Monday, June 30, 2008

Acronyms killed the finance industry

...she said half jokingly. My proof? See below.

The List:
#
1003 - uniform residential loan application
2005 - Fannie Mae's MLS
2009 - Fannie Mae's Request for release of documents and receipt

A
ABS - Asset backed security
APR - annual percentage rate
ARM - adjustable rate mortgage

B
BK - bankruptcy

C
CDO - collateralized debt obligation
CDW - cancelled, denied, withdrawn
CUSIP - Committee on Uniform Securities Identification Procedures

D
DDF - Fannie Mae’s Document Delivery Facility
DMSS - Document Management and Servicing
D1 - title policy
D2 - security instrument

E
ECOA - equal credit opporunity act
ERISA - Employee Retirement Income Security Act of 1974

F
FDIC - federal deposit insurance corp.
FICO - Fair and Isaacs Corporation
FHA - Federal Housing Administration

G

H
HUD - U.S. Department of Housing and Urban Development
HUD1 - Uniform Settlement Statement

I
IPO - initial public offering

L
LIBOR - London Interbank Offered Rate
LTV - Loan to Value ratio

M
MBS - mortgage backed security
MERS - mortgage electronic registration systems
MLS - mortgage loan schedule

N
NOD - notice of default
NOS - notice of sale

O
OCC - Office of Controler of Currency
OFAC - Office of Foreign Asset Control
OID - original issue discount
OTC - over the counter

P
P&I - principal and interest payment
PITI - principal, interest, taxes and insurance
PMI - private mortgage insurance
POA - power of attorney
PSA - pooling and servicing agreement
PUD - planned unit development

R
REIT - real estate investment trust
REMIC - Real Estate Mortgage Investment Conduit
REO - real estate owned
RESPA - Real Estate Settlement Procedures Act
ROI - return on investment

S
SEC - Securities and Exchange Commission
SOX - Sarbanes-Oxley Act
SWIFT - Society for Worldwide Interbank Financial Telecommunication

T
TIL - truth in lending document

V
VOE - verification of employment
VOR - verification of rent

W
WAC - weighted average cost
WAP - weighted average price

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