The investor glossary for the words in your loan file, defined plainly.
Popular
45 terms
A
AirDNASTR data platform; accepted for DSCR docsARMAdjustable Rate MortgageAsset UtilizationEligible assets ÷ 84 = monthly incomeB
Bank Statement LoanNon-QM loan using 12/24 mo statementsBRRRRBuy, Rehab, Rent, Refinance, Repeat strategyC
Cap RateNet Operating Income ÷ Property ValueCash on Cash ReturnAnnual cash flow ÷ cash investedCash-Out RefinanceRefi that returns equity as cashCondotelCondominium operated like a hotelConventional LoanFannie/Freddie conforming loanCredit Event SeasoningTime since last BK/FC/SS/etc.D
DSCRDebt-Service Coverage Ratio — rents ÷ PITIADSCR LoanInvestment-property loan based on rental incomeDTIDebt-to-Income ratio (not used on DSCR)F
FHA LoanGovernment-insured primary residence loanFICO ScoreCredit scoring model used by lendersFixed Rate MortgageSame rate for the whole termForeign NationalNon-U.S. citizen borrowerH
Hard Money LoanShort-term, high-rate asset-secured loanHousing HistoryMortgage/rental payment record (e.g., 0x30x12)L
LLC VestingHolding property in an LLCLong-Term Rental12+ month residential leaseLTVLoan-to-Value ratioM
Mixed-Use PropertyCombined residential + commercial buildingMortgage ReservesPITIA multiples held post-closeMulti-Unit DSCR5-8 unit / 2-8 mixed-use programN
NMLSNationwide Multistate Licensing SystemNon-QMNon-Qualified Mortgage (outside CFPB QM rules)Non-Warrantable CondoCondo failing Fannie/Freddie criteriaP
P&L StatementCPA-prepared income documentationPITIAPrincipal + Interest + Taxes + Insurance + Assoc duesPortfolio LoanBank-held mortgage, not sold on secondaryFound a term in your file that isn't here?
Ask your Loan Advisor. We'll explain what it means on your deal, then add it here for the next investor.