By Sharon Hassler—Confused by some of the abbreviations in the information you receive from your loan officer or mortgage broker? Here are many of the common abbreviations used today. If you have any questions about documents from your lender, do not hesitate to ask for clarification. Your loan originator wants you to understand your loan program. An informed borrower isn’t surprised at the closing table!

AKA – Also Known As
APR – Annual Percentage Rate
ARM – Adjustable Rate Mortgage
BK – Bankruptcy
CAP – Maximum Interest Rate (usually with ARMs)
CC&Rs – Covenants, Conditions and Restrictions
CLTV – Combined Loan To Value (all mortgages)
DBA – Doing Business As
DOB – Date of Birth
DRE – Department of Real Estate
ECOA – Equal Credit Opportunity Act
EHL – Equal Housing Lender
FHA – Federal Housing Authority
FHLMC – Federal Home Loan Mortgage Corporation (referred to as Freddie Mac)
FNMA – Federal National Mortgage Association (referred to as Fannie Mae)
GNMA – Government National Mortgage Association (referred to as Ginnie Mae)
HELOC – Home Equity Line of Credit
HOA – Homeowner’s Association (on financial statement means dues)
HUD – Housing and Urban Development
HUD1 – Final Closing Statement or Settlement Statement
LIBOR – London Interbank Offering Rate (common ARM basis)
LO – Loan Officer
LOE – Letter of Explanation
LTV – Loan to Value (stated as a percentage)
MIP – Mortgage Insurance Premium (insurance for FHA loans)
MTG – Mortgage (or MTGE)
NOD – Notice of Default
NOO – Non-Occupant Owner (or Non-Owner Occupied)
OO – Owner Occupied
PI – Principal and Interest (mortgage payment without Taxes and Insurance)
P&L – Profit and Loss
PERS – Public Employees Retirement System
PITI – Principal, Interest, Taxes and Insurance (all-inclusive mortgage payment)
PMI – Private Mortgage Insurance (for high LTV conventional loans)
Prepay – Prepayment Penalty (a penalty for paying off early)
PTD – Prior to Docs
PTF – Prior to Funding
PTS – Points (loan origination fee)
PUD – Planned Unit Development
REO – Real Estate Owned
SBA – Small Business Administration
SCH A – Schedule A of Tax Returns-Expenses
SCH B – Schedule B of Tax Returns-Interest & Dividends Income
SCH C – Schedule C of Tax Returns-Self-employed Income
SCH D – Schedule D of Tax Returns-Capital Gains or Losses
SCH E – Schedule E of Tax Returns-Rental/Partnership/Trust/S Corp
SFR – Single Family Residence
TIL – Truth in Lending Statement
TO – Title Officer
TRW – A credit reporting repository, now known as Experian
TU – TransUnion, a credit reporting repository
VA – Veterans Administration
VOE – Verification of Employment
VOM – Verification of Mortgage
VOR – Verification of Rent
W2s – Year-end earnings statements from employer
YTD – Year To Date