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FANNIE MAE
A common nickname for the Federal National Mortgage Association.

TERM
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.

APR
See Annual Percentage Rate.

GROSS INCOME MULTIPLIER
A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.

ECOA
See Equal Credit Opportunity Act.

DEALER
An IRS designation for a person who regularly buys and sells real property.

PRIVATE MORTGAGE INSURANCE
A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property.

BLANKET MORTGAGE
A mortgage that covers more than one parcel of real estate.

NOTICE
(1) Legal notice is notice which is required to be made by law, or notice which is imparted by operation of law as a result of the possession of property or the recording of documents. (2) Notice which is required by contract, for example, when the parties agree to terminate a contract by the written notice of either party 30 days prior to termination.

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