Glossary and Acronyms "O"
Original Principal Balance
The amount the borrower owes the lender on the origination date of the loan.
The date that the proceeds of a loan are disbursed.
The date on which a loan is funded or disbursed.
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. (Ref: What are Loan origination fees?)
A property purchase transaction in which the property seller provides all or part of the financing.
A property that the owner occupies as a principal residence.
Costs associated with running or operating an investment fund. Operating expenses may include custody fees, management fees and transfer agent fees.
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. (Ref: What is an Adjustable rate Mortgage? What are Payment options for an adjustable-rate mortgage? Explain Facts on margin with respect to adjustable-rate mortgages)
An Occasion when real estate offered for sale can be viewed by prospective buyers without an appointment.
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.
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. (Ref: What is an Adjustable rate Mortgage? What are Payment options for an adjustable-rate mortgage? Explain Facts on margin with respect to adjustable-rate mortgages)
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. (Ref: Office of Thrift Supervision)
A Price given at which one is ready to buy or sell to another party
(owner occupied) a loan on a property owned the owner
Other Comprehensive Income
Originated Mortgagee Servicing Rights
Operational Risk Management
One Time Close
Office of Thrift Supervision-now defunct