds Index

<b>UCD</b>

Clue: This GSE creation allows information on the closing disclosure to be communicated electronically.

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<b>UCD</b>

Uniform Closing Dataset

<b>SCRA</b>

Clue: Active duty military families receive extra protections against foreclosure under this law. Violations could be costly.

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<b>SCRA</b>

Servicemembers Civil Relief Act

<b>FIRREA</b>

Clue: This response to the thrift crisis of the 1980s instituted rules that still govern residential property appraisals.

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<b>FIRREA</b>

Financial Institutions Reform Recovery and Enforcement Act

<b>CLTV</b>

Clue: It's the ratio of the total amount of debt on a property and its value; some lenders went up to 125%.

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<b>CLTV</b>

Combined Loan To Value

<b>ARC</b>

Clue: Freddie Mac seller/servicers can choose this alternative for sending the agency its portion of the monthly payment.

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<b>ARC</b>

Accelerated Remittance Cycle

<b>MISMO</b>

Clue: This group creates the specifications lenders use to share data.

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<b>MISMO</b>