Posted on: 25th Oct, 2005 01:23 am
Experts believe that the best way to know any industry is to know it from the very basics. Knowledge of terminology can help a lot in this respect. What terminology signifies is a collection of related terms and concepts that gives an idea of the fundamentals of the industry. Without a fair knowledge of the basics of the industry, you will hardly know how the industry is going to serve your purpose.
The mortgage industry covers up a wide arena as far as its service is concerned. So you are likely to come upon loan frauds and scams. Many a times, lenders in this industry deceive common people who are often not aware of mortgage concepts. That is why borrowers in this industry often complain of being let down by their lenders. But a little knowledge of mortgage and related issues can help you prevent such frauds. The best way to keep yourself away from such illegal activities is to acquire some knowledge on this industry. Here is where mortgage terminology can help you the most.
Mortgage terminology includes the basic terms and concepts used by professionals in the mortgage industry. Knowledge of the terminologies can help you to have a better understanding of how the industry functions and how you can benefit from it. Then there is also the legal aspect of this process, which you should know in order to prevent yourself from falling into any trap set up by the lender any other mortgage professional.
Keeping in mind the benefit of the community, we have developed a section on mortgage terminology. Here we have tried to focus on the basic terms in mortgage and supplemented them with proper examples so that you can form a clear idea of the terminologies related to this industry. This will help common people understand the working of the mortgage industry in a better and easier way.
The mortgage industry covers up a wide arena as far as its service is concerned. So you are likely to come upon loan frauds and scams. Many a times, lenders in this industry deceive common people who are often not aware of mortgage concepts. That is why borrowers in this industry often complain of being let down by their lenders. But a little knowledge of mortgage and related issues can help you prevent such frauds. The best way to keep yourself away from such illegal activities is to acquire some knowledge on this industry. Here is where mortgage terminology can help you the most.
Mortgage terminology includes the basic terms and concepts used by professionals in the mortgage industry. Knowledge of the terminologies can help you to have a better understanding of how the industry functions and how you can benefit from it. Then there is also the legal aspect of this process, which you should know in order to prevent yourself from falling into any trap set up by the lender any other mortgage professional.
Keeping in mind the benefit of the community, we have developed a section on mortgage terminology. Here we have tried to focus on the basic terms in mortgage and supplemented them with proper examples so that you can form a clear idea of the terminologies related to this industry. This will help common people understand the working of the mortgage industry in a better and easier way.
I totally agree. I knew nothing about the mortgage industry until I got a job with one. Then I would listen to the underwriters and account managers and pick things up that would help me to get my own mortgage.
Yes thats true Kevin. Until you actually work in the industry you cannot get total knowledge & practical experience.
Yes unless you know someone in the industry that you can trust or do research on certain programs.
Jessica,
I agree with you. Mortgage terminologies will be a great help to people. By lerning terminologies, they will be able to understand the mortgage industry in a better way.
I agree with you. Mortgage terminologies will be a great help to people. By lerning terminologies, they will be able to understand the mortgage industry in a better way.
The only problems that i see with that theory is the fact that different parts of the industry ( lenders, title companies , realtors, ect ) use different terms to describe same things
But all in all knowlege is never bad.
But all in all knowlege is never bad.
My favorite term is "flipping". Like that show on TV. You read about these terrible mortgage brokers helping con men "flip houses". Then you got shows coming out. I get calls all the time from people they start like this... I am an investor and I flip houses. It is funny that some people use it to describe how they make money and don't mean anything illegal. Others use it and it means a crook and a scam that probably hurt a lot of people. Just funny how some things work.
I just got in the Mortgage industry and, trust me, its a whole new ball game. I am also in the Financial Accounting industry and the terminologies are a lot different from the mortgage industry. I know for a fact that terminologies are important to grasp and know in whatever field you are in. This way, you can understand whats being said and not scammed due to lack of understanding.
Jeanette Smith
Loan Officer
Access Mortgage, kod
"Jeanette@accessmortgagekod.org"
757-216-3777
You must take life by the wheel,but never drive out of control.
[Email address deactivated as per forum rules. Thanks]
Jeanette Smith
Loan Officer
Access Mortgage, kod
"Jeanette@accessmortgagekod.org"
757-216-3777
You must take life by the wheel,but never drive out of control.
[Email address deactivated as per forum rules. Thanks]
I am never amazed at the new terms that the industry comes up with. I think the recent 'credit crunch' might limit the creation of new words, but even after being in the industry for 10 years....I still hear new words being used by sales people, I mean loan officers all the time.
Hi,
Welcome to the forum.
I agree with you. It is the fact that are newer terms with time and to some borrowers it really gets complicated. I think that's the reason a lot of edicational programs and seminars on home buying are being held nowadays. That's a good initiative taken by the industry people.
May god bless you.
Samantha
Welcome to the forum.
I agree with you. It is the fact that are newer terms with time and to some borrowers it really gets complicated. I think that's the reason a lot of edicational programs and seminars on home buying are being held nowadays. That's a good initiative taken by the industry people.
May god bless you.
Samantha
Getting familiar with mortgage terms and acronyms should definitely a priority for those who are new to the business. It will make learning the job a lot easier. A lender submission sheet could easily have 10-15 acronyms on it. Not knowing what they mean could frustrate you, slow you down or cause the form to be completed incorrectly. There are a lot of great mortgage glossary websites and acronym finders online.
I believe that more people should read up on terminology before applying for a mortgage loan. Many people do not know what terms will even apply so they don't know what to ask the loan officer.
As a commercial mortgage lender dealing with residential mortgage brokers on a regular basis, the need for education is key. Towards that end we began to teach the market in a seminar aimed at residential brokers.
In this market, being credible in all aspects of the market is extremely important.
In this market, being credible in all aspects of the market is extremely important.
yes haltman, it is important to be credible enough to remain in the market.
I think every industry has its own lingo or terminology. Acronyms to are very common in every walk of life, if you are going to be in the industry you must keep up in order to survive. Sounds like a dog eat dog world.
"My favorite term is "flipping". Like that show on TV. You read about these terrible mortgage brokers helping con men "flip houses"."
I have seen these guys on television too, I would think that if you are in this game, you really better know your market or you are sure to loose your shorts, Huh? One bad buy could make you lose everything and how do these guys build any credibility?
"My favorite term is "flipping". Like that show on TV. You read about these terrible mortgage brokers helping con men "flip houses"."
I have seen these guys on television too, I would think that if you are in this game, you really better know your market or you are sure to loose your shorts, Huh? One bad buy could make you lose everything and how do these guys build any credibility?
We learn words as children; we learn sentences in school; we learn postulates in college; we learn navigation in the real world, but, we never really learn the ins-and-outs of process and procedure which we pay good money to accomplish.
Do we really want to know how to put on a new roof? Do we really want to know how to negotiate the sale of that land down by the highway where the BIG SOFTWARE firm will come in and bring 400 new jobs? Do we really want to know the hard work that a loan officer puts in to finesse every loan he/she puts into an underwriter's hand?
Maybe yes - maybe no! I'd rather pay the carpenters to roof my house. I'd rather pay the city fathers to bring needed jobs into the community. And, as a loan officer, I'd rather my clients pay me to finalize their financing in a prompt and fair manner...AFTER I'VE DISCLOSED AND EDUCATED THEM SUITABLY ENOUGH TO MAKE DECISIONS -- if a client insists on a 'second opinion', so be it -- Doctors see the same actions! They need not, however, know the terminolgy...unless they themselves intend on getting into the business.
Do we really want to know how to put on a new roof? Do we really want to know how to negotiate the sale of that land down by the highway where the BIG SOFTWARE firm will come in and bring 400 new jobs? Do we really want to know the hard work that a loan officer puts in to finesse every loan he/she puts into an underwriter's hand?
Maybe yes - maybe no! I'd rather pay the carpenters to roof my house. I'd rather pay the city fathers to bring needed jobs into the community. And, as a loan officer, I'd rather my clients pay me to finalize their financing in a prompt and fair manner...AFTER I'VE DISCLOSED AND EDUCATED THEM SUITABLY ENOUGH TO MAKE DECISIONS -- if a client insists on a 'second opinion', so be it -- Doctors see the same actions! They need not, however, know the terminolgy...unless they themselves intend on getting into the business.
