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Mortgage originators use jargon as shorthand to help speed their internal processes. These terms will be recited by managers, loan officers, underwriters, processors and closers. But this short hand is a key to getting a loan through the process in the most efficient way possible.

But as anyone who deals with consumers knows, the user has to be able to explain what a term means using common words that the client is able to understand. Especially because the customers lack that mental "English-to-mortgage-jargon" dictionary that industry participants have in their heads.

And they should have plenty of opportunities to educate their borrowers. Despite rising interest rates, mortgage originations are expected to remain strong this year as pent-up demand for homeownership drives the purchase market.

Loan originations in 2018 are projected to be around $1.6 trillion, according to the Mortgage Bankers Association, or $1.7 trillion, according to Fannie Mae and Freddie Mac. That is not a small number.

(For reference purposes, the first time the mortgage industry had over $1 trillion in originations was in 1993; it did not cross that threshold again until 1998, according to the MBA's data. Annual originations have not been below $1 trillion since then, with the worst year being in 2014 at $1.26 trillion).

So take a few minutes and test your knowledge of these key abbreviations from the origination sector of the mortgage industry.

Take a look at the category and clue when making your guess before flipping to the next slide to see the answer.

Want more? Check out these other mortgage abbreviation quizzes:

10 mortgage abbreviations everyone in the industry should know

10 more abbreviations every mortgage pro must know

10 servicing abbreviations every mortgage pro must know

10 purchase market abbreviations every mortgage pro must know
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AUS
Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Prospector are this type of technology.
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AUS
Automated Underwriting System
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IRRRL
Ginnie Mae put rules in place to stop churning of this Veterans Affairs-guaranteed product.
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IRRRL
Interest Rate Reduction Refinance Loan
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VOE
Automated tools can be used to obtain this proof during the underwriting process.
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VOE
Verification of Employment
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RESPA
Some marketing services agreements were considered by the Consumer Financial Protection Bureau to violate this law.
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SLIDE 5B
Real Estate Settlement Procedures Act
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LIBOR
This was the most popular index for both residential and commercial adjustable-rate mortgages, but because of scandal it will no longer be available by 2021.
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LIBOR
London Inter Bank Offered Rate
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SRP
This payment by a whole loan purchaser made to a mortgage banker has been compared to the yield-spread premium paid to a mortgage broker.
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SRP
Service Release Premium
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NOO
These loans are made to borrowers who do not intend to live in the property they are purchasing.
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NOO
Non Owner Occupied
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LPMI
This option for low down payment mortgages can save borrowers some upfront cash, but the trade-off is a higher interest rate.
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LPMI
Lender Paid Mortgage Insurance
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PIW
Certain transactions that are underwritten through Fannie Mae's Desktop Underwriter are eligible for this appraisal alternative; Freddie Mac has its own version.
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PIW
Property Inspection Waiver
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TIN
Non-citizens that do not have a Social Security number but still want to purchase a home must have one of these in order to obtain a mortgage.
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