Mortgage terms starting with P

17 terms

  1. Panel - HMDA Reporter Panel Listing The reporter panel listing is the universe of all institutions that reported under HMDA. A separate panel exists for each reporting year.
  2. Payment Cap A limit on the amount that your monthly mortgage payment on a loan may change, usually a percentage of the loan.
  3. point An amount equal to one percent of the principal amount of a mortgage. Loan discount points are a one-time charge assessed at closing by the lender to…
  4. Points (also called discount points) One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if a mortgage is $200,000, one point equals $2,000.
  5. Pre-foreclosure sale when the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less…
  6. Preferred Stock Some corporations issue preferred as well as common stock. Preferred stock can be an attractive investment because it typically pays a fixed dividend on a…
  7. Prepayment Penalty A penalty imposed on a borrower for repaying the loan before its due date. (In the case of a mortgage, this applies when there is not a prepayment clause…
  8. Prepayment penalty/prepayment premium A charge the mortgagor pays the mortgagee for the privilege to prepay the loan.
  9. Pricipal, interest, taxes, insurance and homeowners association dues (PITIA) Shorthand for principal, interest, taxes and insurance, which are the components of the housing expense.
  10. Primary Mortgage Market The market for newly originated mortgages.
  11. Primary or Principal Residence the property in which the homeowner will live most of the time, as distinct from a second home or an investor property that will be rented.
  12. Prime See Subprime
  13. Prime Mortgages A classification of mortgages that are considered to be of high quality.
  14. Principal Face value of an obligation, such as a bond or a loan, that must be repaid at maturity.
  15. Private-Label Mortgage-Backed Securities (Private-label MBS) MBS derived from mortgage loan pools assembled by entities other than GSEs or federal government agencies, such as private-sector finance companies.
  16. Private-Label Mortgages loans that are not owned or guaranteed by Fannie Mae, Freddie Mac, Ginnie Mae, or another Federal agency.
  17. Property Type Indicates whether the loan or application was for a one-to-four-family dwelling (other than manufactured housing), manufactured housing, or multifamily…