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- Par:
Where the face value of the mortgage or bond is equal to its selling price.
- Partial Income Loan:
A mortgage loan where the borrower(s) verify a portion of their income.
- Personal Property:
Movable property.
- Pipeline:
Loan applications in process that have not closed yet
- PITI:
An acronym for Principal, interest, taxes and insurance. .
- Planned Unit Development (PUD):
A subdivision having lots or areas owned in common and reserved for the use of
some or all of the owners of the separately owned lots.
- Point:
An amount equal to one percent of the principal amount of the investment or note.
- Portfolio:
The collection of loans held for servicing or investment.
- Portfolio Lender:
A lender who holds loans in their portfolio and does not sell in the secondary
market.
- Power of Attorney:
An instrument authorizing a person to act on behalf of the person granting it.
- Pre Paid Interest:
Mortgage interest that is paid in advance of when it is due.
- Premium:
The amount payable for an insurance policy.
- Prepaids:
Expenses such as taxes, insurance and assessments which are paid by the buyer
at closing.
- Prepayment Penalty / Prepayment Premium:
A charge the borrower pays the lender for the privilege to prepay the loan.
- Prequalification:
The process of establishing a borrower's qualification for a loan of a particular
amount based on income and expenses.
- Primary Residence:
Residence which the owner physically occupies and uses as his/her home.
- Principal:
The balance of money lent, excluding interest.
- Private Mortgage:
A mortgage that is granted to a borrower with private moneys.
- Private Mortgage Insurance (PMI):
Insurance written by a private company protecting the lender against financial
loss if the borrower defaults on the mortgage.
- Processing:
The completion of a mortgage loan application and supporting documents for underwriting.
- Profit / Loss (Write Off):
Also referred to as charge off.
- Profit and Loss Statement (P&L):
A financial statement provided by the applicant which reports the income and expenses
for a business during a certain time period.
- Purchase Agreement:
Also referred to as a sales contract, earnest money contract, or agreement for
sale.
A written document in which the purchaser agrees to buy certain real estate and
seller agrees to sell under stated terms and conditions.
- Purchase Money Mortgage:
A mortgage given to a borrower who is purchasing a home.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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