| 1003 |
The number
assigned to the form all potential customers must complete to
apply for a home loan. This application is commonly referred
to as “the 1003” and is produced by the Federal
government.
|
| 1040 FEDERAL TAX RETURN |
The Federal
tax form used by U.S. citizens and residents to report their
annual income to the Federal government. The 1040 tax return
must be accompanied by any applicable schedules, which provide
line-item detail of various sources of income. Schedule A
details itemized deductions. Schedule B details investment
income. Schedule C details business income. Schedule D details
capital gains/losses. Schedule E details supplemental income,
such as rental income. Schedule F details farming
profit/loss.
|
| 1065 FEDERAL TAX RETURN |
The Federal
tax form used by U.S. partnerships to report their annual
income to the Federal government.
|
| 1099 |
A document that reports to
the Federal government gross and net income earned by
individuals who receive pension, social security or
miscellaneous income, such as income from contract work. 1099s
must be mailed to recipients by January 31 of each year for
the previous year.
|
| 1120 FEDERAL TAX RETURN |
The Federal
tax form used by U.S. corporations to report their annual
income to the Federal government.
|
| 1st POSITION LIEN |
A secured
claim against a property that will be the first claim to be
repaid should the property owner declare bankruptcy or default
on the secured loan.
|
| 2-4 UNIT PROPERTY |
A property
that consists of a structure that provides living space for 2
to 4 families, although a single mortgage or deed of trust
evidences ownership of the structure.
|
| 3 Cs |
Lenders consider three
factors, credit, capacity and collateral when considering a
credit application. Credit is the borrower’s proven
willingness to repay a debt. Capacity is the borrower’s
financial ability to repay a debt. Collateral refers to the
property used to secure a loan transaction.
|
| 30-DAY LATES, 60-DAY LATES,
ETC. |
| Designations of the severity of
mortgage delinquency. A mortgage payment is considered 30 days late when
2 payments are due. A mortgage payment is considered 60 days late when 3
payments are due. |
