Dictionary

You decide it's time to find a new home. Not a task you undertake everyday. You start talking to people and they throw words around like you are supposed to know exactly what they are saying. It is imporatnt that you have a clear understanding of the entire home buying process. Industry professionals should NOT ASSUME you are familiar with the language we use daily and the subtle nuances of definitions. You will find some handy glossaries here but never hesitate to ask questions if you feel in the dark. The Yeatman Team wants you to know all your options and that can only be accomplished with clear communication. At the bottom of this page you will find glossaries to help you.

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"Precision of communication is important, more important than ever, in our era of hair trigger balances, when a false or misunderstood word may create as much disaster as a sudden thoughtless act." — James Thurber

In addition to all the traditional jargon now you also need to know..

  • New TRID language

    As of October 3rd, many new terms will be introduced to our industry. Here are a few terms that you will need to know:

    ICD – Integrated Closing Disclosure, *same thing as CD or Closing Disclosure

    IMD – Integrated Mortgage Disclosure

    LE – Loan Estimate Loan Application – The submission of a consumer’s financial information for the purposes of obtaining an extension of credit, and consists of the submission of the consumer’s name; the consumer’s income; the consumer’s social security number to obtain a credit report; the property address; an estimate of the value of the property; and the mortgage loan amount sought.

    Loan EsOmate “New” – Replaces the current Good Faith EsOmate (GFE) and iniOal Truth in Lending (TIL)

    MIC # – Mortgage Insurance Case Number

    MISMO – Mortgage Industry Standards Maintenance Organization. Sets standards of how to format data sent to another party for both residential and commercial property transactions in US Markets. By providing improved data consistency,

    MISMO aims to reduce costs and increase transparency while promoting confidence in mortgages as an asset class for investors.

    MISMO Compliant – SoOware vendor developed platform using the MISMO data format standards to send data to other parties.

    NMLSR ID – Nationwide Mortgage Licensing System and Registry Identification Number

    OMB – Office of Management and Budget

    Prepaids – Items to be paid by the Consumer in advance of the first scheduled payment of the loan (Homeowner’s Insurance Premium, Mortgage Insurance Premium, Prepaid Interest, Property Taxes and a maximum of three additional items).

    RESPA – Real Estate Settlement Procedures Act

    TIL – Truth in Lending

    TILA – Truth in Lending Act

    TIP – Total Interest Percentage; the total amount of interest the borrower will pay over the loan term as a percentage of the loan amount.

    Total of Payments – Total amount paid after all payments of principal, interest, mortgage insurance and loan costs as scheduled.

    TRID – TILA RESPA Integrated Disclosure Variations – Previously known as Tolerances

    Written List of Providers – A written list of service providers provided to the consumer by the Creditor or Mortgage Broker for a settlement service provider that the consumer is permitted to shop for. 

Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While The Yeatman Team of Ebby Halliday Realtors has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources,  The Yeatman Team of Ebby Halliday Realtors makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on TheYeatmanTeam.com.

Any legal or other information found here, on TheYeatmanTeam.com, or at other sites to which we link, should be verified before it is relied upon.

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