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RESPA - Real Estate Settlement Procedures Act: Educate the consumers about closing and settlement services.
CFPB - Consumer Finance Protection Bureau
TRID - TILA/RESPA Integrated Disclosure
HUD - Department of Housing & Urban Development
FHA - Federal Housing Administration : Protects lenders against losses.
QM - Qualified Mortgage
ECOA - Equal Credit Opportunity Act
Dodd Frank Wall Street Act & Consumer Protection Reform Act : As October 13, 2015, Lender now prepare the closing statements instead of escrow companies.
EIO - Expense to Income Ratio: percent of net income that goes toward paying for the property. Generally less than 29% of stable monthly income.
Total Debt Service Ratio: Less than 43% (41% for VA loans)
Lien Theory State: Borrower gets the title as soon as the purchase made.
Title Theory State: The lender retaining the title until the loan is paid in full.
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