Loan TypeIndicates whether the loan granted, applied for, or purchased was conventional, government-guaranteed, or government-insured.
Loan-to-Value Ratio (LTV)(LTV)The ratio of the loan principal (amount borrowed) to the appraised value (selling price).
Lock-InThe process by which a lender commits to lend at a particular rate as long as the mortgage transaction closes within a specified time period.
Lock-in agreementA written agreement guaranteeing a homebuyer a specific interest rate on a home loan provided that the loan is closed within a certain period, such as 60…
Lock-in PeriodThe length of time that the lender has guaranteed a specific interest rate to a borrower.
Lock-In RateA written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.
Loggia1. An arcaded or colonnaded structure, open on one or more sides, sometimes with an upper story. 2.
Loss MitigationThe full range of solutions that may avert either the loss of a debtor’s property to foreclosure, increased costs to the lender or both.
Low-Down-Payment FeatureA feature of some mortgages, usually fixed-rate mortgages, that helps you buy a home with as little as a 3% down payment.
Low-income housingHousing intended to be occupied by low- or moderate-income persons that is eligible for special tax credits under the 1986 tax act.
LPC StaffThe staff of the Landmarks Preservation Commission acting in the Commission's agency capacity.
LTV (loan-to-value)The relationship between the amount of money borrowed and the apparised value of the property.
LunetteA crescent-shaped or semicircular area or opening on a wall surface.
maintenance costsThe cost of the upkeep of the house. These costs may be minor in cost and nature (replacing washers in the faucets) or major in cost and nature (new…
Mandatory Delivery CommitmentAn agreement that a lender will deliver loans or securities by a certain date at agreed-upon terms.
MansardA roof having a double slope on all four sides, the lower slope being much steeper.
Manufactured homeManufactured homes are homes made or manufactured in a factory and designed to be transported to a site.
Manufactured HousingHomes that are built entirely in a factory in accordance with a federal building code administered by the U.S.
Market ValueThe price that the market - any market - sets at a particular time as the price at which an asset can be bought or sold.
Master PlanThe term has two meanings: 1) a permit type issued to large residential or commercial buildings that sets a building-wide standard for future changes that…
MatchEither an exact or approximate replication. If not an exact replication, the approximate replication shall be so designed as to achieve a suitable…
MaterialsThe substances used to fabricate the various elements and details of a building
Mature treeAny tree with a trunk diameter of 12" or greater.
MaturityThe date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
Maturity DateThe date as of which the principal of and interest on a security become due and payable.
Mechanical equipmentIncludes, but not be limited to, heating, venting and air conditioning equipment, water tanks and their supporting structures, satellite dishes, stair and…
Median PriceThe price of the house that falls in the middle of the total number of homes for sale in that area.
Medium Term NotesUnsecured general obligations of Fannie Mae with maturities of one day or more and with principal and interest payable in U.S. dollars.
Meeting railA sash rail in a double-hung window designed to interlock with an adjacent sash rail.
memberMember means any person who has been admitted to membership in the Connecticut credit union in accordance with state law.
Merged Credit ReportA credit report issued by a credit reporting company that combines information from the three major credit repositories.
Metropolitan Division (MD)(MD)A metropolitan division is a subset of an MSA having a single core with a population of 2.5 million or more.
Metropolitan Statistical Area (MSA)(MSA)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…
Minimally VisibleRefers to any rooftop addition which when viewed from any public thoroughfare, projects into the maximum line of sight from such public thoroughfare by…
MitigationTerm usually used to refer to various changes or improvements made in a home; for instance, to reduce the average level of radon.
Mobile homeTo be eligible for coverage under the National Flood Insurance Program, a mobile home must be on a permanent foundation and meet specific anchoring…
ModificationAny change to the terms of a mortgage loan, including changes to the interest rate, loan balance, or loan term.
ModillionA projecting scroll-shaped bracket or simple horizontal block arranged in series under the soffit of a cornice.
MoldingA piece of trim that introduces varieties of outline or curved contours in edges or surfaces as on window jambs and heads.
Money Market AccountOffered by full-service brokers, these are similar to checking accounts but usually pay higher rates.
Monthly Gross Income (MGI)(MGI)the total income of all homeowners who sign a mortgage before any taxes or other deductions are made.
MortgageA debt instrument used in a real estate transaction where the property is the collateral for the loan.
Mortgage Acceleration ClauseA clause allowing a lender, under certain circumstances, demand the entire balance of a loan is repaid in a lump sum.
Mortgage BankerA lender that originates, closes, services and sells mortgage loans to the secondary market.
Mortgage banker/Mortgage companyA company providing mortgage financing with its own funds. Although the mortgage banker or company uses its own funds, these funds are generally borrowed…
Mortgage BrokerA mortgage broker means a person who, for a fee, commission or other valuable consideration, directly or indirectly, negotiates, solicits, arranges…
Mortgage holderAn entity that holds (owns) mortgages or deeds of trust.
Mortgage InsuranceMoney paid to insure the lender against loss due to foreclosure or loan default.
Mortgage Insurance (MI)(MI)insurance that protects lenders against losses caused by a rhomeowner's default on a mortgage loan.
Mortgage insurance companyA company that insures, to lenders, conventional loan repayment in the event of default and/or foreclosure.
Mortgage Insurance Premium (MIP)The amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private…
mortgage interestThe interest rate charge for borrowing the money for the mortgage. It is used to calculate the interest payment on the mortgage each month.
Mortgage Interest DeductionThe interest cost of a mortgage, which is a tax - deductible expense. The interest reduces the taxable income of taxpayers.
Mortgage LenderA mortgage lender means a person engaged in the business of making mortgage loans in such person's own name utilizing such person's own funds or by…
Mortgage Life and Disability InsuranceTerm life insurance bought by borrowers to pay off a mortgage in the event of death or make monthly payments in the case of disability.
Mortgage life insuranceTerm life insurance paid by the borrower in which the amount of coverage decreases as the mortgage balance declines.
Mortgage Modificationa 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…
Mortgage NoteA legal document obligating a borrower to repay a loan at a stated interest rate during a specified period; the agreement is secured by a mortgage that is…
Mortgage Paymentthe amount of money paid on a monthly basis for principal, interest, property taxes, hazard insurance and homeowner’s association fees, if applicable.
Mortgage Payment Guidelinethe calculation within HAMP that helps determine a homeowners eligibility. It is calculated as 31% of the homeowner’s current monthly gross income.
Mortgage poolA collection of loans of similar nature which are sold as a unit in the secondary market or used to back a security which is then sold in the capital…
Mortgage Qualifying RatioUsed to calculate the maximum amount of funds that an individual traditionally may be able to afford. A typical mortgage qualifying ratio is 2836.
Mortgage RateThe cost or the interest rate you pay to borrow the money to buy your house.
Mortgage ScoreA score based on a combination of information about the borrower that is obtained from the loan application, the credit report, and property value…
Mortgage servicingPerforming the necessary duties of a mortgagee, such as collecting payments, releasing the lien upon payment in full, foreclosing if in default, and…
mortgage termThe length of time that a mortgage is scheduled to exist. Example: a 30-year mortgage term is for 30 years.
Mortgage-Backed Securities (MBS)(MBS)MBS are debt securities that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property.
Mortgage-backed SecurityOwnership claim in a pool of mortgages or an obligation that is secured by such a pool.
Mortgage-Backed Security (MBS)(MBS)A mortgage‐backed security (MBS) is an asset‐backed security or debt obligation that represents a claim on the cash flows from mortgage loans, most…
MortgageeThe lender in a mortgage loan relationship.
MortgagorThe borrower in a mortgage loan relationship. (Property is used as collateral to make payment.)
MullionA vertical primary framing member that separates paired or multiple windows within a single opening.
Multiple Listing Service (MLS)a clearinghouse through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties…
MuntinA tertiary framing member that subdivides the sash into individual panes, lights or panels.
Mutual FundsA fund that pools the money of its investors to buy a variety of securities.
Mutual savings bankAn institution owned by its depositors and operated for their benefit. Most of these banks are in the northeastern United States and hold a large portion…
National Contingency Plan (NCP)(NCP)The National Oil and Hazardous Substances Pollution Contingency Plan, more commonly called the National Contingency Plan (NCP), is the federal…
National Credit RepositoriesCurrently, there are three companies that maintain national credit - reporting databases.
National Priorities List (NPL)(NPL)Sites are listed on the National Priorities List (NPL) upon completion of Hazard Ranking System (HRS) screening, public solicitation of comments about the…
Natural Resources Damage (NRD)(NRD)Natural Resources Damages (NRD) are defined as injury to, destruction of, or loss of natural resources, including land, fish, wildlife, biota, air, water…
Negative amortizationWhen your loan principal increases rather than decreases because your monthly payment isn't enough to cover the loan interest, that's called negative…
Negative Equitythe condition of owing more on the property than the property is worth.
Net IncomeYour take-home pay, the amount of money that you receive in your paycheck after taxes and deductions.
Net Monthly IncomeYour take-home pay after taxes. It is the amount of money that you actually receive in your paycheck.
Net WorthA corporation's net worth is the retained earnings, or the amount left after dividends are paid, plus the money in its capital accounts, minus all of its…
NewelThe main post at the foot of a stairway or stoop.
No Cash Out RefinanceA refinance of an existing loan only for the amount remaining on the mortgage. The borrower does not get any cash against the equity of the home.
No Cost LoanThere are many variations of a no cost loan. Generally, it is a loan that does not charge for items such as title insurance, escrow fees, settlement fees…
No Further Remedial Action Planned (NFRAP)(NFRAP)The Archive, or No Further Remedial Action Planned (NFRAP), database contains information on sites which have been removed from the inventory of Superfund…
non-assumption clauseIn a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender.
Non-Conforming loanA loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines.
Non-significant featuresThe interior architectural features of the designated interior that the LPC has determined do not contribute to the special historic, cultural, and/or…
Nondepository InstitutionFor-profit mortgage lending institutions (other than banks, savings associations, and credit unions). These institutions do not take deposits.
Nonliquid AssetAn asset that cannot easily be converted into cash.