DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 27, 2017
The mortgage industry loves jargon and it can quickly confuse a real estate professional and all the more so a borrower. The Fannie Mae Sellers Guide alone has 91 different acronyms and abbreviations.
The National Mortgage News recently offered up a few of the most common acronyms buyers and professionals should know while going through the home buying process.
DTI: Debt to income
UETA: Uniform Electronics Transactions Act
PITI: Principal and interest plus taxes and insurance
ATR: Ability to repay
HOEPA: Home Ownership Equity and Protection Act
SFHA: Special Flood Hazard Area
Test yourself on more mortgage-related acronyms at National Mortgage News.
Source: “10 Mortgage Abbreviations Everyone in the Industry Should Know,” National Mortgage News (2017)