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Talk the Talk- Real Estate Acronyms and Abbreviations

My buyer agent, Kristen Houston,  asked me to share this on my Active Rain Blog.  We hope you find this to be useful information.

 

Talk the Talk

Real Estate Acronyms and Abbreviations

By Kristen Houston - The Powell Team

 

Knowing the lingo is important when buying or selling your home.  Many real estate agents are so used to using acronyms in every transaction that they forget most people have no idea what they are referring to.  In addition, recent federal updates to settlement and closing procedures have changed many of the standard documents.  So you may hear different people you are working with {lender, real estate agent, closing attorney, etc.} use a mixture of old and new terms throughout your transaction.

 

Here are some acronyms that you will most like hear in reference to loan application, settlement and closings:

CFPB: Consumer Financial Protection Bureau

TILA: Truth in Lending Act

RESPA: Real Estate Settlement Procedures Act

TRID: TILA-RESPA Integrated Disclosure

HUD: Department of Housing and Urban Development

            HUD-1 Settlement Statement **Still used in cash transactions**

CD: Closing Disclosure **Replaced HUD-1 Settlement Statement in financed residential transactions**

            BCD: Buyer Closing Disclosure

            SCD: Seller Closing Disclosure

ALTA: American Land Title Association

            ALTA Settlement Statement – Combined

GFE: Good Faith Estimate

LE: Loan Estimate  **Replaced Good Faith Estimate**

 

Types of financing:

FHA: Federal Housing Administration

VA: Veterans Administration

USDA: United States Department of Agriculture

CONV: Conventional

FNMA: Federal National Mortgage Association ** Fannie Mae**

FHLMC: Federal Home Loan Mortgage Corporation **Freddie Mac**

GNMA: Government National Mortgage Association ** Ginnie Mae**

ARM: Adjustable Rate Mortgage

FRM: Fixed Rate Mortgage

HELOC: Home Equity Line of Credit

 

Other acronyms that you could hear in reference to your transaction:

MLS: Multiple Listing Service **Database used by Realtors to collect and share property listings**

HOA: Home Owner’s Association

HOI: Home Owner’s Insurance

CMA: Comparative Market Analysis

FSBO: For Sale by Owner

FROG: Finished Room Over Garage

 

Contact The Powell Team today if we can assist in your real estate transaction!

 

 

 

 

Comment balloon 3 commentsCheryl Powell - The Powell Team • February 04 2016 03:49PM
Talk the Talk- Real Estate Acronyms and Abbreviations
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My buyer agent, Kristen Houston, asked me to share this on my ActiveRain Blog. We hope you find this to be useful information. Talk the Talk Real Estate Acronyms and Abbreviations By Kristen Houston - The Powell Team Knowing the lingo is… more