A Price given at which one is ready to buy or sell to another party
Office of Comptroller Currency
A U.S federal agency that serves to charter, regulate, and supervise the national banks and federal branches and agencies of foreign banks. Headed by the Comptroller of the Currency.
Office of Thrift Supervision (OTS)
An office in the U.S Department of the Treasury responsible for regulating and examining thrift institutions to ensure that they are financially sound.
One Year Adjustment Rate Mortgage
A loan with a fixed rate for the first year that has a rate that changes yearly for the remaining life of the loan.
Open House
An Occasion when real estate offered for sale can be viewed by prospective buyers without an appointment.
Option Contract
An agreement between a buyer and seller that gives the purchaser of the option, the right to buy or sell a particular asset at a later date at an agreed upon price.
Option ARM
A
type of adjustable-rate mortgage (ARM) that offers the borrower a
choice of 4 monthly payment options to help provide financial
flexibility to manage payments in rising rate markets and take advantage
of falling interest rates.
Original Principal Balance
The amount the borrower owes the lender on the origination date of the loan.
Origination
The date that the proceeds of a loan are disbursed.
Origination date
The date on which a loan is funded or disbursed.
Origination fee
A
fee imposed by a lender to cover certain processing expenses in
connection with making a mortgage loan. Usually a percentage of the
amount loaned (often 1%). The origination fee is stated in the form of
points.
Owner financing
A property purchase transaction in which the property seller provides all or part of the financing.
Owner-Occupied
A property that the owner occupies as a principal residence.
Operating expenses
Costs associated with running or operating an investment
fund. Operating expenses may include custody fees, management fees and
transfer agent fees.
Acronyms
O/O
(owner occupied) a loan on a property owned the owner