CDF- Common Data file - A file provided by a mortgage servicer that provides agencies with needed information to process mortgage assistance requests (including reinstatement amount, future payment amount, and payment due dates)
Forbearance - Temporary postponement or reduction of mortgage payments
Foreclosure - Legal process where lenders attempt to recover amount owed by taking ownership of house
HOA - Homeowners Association
HUD - US Dept of Housing & Urban Development
Jumbo loan - Type of financing that exceeds the loan conforming limits that are set by Federal Housing Finance Agency
Lender - Person, group or bank that makes funds available with expectation of repayment
Lien - Claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee of repayment of a loan.
Loan deferment - Lump sum is placed at the back of the loan as a silent second. No repayment terms – other than payment will be required in full when the loan is paid, sold, or refinanced.
Mortgage - Credit transaction (1) that is secured by a mortgage, deed of trust, or other consensual security interest on a principal residence of a borrower and (2) the unpaid principal balance of which was, at the time of origination, not more than the conforming loan limit.
SDI - socially disadvantaged individuals
DOLA: Department of Local Affairs
HAF: Homeowner Assistance Funds
Loss Mitigation: options provided by mortgage servicers to cure past due balances in order to assist homeowners in preventing a foreclosure on their home