A list of IT terms that relate to the mortgage industry
Active Server Pages (ASP)
Interactive software that is installed on your server (or your web hosts server) that allows web browsers to pull database information from your web site.
American National Standards Institute (ANSI)
The US member of the ISO that works to standardize computer issues
AUS (Automated Underwriting […]

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Once the loan has been underwritten, you will receive the underwriting decision via fax or email from the underwriter. It may also be available on the lender’s website if they use online technology. You will need to review the underwriting decision thoroughly to make sure the loan was underwritten with the appropriate loan amount, interest […]

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Submitting the loan package to the lender is all about presentation, thoroughness and accuracy. The neater, more complete your file, the easier the underwriter’s job becomes, improving your chances for a clean approval. If all the information is in the file and easily accessible, there will be fewer holes in the loan and the underwriter […]

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The hazard insurance is insurance coverage on the property that will pay out to the lender in the event of a total loss. Therefore, the lender needs to be listed as the mortgagee on the policy (the mortgagee is the party to whom the insurance will pay out in the event of a loss) and […]

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Credit scores have become more of a factor in people’s lives than ever could have been imagined. Your credit and credit scores can affect your ability to buy a home, get a car, get a credit card, take out a personal loan, obtain homeowner’s insurance, obtain auto insurance, get overdraft protection at your bank, rent […]

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Uniform Residential Loan Application Page 1
The Fannie Mae Form 1003 and Freddie Mac Form 65 vary slightly in this opening paragraph but the following applies. If the income or assets of a person other than the Borrower (including the Borrower’s spouse) will be used as a basis for loan qualification, check the first box.
If the […]

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Congratulations, you’re a middle man! Many may take that as some sort of insult. After all, we’ve all grown up hearing pitch men promote the fact that they eliminate the middle man. However, in the mortgage industry, the middle man is good. In fact, the middleman is just about the best thing that ever happened […]

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Recent studies have shown that home foreclosures are on the rise in America. Simply put, a foreclosure occurs when a borrower fails to make several payments on their mortgage (also known as defaulting). At that point, the lender may take the house back and the borrower will not only lose […]

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The Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA). The FHA is the largest mortgage insurer, not just in the United States, but the world.
FHA loans have been around since the depression, but have recently become a popular form of homeownership. This is the because the common predatory lending practices […]

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A Yield Spread Premium (YSP) is a payment which a mortgage broker receives from a lender when the broker originates a loan with an interest right higher than the market rate (otherwise known as the par rate). YSPs are often the primary source of compensation for mortgage brokers, and therefore particularly interesting among brokers.
The size […]

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