O


Glossary

Offer

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

OCC
(office of the comptroller of the currency)


OCI
Other Comprehensive Income


OFAC
Office of Foreign Assets Control


OMSR
Originated Mortgge Servicing Rights


ORM
Operational Risk Management


OTC
One Time Close


OTS
Office of Thrift Supervision-now defunct