LO: Loan Officer is the person that takes the actual application for a mortgage. All laws that are passed by Congress are administered by HUD. HUD: Housing and Urban Development is the Cabinet Department of the Federal Government that oversees the US housing market. LP is also used for underwriting FHA mortgages.
#WHAT DOES LE STAND FOR IN MORTGAGE LOAN TERMS MAC#
LP: Loan Prospector is the automated underwriting engine developed by Freddie Mac for underwriting Freddie Mac eligible mortgages. DU is also used for underwriting FHA mortgages. These are the investment instruments that are bundled by Fannie Mae, Freddie Mac, and Ginnie Mae for sale on Wall Street.ĭU: Desktop Underwriter is the automated underwriting engine developed by Fannie Mae for underwriting Fannie Mae eligible mortgages. PIH: Public and Indian Housing is the Federal Agency that, like FHA, guarantees mortgages.
Ginnie Mae’s MBS’s are the only MBS’s that are actually guaranteed by the Federal Government.
Ginnie Mae: Government National Mortgage Association is the actual guarantee agency for Federally Guaranteed mortgages by VA, FHA, RHS, and PIH. USDARHS: United States Department of Agriculture/Rural Housing Services, like FHA these mortgages are guaranteed by the Federal Government. However, VA mortgages are only available to members of the military, their immediate family, and veterans of military service. VA: Veterans Administration, like FHA, guarantees mortgages for the Federal Government. FHA mortgages are guaranteed by the Federal Government and offered by banks/lenders. Mortgages offered under Freddie Mac guidelines are also called “conforming” mortgages since they conform to Freddie Mac guidelines.įHA: Federal Housing Administration, the Federal Government Agency that oversees the US Housing market. Mortgages offered under Fannie Mae guidelines are called “conforming” mortgages since they conform to Fannie Mae guidelines.įreddie Mac: Federal Home Loan Mortgage Corporation, the second of two GSE’s created by Congress to increase access to mortgages. With the help from my good friend Brian Bourjaily (mortgage broker in Tampa, FL), here are commonly used acronyms & abbreviations when it comes to dealing with mortgages.īWR: Borrower is the primary applicant on a mortgage application.ĬBWR: Co-Borrower is the secondary applicant on a mortgage application.įannie Mae: Federal National Mortgage Association, one of two GSE’s (Government Sponsored Enterprises) created by Congress to increase access to mortgages.