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Origination
Origination The process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.
RELATED TERMS--------------------------------------
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Application
The form used to apply for a mortgage loan, containing information about a borrower’s income, savings, assets, debts, and more.
Credit
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
Verification
Confirmation under oath of the truthfulness of a statement.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Appraisal
An expert judgment or estimate of the quality or value of real estate as of a given date.
SIMILAR TERMS--------------------------------------
Original basis
The sum of the purchase price of a property plus buying expenses on acquisition.
Original principal balance
The total amount of principal owed on a mortgage before any payments are made.
Origination fee
The charge for originating a loan; is usually calculated in the form of points and paid at closing.
Originator
A company that sources and underwrites commercial and-or multifamily mortgage loans
PREVIOUS AND NEXT TERMS--------------------------------------
Options (in a lease)
Gives the tenant the right to renew the lease and-or take more leased space after expiration of the primary lease term.
Oral agreement
A spoken, unwritten legal agreement, worth the paper it's printed on.
Ordinance
A military weapon or item of destruction (e.g. bullets).
Original basis
The sum of the purchase price of a property plus buying expenses on acquisition.
Original principal balance
The total amount of principal owed on a mortgage before any payments are made.
Origination
Origination fee
The charge for originating a loan; is usually calculated in the form of points and paid at closing.
Originator
A company that sources and underwrites commercial and-or multifamily mortgage loans
Ostensible agency
A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document.
Other income
Refers to income other than rent, such as vending and laundry machines, storage or parking space income, and so on.
OTS
Short for Office of Thrift Supervision. A bureau of the U.S. Treasury Department established in August 1989. OTS has the authority to charter federal Thrift Institutions and serves as the primary regulator of approximately 2,000 federal and state chartered thrifts.
This dictionary contains 6433 terms. |
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