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• A - B - C - D

  Posted on Wednesday January 28th, 2009 at 22:42 in forensic loan audit

  A B C D “A” Loan or “A” Paper: a credit rating where the FICO score is 660 or above. There have been no late mortgage payments within a 12-month period. This is the best credit rating to have when entering into a new loan. AR...

• E - F - G

  Posted on Monday January 26th, 2009 at 22:43 in forensic loan audit

  EFG Earnest Money (Deposit): money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buye...

• H - I - J - K

  Posted on Sunday January 25th, 2009 at 22:44 in forensic loan audit

  HIJK HECM (Reverse Mortgage): the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending i...

• L - M - N - O

  Posted on Saturday January 24th, 2009 at 22:44 in forensic loan audit

  LMNO Late Payment Charges: the penalty the homeowner must pay when a mortgage payment is made after the due date grace period. Lease: a written agreement between a property owner and a tenant (resident) that stipulates the payment and conditions und...

• P - Q - R

  Posted on Friday January 23rd, 2009 at 22:45 in forensic loan audit

  PQR PITI: Principal, Interest, Taxes, and Insurance: the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner’s and m...

• S - T - U - V

  Posted on Thursday January 22nd, 2009 at 22:46 in forensic loan audit

  STUV Sale Leaseback: when a seller deeds property to a buyer for a payment, and the buyer simultaneously leases the property back to the seller. Second Mortgage: an additional mortgage on property. In case of a default the first mortgage must be pai...

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