| A | B |
|---|
| APR | Annual Percentage Rate |
| FNMA | Federal National Mortgage Association |
| FHLMC | Federal Home Loan Corporation |
| DTI | Debt to Income Ratio |
| ATR | Ability to Repay (Consideration of a borrower's ability to repay involves the review of income, assets, liabilities, the type of product and other factors. |
| Addendum | An addition or supplement to a contract |
| ARM | Adjustable Rate Mortgage |
| HELOC | Home Equity Line of Credit (open ended) |
| Amortization Schedule | A table showing the portion of each payment that will be applied to interest and to principal, and the balance remaining after each payment has been applied. |
| MIP | Mortgage Insurance Premium |
| UFMIP | Upfront Mortgage Insurance Premium |
| Adverse Action | A refusal to grant credit as requested; a termination of an account or an unfavorable change in the terms of an account |
| AML | Anti-Money Laundering. Requires a program to be established in an effort to detect and guard against money laundering |
| URLA | Uniform Residential Loan Application aka 1003 |
| URAR | Uniform Residential Appraisal Report aka 1004 |
| Appraiser | A person qualified through state licensing procedures to estimate the value of real property |
| Appraisal | An opinion of the fair market value of a property, based on the appraiser's knowledge and experience and on an analysis of the property |
| Assumable Mortgage | A mortgage that a seller can transfer to a new buyer, with the buyer taking over the payments on the seller's existing mortgage. Lenders may require |
| APOR | Average Prime Offer Rate. An annual percentage rate that is based on average interest rates, fees, and other terms on mortgages that are offer to qualified borrowers. The APOR is a benchmark rate in identifying high cost home loans and higher priced mortgage loans under federal law. |
| Income Taxes Payable | Monies due to the government. |
| Intangible Assets | Items of value that the business owns that cannot be seen or touched. |
| Inventory | The quantities of goods and materials on hand. |
| Liabilities | The debts owed by the business. |
| Long-term laiabilities | Financial obligations that will take the business more than one year to repay. |
| Market Share | The percentage of a product/service that is sold in the total market for that product/service. |
| Mortgage | A loan for purchasing a building and or land. |
| Net income | The amount of money left after all costs and expenses have been deducted. |
| Net sales | Gross sales minus returned goods. |
| Net worth | The monetary value of the business; assets minus liabilities. |
| Notes payable | Amounts owed for small loans. |
| Patent | A legal document that gives an inventor the sole right to produce, use, and sell an invention. |
| Product positioning | Placing a product in a certain market to get a desired customer response. |
| Repayment Plan | A schedule or statement showing how and when the debt of a business is to be repaid. |
| Salaries Payable | Wages owed to employees. |
| Sales Forecast | An estimate of sales for a specified period. |
| Sales Quota | A goal assigned to a sales person for a specified period. |
| Sales Ratio | An expression of any component of the income statement as a percentage of total sales. |
| Supplies | Assets that are used up in business operations. |
| Taxes | Federal, state, and local assessments that are owed to the government. |
| Trademark | A name, symbol, or special mark that, when registered, can be used only by a certain business. |
| Variable expenses | Business expenses that may change from month to month. |
