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The mortgage industry is filled with jargon and abbreviations that can confuse even the most experienced professional. There are 91 different acronyms and abbreviations listed in the Fannie Mae Sellers Guide, and it is not a comprehensive list. Here is a little quiz to test your knowledge of what some of these abbreviations mean. Consider the category and the clue to hazard a guess before flipping to the answer on the next slide.
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HOEPA
Clue: This law sets the thresholds for determining when a loan becomes a high-cost mortgage.
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HOEPA
Home Ownership Equity and Protection Act
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SFHA
Clue: Servicers are required to keep tabs on flood maps to see if they changed and a property had been placed into this zone.
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SFHA
Special Flood Hazard Area
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RHS
Clue: This government program provides mortgage loans for many other purposes besides farm land.
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RHS
Rural Housing Service
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DTI
Clue: Underwriters use this ratio to determine if the borrower has the financial capacity to manage their obligations.
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DTI
Debt To Income
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UETA
Clue: One of its purposes is to harmonize state laws regarding the recognition of electronic signatures on documents.
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UETA
Uniform Electronic Transactions Act
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PITI
Clue: The borrower's monthly payment is broken down into these components.
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PITI
Principal and Interest plus Taxes and Insurance
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ATR
Clue: The Dodd-Frank Act requires lenders to make sure the borrower has this capability.
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ATR
Ability To Repay
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NINA
Clue: It's not a woman's name but a type of loan that was a cause of the mortgage meltdown, some people state.
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NINA
No Income No Asset verification
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LLPA
Clue: This is a risk-based fee assessed to conforming borrowers that varies based loan traits.
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LLPA
Loan-Level Pricing Adjustments
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UCDP
Clue: Appraisal reports for conforming mortgages must be submitted through this electronic gateway.
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UCDP
Uniform Collateral Data Portal