The Ultimate Mortgage Acronym Cheat Sheet

    There are so many acronyms in the mortgage space that often it can seem like a foreign language. We’re here to help decode the jumble of letters and make you sound like a pro.

    Here are some of the most common acronyms:


    ACH: automated clearing house

    ALTA: American Land Title Association

    AMC: appraisal management companies

    AMI: area median income

    API: annual percentage interest

    APR: annual percentage rate

    ARM: adjustable-rate mortgage

    ASAP Plus: as soon as pooled plus

    ASAP Sale: as soon as pooled sale

    ASF: American Securitization Forum

    ATR: ability to repay

    AUS: automated underwriting system 

    AVM: automated valuation model


    BPO: broker price opinion

    Bps: basis points


    CAIVRS: Credit Alert Interactive Voice Response System

    CDO: collateralized debt obligation 

    CLO: collateralized loan obligation 

    CLTV: combined loan-to-value

    CMO: collateralized mortgage obligation 

    CMT: Constant Maturity Treasury

    COD: cancellation of debt

    COE: certificate of eligibility 

    CPI: Consumer Price Index

    CPIRT: construction-to-permanent investor reporting

    CPM: condo project manager

    C-to-P: construction-to-permanent mortgage loan

    CRC: credit reporting company

    CRV: Certificate of Reasonable Value 

    CU: collateral underwriter

    CUSIP: Committee on Uniform Security Identification Procedures


    DE: direct endorsement 

    DELRAP: direct endorsement lender review and approval process 

    DO: desktop originator

    DTI: debt-to-income ratio

    DU: desktop underwriter


    ECOA: Equal Credit Opportunity Act.

    EDI: Electronic Data Interface

    EEM: energy efficient mortgage 

    EMB: emerging mortgage banker

    EMD: earnest money deposit 

    EPLS: Excluded Parties List System


    FAIR: Fair Access to Insurance Requirement

    FDIC: Federal  Deposit Insurance Corporation

    FEMA: Federal Emergency Management Agency

    FHA: Federal Housing Administration

    FHFA: Federal Housing Finance Agency

    FHLBB: Federal Home Loan Bank Board

    FHLMC: Federal Home Loan Mortgage Corporation (Freddie Mac)

    FICO: Fair Isaac Corporation

    FMV: fair market value

    FNMA: Federal National Mortgage Corp. (Fannie Mae)

    FRM: fixed-rate mortgage

    FSBO: for sale by owner

    FTHB: first time home buyer


    GAAP: generally accepted accounting principles

    GFE: good faith estimate

    GNMA:Government National Mortgage Association

    GPM: graduated payment mortgage

    GSA:General Services Administration 

    GSE: Government-Sponsored Enterprise



    HAMP:Home Affordable Modification Program 

    HAP: Housing Assistance Program 

    HARP: Home Affordable Refinance Program

    HCLTV: home equity combined loan-to-value

    HECM: Home Equity Conversion Mortgage 

    HELOC:home equity line of credit

    HERA:Housing and Economic Recovery Act 

    HFA: Housing Finance Agency

    HMDA:Home Mortgage Disclosure Act 

    HOA: homeowners’ association

    HOEPA: Home Ownership and Equity Protection Act of 1994

    HPML: higher-priced mortgage loans

    HUD: Department of Housing and Urban Development

    HVCC: home valuation code of conduct


    IDR: Independent Dispute Resolution

    IO: interest only

    IP: investment property

    IR: interest rate

    IRRRL: Interest Rate Reduction Refinance Loan

    IRS: Internal Revenue Service


    JTIC: joint tenants in common 

    JTWROS: joint tenants with rights of survivorship 


    LAPP: Lender Appraisal Processing Program 

    LDP: lLimited denial of participation 

    LIBOR: London Interbank Offered Rate

    LLC: limited liability company

    LLPA: loan-level price adjustment

    LOI: letter of intent

    LOS: Loan Origination System

    LPI: last paid installment

    LPMI: lender paid mortgage insurance

    LQC: Loan Quality Center

    LTV: loan-to-value


    MBB: mortgage-backed bond

    MBS: mortgage-backed security

    MCC: mortgage credit certificate

    MERS: Mortgage Electronic Registration Systems.

    MI: mortgage insurance

    MIC: mortgage insurance certificate

    MIN: MERS identification number

    MIP: mortgage insurance premium

    MSA: metropolitan statistical area

    MSSC: Mortgage Selling and Servicing Contract

    MUD: municipal utility district


    NCLTN: National Community Land Trust Network

    NCUA: National Credit Union Administration

    Nina: no income no assets

    Niva: no income verified assets 

    NCO: no cash-out refinance

    NPI: nonpublic personal information

    NOO: non-owner occupied

    NOV: notice of value 


    OFAC: Office of Foreign Assets Control


    P&I: principal and interest

    PAL: price-adjusted loan

    PERS: Project Eligibility Review Service

    PHA: Public Housing Administration 

    PITI: principal, interest, taxes, and insurance

    PITIA: principal, interest, taxes, insurance, and other assessments

    PMI: private mortgage insurance

    POC: paid outside of closing

    PPP: prepayment penalty

    PUD: planned unit development


    RCD: required closing documents

    RD: rural development

    REIT: real estate investment trust

    REMIC: Real Estate Mortgage Investment Conduit

    REO: real estate owned

    RESPA: Real Estate Settlement Procedures Act 

    RHS: Rural Housing Service

    RPM: rapid payment method


    SEC: Securities and Exchange Commission

    SFC: special feature code

    SFHA: special flood hazard area

    SIFMA: Securities Industry and Financial Markets Association

    SMBS: stripped mortgage-backed security


    TILA: Truth in Lending Act

    T&I: taxes and insurance

    TPO: third party originator


    UUCC: Uniform Commercial Code

    UETA: Uniform Electronic Transactions Act

    UFMIP:up-front mortgage insurance program

    UPB: unpaid principal balance

    URAR: Uniform Residential Appraisal Report

    URLA: Uniform Residential Loan Application 

    USPAP: Uniform Standards of Professional Appraisal Practice


    VA: U.S. Department of Veterans Affairs

    VOD: verification of deposit

    VOE: verification of employment

    VOM: verification of mortgage 

    VOR: verification of rent 

    VVOE: verbal verification of employment 


    YSP: yield spread premium