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Glossary of Mortgage and Home Equity Terms

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Analysis of risk and setting of appropriate rate and terms for a mortgage on a specific property for specific borrowers.
Uniform Residential Loan Application (URLA)
Also known as a Fannie Mae Form 1003 or a Freddie Mac (65). Required for all mortgage applications; information includes income, assets, and a description of the home.
Yield to Maturity
The lender's percentage of annual return on actual funds loaned, assuming that the loan will be paid in full at maturity.
Zero Point Option
An option allowing a borrower to pay a slightly higher loan interest rate instead of paying the loan origination points generally charged for the particular loan product.
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