Understanding Your Mortgage Lender

Understanding Your Mortgage Lender

Writing techniques have adapted to the fast-paced way of life we have all assumed. Common words and writing have become more short, summarized, and concise. Grammar has gone out the window and we get our message across the quickest and simplest way possible. Every major industry now has their own short-hand or “lingo” now to save time, the mortgage and lending business included. There are acronyms used every day between professionals and clients to represent words common to the trade. Riverdale Funding, LLC wants to make sure you stay informed every step of the way during our loan process.

1. ABS: Asset- Backed Security

2. APR: Annual Percent Rate

3. BKR: Bankruptcy

4. CLTV: Combined Loan-to-Value

5. CMA: Comparative Market Analysis

6. CMB: Certified Mortgage Broker

7. CMBS: Commercial Mortgage Backed Securities

8. CTC: Clear to Close

9. DER: Debit to Equity Ratio

10. DIL: Deed in Lieu of Foreclosure

11. DTI: Debit to Income

12. EFT: Electronic Funds Transfer

13. FCL: Foreclosure

14. FMV: Fair Market Value

15. FRM: Fixed Rate Mortgage

16. GFE: Good Faith Estimate

17. I/O: Interest Only

18. LCD: Loan Closing Date

19. LTV: Loan to Value

20. MCG or MORTG/MTG: Mortgage

21. MLF: Mortgage Loan Fraud

22. MLO: Mortgage Loan Officer OR Mortgage Loan Origination

23. NAV: Net Asset Value

24. NPL: Non-Performing Loan

25. PTD: Paid to Date

26. REO: Real Estate Owned

27. REFI: Refinance

28. ROI: Rate of Interest

29. RMV: Real Market Value