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A metropolitan division is a subset of an MSA having a single core with a population of 2.5 million or more. For reporting and disclosure purposes of HMDA, an MD is the relevant geography, not the MSA of which it is a division.
- 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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For purposes of HMDA, the term is interchangeable with "metropolitan area." The underlying concept of an MSA is that of a core area containing a large population nucleus, together with adjacent communities having a high degree of economic and social integration with that core. MSAs are composed of entire counties or county equivalents. Every MSA has at least one urbanized area with a population of 50,000 or more.
- 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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An area that has at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. If the specified criteria are met, a metropolitan statistical area containing a single core with a population of 2.5 million or more may be subdivided to form smaller groupings of counties referred to as metropolitan divisions. This is a five-digit code defined by the Office of Management and Budget. Those properties located outside of an MSA/MD should be coded as "NA" for not applicable.
- 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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the total income of all homeowners who sign a mortgage before any taxes or other deductions are made.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Chapter 13 Bankruptcy, Debt-to-income (DTI), Escrow, Escrow Account, Escrow Analysis, Forbearance, Home Affordable Unemployment Program (UP), Housing expense, Monthly Gross Income (MGI), Mortgage Payment, Mortgage Payment Guideline, Pricipal, interest, taxes, insurance and homeowners association dues (PITIA), Primary or Principal Residence, Repayment Plan, Servicer, Underwriting
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a legal document that pledges property to a lender as security for the repayment of a loan. The term is also used to refer to the loan itself.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This DefinitionA contract, signed by a borrower when a home loan is made, that gives the lender the right to take possession of the property if the borrower fails to pay off, or defaults on, the loan.
An agreement in which a property owner grants a creditor the right to satisfy a debt by selling the property in the event of a default.
- Browse Related Terms: First Mortgage, Guarantee, Hazard Insurance, Lender-Placed Insurance, Lien, mortgage, Mortgage Insurance (MI), second mortgage, Suspension
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insurance that protects lenders against losses caused by a rhomeowner's default on a mortgage loan. MI typically is required if the homeowner's down payment is less than 20% of the purchase price.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: First Mortgage, Guarantee, Hazard Insurance, Lender-Placed Insurance, Lien, mortgage, Mortgage Insurance (MI), second mortgage, Suspension
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Term life insurance paid by the borrower in which the amount of coverage decreases as the mortgage balance declines. In the event the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.
- 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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a change in the terms of a loan, usually the interest rate and/or term, in response to the homeowner's inability to make the payments under the existing contract.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- 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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the amount of money paid on a monthly basis for principal, interest, property taxes, hazard insurance and homeowner’s association fees, if applicable.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Chapter 13 Bankruptcy, Debt-to-income (DTI), Escrow, Escrow Account, Escrow Analysis, Forbearance, Home Affordable Unemployment Program (UP), Housing expense, Monthly Gross Income (MGI), Mortgage Payment, Mortgage Payment Guideline, Pricipal, interest, taxes, insurance and homeowners association dues (PITIA), Primary or Principal Residence, Repayment Plan, Servicer, Underwriting
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the calculation within HAMP that helps determine a homeowners eligibility. It is calculated as 31% of the homeowner’s current monthly gross income. If the monthly mortgage payment i
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Chapter 13 Bankruptcy, Debt-to-income (DTI), Escrow, Escrow Account, Escrow Analysis, Forbearance, Home Affordable Unemployment Program (UP), Housing expense, Monthly Gross Income (MGI), Mortgage Payment, Mortgage Payment Guideline, Pricipal, interest, taxes, insurance and homeowners association dues (PITIA), Primary or Principal Residence, Repayment Plan, Servicer, Underwriting
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MBS are debt securities that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools. The MBS represent claims on the principal and interest payments made by borrowers on the loans in the pool.
- Browse Related Terms: Chapter 7 Bankruptcy, Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), Investment Property, Mortgage-Backed Securities (MBS), Preferred Stock, Primary Mortgage Market, Secondary Mortgage Market, Securitization