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Loan Processor An individual who coordinates the loan application process for the lender
Qualifying Ratios, Debt Ratios The percent of monthly income that can be used to pay the PITI payment on a mortgage loan and the percent of monthly gross that can be used to cover all debt including the PITI-28%-36% would be typical debt ratios
PMI Private Mortgage Insurance-the private equivalent of FHA insurance allowing for high LTV/low down payment convential loans-PMI inusres the lenders risk
Discount Rate The rate banks pay when borrowing from the Federal Reserve
Reserve Requirement The percent of deposits banks are required to keep in the bank-set by the Federal Reserve
Point One percent of the loan
Discount Point One percent of the loan that is prepaid interest, tax deductible and results in increased yield for the lender
Origination Point One percent of the loan that is loan processing fee
Buy Down An upfront payment of points used to reduce the borrower's monthly payment-by paying points closing a borrower may secure a lower rate on the loan
Prime Rate The interest rate commercial banks charge their preferred customers
Lien Theory State A state where the mortgage lender has lien on the property and the borrower has tittle
Title Theory State A statement where the mortgage lender has title to the property until the debt is repaid
Down Payment Assistance Programs Governemnt and private programs whose stated purpose is to help buyers to become homeowners
Created by: Shirilyn