A mortgage note assigned in the secondary market without the right of the new note holder (assignee) to seek payment from the endorser (assignor); not limiting recovery solely from the property.

A mortgage note assigned in the secondary market with the right of the new note holder (assignee) to seek payment from the endorser (assignor); not limiting recovery solely from the property.

A mortgagee’s or current note holder’s willingness to permit substitution of a new debtor (buyer) and release a former debtor (seller) from liability on a note.

The loss in value of a property occasioned by outdated styling and lack of modern functional requirements.

The federal agency that oversees nationally chartered commercial banks.

Assists the President in overseeing the preparation of the federal budget and supervises its administration in Executive Branch agencies. In helping to formulate the President’s spending plans, OMB evaluates the effectiveness of agency programs, policies, and procedures, assesses competing funding demands among agencies, and sets funding priorities. OMB ensures that agency reports, rules, testimony, and proposed legislation are consistent with the President’s Budget and with Administration policies. In addition, OMB oversees and coordinates the Administration’s procurement, financial management, information, and regulatory policies. In each of these areas, OMB’s role is to help improve administrative management, to develop better performance measures and coordinating mechanisms, and to reduce any unnecessary burdens on the public.

HUD’s Office of Policy Development and Research (PD&R) maintains current information on housing needs, market conditions, and existing programs, as well as conducts research on priority housing and community development issues. The office provides reliable and objective data and analysis to help inform policy decisions. In 1978, PD&R established HUD USER, an information resource for housing and community development researchers, government officials, academics, policymakers, and the American public.

The federal agency responsible for regulating Savings and Loan Associations.

HUD’s Office of University Partnerships facilitates the formation of campus-community partnerships by sharing information about community partnership development in general, and about OUP’s various funded programs, in particular. OUP is committed to helping colleges and universities join with their neighbors to address urban problems. The resulting partnerships enable students, faculty, and neighborhood organizations to work together to revitalize local economies, generate jobs, and rebuild healthy communities.

Permits the mortgagor to re-borrow funds which had been previously repaid, up to the original face amount of the loan, upon agreement of both lender and borrower; a clause allowing future advances.

The fee for the work involved in the evaluation, preparation, and submission of a proposed mortgage loan from individual borrowers.

A mortgage which includes personal property (chattel) together with the real property.

The face amount of a mortgage or charge with no premium or discount.

The face amount of a mortgage or charge with no premium or discount.

A mortgage originated with funds provided by multiple lenders each being a participant in the total amount loaned.

HUD’s Partnership for Advancing Technology in Housing is dedicated to accelerating the development and use of technologies that radically improve the quality, durability, energy efficiency, environmental performance, and affordability of America’s housing. PATH is a voluntary partnership between leaders of the homebuilding, product manufacturing, insurance, and financial industries, and representatives of federal agencies concerned with housing. Working together, PATH partners improve new and existing homes and strengthen the technology infrastructure of the United States. PD&R coordinates all PATH activities.

A provision in a mortgage that requires the borrower to pay a monetary penalty if the mortgage payments are made in advance of the normal due date or if the mortgage payments are made in advance of the normal due date or if the mortgage is paid in full ahead of schedule.

Calculated for all FMR areas. These are not fair market rents. Under certain conditions, as set forth in the Interim Rule (Federal Register Vol. 65, No. 191, Monday October 2, 2000, pages 58870—58875), these 50th percentile rents can be used to set success rate payment standards.

Any property that is not real property.

Any property that is not real property.

The starting and ending place in a land survey using the metes and bounds method of property description.

The right given a borrower to pay all or part of a debt prior to maturity without penalty. A penalty is not permitted on any government-underwritten loan.

An area that qualifies as a metropolitan statistical area has a census population of 1 million or more; two or more PMSAs may be designated within it if they meet published official standards and local opinion favors the designation.

The market where loans are funded by institutions or investors directly to borrowers.

The amount of debt, not including interest; the outstanding balance of a loan.