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The settlement or closing date for originations. For applications that did not result in an origination, the date when the action was taken or when the notice was sent to the applicant is entered. For an application that was expressly withdrawn by the applicant, either the date shown on the applicant's letter or the date you received the letter or notice is reported. For loans that an institution purchased, the date of purchase is entered.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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The disposition of the loan/application.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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The year for which the HMDA data are being collected.
- Browse Related Terms: Activity Year, Census Tract, County Code, Geocode, Metropolitan Division (MD), Metropolitan Statistical Area (MSA), Metropolitan Statistical Area (MSA) / Metropolitan Division (MD), Quality Edits, State Code, Syntactical Edits, Validity Edits
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a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These types of loans usually start off with a lower interest rate but can subject the homeowner to payment uncertainty when the rate adjusts.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This DefinitionA mortgage that does not have a fixed interest rate. The rate changes during the life of the loan based on movements in an index rate, such as the rate for Treasury securities or the Cost of Funds Index. ARMs usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates increase, generally your loan payments increase; and when interest rates decrease, your monthly payments may decrease.
- Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)
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Code to identify the supervisory/regulatory agency of the HMDA reporting institution. The agency code along with the respondent ID number is the unique combination that identifies a specific institution. The codes for each agency are:
- 1 - Office of the Comptroller of the Currency (OCC)
- 2 - Federal Reserve System (FRS)
- 3 - Federal Deposit Insurance Corporation (FDIC)
- 4 - Office of Thrift Supervision (OTS)*
- 5 - National Credit Union Administration (NCUA)
- 7 - Department of Housing and Urban Development (HUD)
- 9 - Consumer Financial Protection Bureau (CFPB)
* OTS reporting of agency code four (4) only applies for years 2010 and prior.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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A person, including an independent contractor, who acts with the consent and on behalf of another.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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A classification of mortgages in which the risk profile falls between prime and subprime. Alt-A mortgages are generally considered higher risk than prime due to factors that may include higher loan-to-value and debt-to-income ratios or limited documentation of the borrower’s income.
- Browse Related Terms: "Bait-and-switch" schemes, Alt-A Mortgages, Balloon Payment, cash-out refinancing, Collections, Delinquency, Home improvement scams, Loan flip, Loan modification, Mortgage Modification, Prepayment penalty, Prime, Prime Mortgages, Refinance, Subprime, Subprime Mortgages
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Enacted in 2009, this Act authorized a series of measures intended to create jobs and promote investment and consumer spending.
- Browse Related Terms: American Recovery and Reinvestment Act of 2009, Conservatorship, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), Emergency Economic Stabilization Act (EESA), Garn-St. Germain Depository Institutions Act, Housing and Economic Recovery Act (HERA), Inspector General Act, Inspector General Reform Act, Interest Rate Risk
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the process of paying off a debt by making regular installment payments over a set period of time, at the end of which the loan balance is zero.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This DefinitionThe process of fully paying off indebtedness by installments of principal and earned interest over a specific amount of time.
- Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)
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The cost of credit expressed as a yearly rate. For closed-end credit, such as car loans or mortgages, the APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. An APR, or an equivalent rate, is not used in leasing agreements.
- Browse Related Terms: Annual Percentage Rate (APR), application fee, appraisal fee, HUD-1 Uniform Settlement Statement, Loan origination fees, point, Points (also called discount points), Prepayment penalty/prepayment premium, Unpaid Principal Balance (UPB)
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Ethnicity of the applicant. This is reported for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report applicant ethnicity for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by your institution, the numerical code for "not applicable" is reported.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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Race of the applicant. This is reported for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report these data for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by your institution, the numerical code for "not applicable" is reported.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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Sex of the applicant. This is reported for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report these data for purchased loans. When the applicant is not a natural person (a business, corporation or partnership, for example) or when the applicant information is unavailable because the loan has been purchased by your institution, the numerical code for "not applicable" is reported.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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Fees that are charged when you apply for a loan or other credit. These fees may include charges for property appraisal and a credit report.
- Browse Related Terms: Annual Percentage Rate (APR), application fee, appraisal fee, HUD-1 Uniform Settlement Statement, Loan origination fees, point, Points (also called discount points), Prepayment penalty/prepayment premium, Unpaid Principal Balance (UPB)
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The date the application was received or the date shown on the application form. For purchased loans, "NA" for not applicable is reported.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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a written estimate of a property's current market value prepared by a professional appraiser.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio
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The charge for estimating the value of property offered as security.
- Browse Related Terms: Annual Percentage Rate (APR), application fee, appraisal fee, HUD-1 Uniform Settlement Statement, Loan origination fees, point, Points (also called discount points), Prepayment penalty/prepayment premium, Unpaid Principal Balance (UPB)
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a professional with knowledge of real estate markets and skilled in the practice of appraisal, a written estimate of a property’s current market value. When a property is appraised in connection with a loan, the appraiser is selected by the lender, but the appraisal fee is usually paid by the homeowner.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio
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