| OBLIGATIONS
|
Any debt or recurring payment
the borrower is obligated to pay, except for mortgage payments.
|
| OBSOLESCENCE |
Condition or process of falling
into disuse.
|
| Occupant Borrowers
|
Borrower who is the owner and
occupant of the property or a unit.
|
| Offsites
|
Improvements that are to be
made to the adjacent to the subject property. (I.e.) roads, water and
sewer, sidewalks, etc. These improvements must be complete prior to the
start of actual construction on the financed project.
|
| One-Time Close Construction Program
|
A combined construction AND
permanent loan program, provides construction and permanent financing of
all costs related to building a home in one simple loan transaction.
|
| Operating Expenses |
Costs of maintaining an
investment property, including expenses for electricity, gas, fuel oil,
water/sewer, trash removal, pest control, license fees,
painting/decorating, general repairs/maintenance, supplies, casual
labor, professional management fees, and replacement reserves.
|
| Origination Fees
|
Fees charged by a lender to
prepare loan documents, make credit checks, inspect, and sometimes
appraise a property. The fees are usually computed as a percentage of
the face value of the mortgage.
|
| OVER IMPROVEMENT |
An improvement, excessive in
cost or size, in relation to land value or value of surrounding
improvements.
|
| OWNER OCCUPIED |
Designation given to property
used as the owner’s residence.
|
| Owner of Record |
Entity that appears in the
public records as the owner of a mortgage; usually the mortgage
originator, unless the mortgage is subsequently assigned to someone else
and that assignment is recorded.
|
| Owner's Association |
| Nonprofit corporation or
association that manages the common areas of a PUD or condominium
project. In a condominium project, it has no ownership interest in the
common areas. In a PUD project, it holds title to the common areas. |
