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Sep 14 '09, 02:30 AMHello,
My name is Corey Bell, I am writing because I have a question about REO Terms and Definitions. Reasoning being is because I have a Gentleman who sends me tapes from time to time, and I sometimes cannot understand them. You see I am a Consultant/note finder, REO's is an area that sometimes catches my attention, but I would like to understand what I am doing befoe I am doing it. So if some one could take the time to explain to me some of the terms I would gladly appreciate it. Thanks. The terms are as follows:
SC Code:
Minor Description: (5/1 year ARM) or (3 Yr Interest Only to 1 Yr ARM)
Current Due Date:
Next Rate Change Dt:
Max Int Rate:
Margin Fixed:
PMI (Y/N):
Rate Change Period:
Owner Occupied Cd:
Rate Change Lead Dys Nbr:
Det S/F Under $202,300.00:
Calc Schedule: (1 Year T-Bill)
Escrow Payment Amt:($124.41)
Purp Desc:(Refi Other Inst Cash Out)
I hate to bother anyone with so many questions but I would really like to know the definitions of these terms, if you have time. Thanks.
