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Home Equity Underwriting

Across
The written analysis of the status of title to real property, including a property description, names of titleholders and how title is held (joint tenancy, etc.), tax rate, encumbrances (mortgages, liens, deeds of trusts, recorded judgments), and real property taxes due.
The ratio of the amount of an individual's gross income that they spend monthly on debt service. This is usually represented as a percentage of their total gross monthly income.
An agency that researches the credit history of consumers so that creditors can make decisions about granting of loans
A score that is a quantification of a variety of factors in an individual's background, including a history of default, the current amount of debt, and the length of time that the individual has made purchases on credit.
An account created by a lender to represent debts where the outstanding balance does not have to be paid in full every month by the borrower to the lender. If the balance is not paid in full by the end of a monthly billing period, the remaining balance will roll over or "revolve" into the next month.
An enterprise, asset, etc., in which money is or can be invested
A process used by PNC to review the employment history of a borrower, to determine the borrower's job stability and cross-reference income history with what they stated on the application
A written statement by a qualified appraiser setting forth an opinion as to the market value of a property
Within in our company's geographic market presence
A way of performing or effecting something, involves a series of steps to be performed in a certain order, and provides supports that are compliant with a particular policy
A loan repaid with interest in equal periodic payments
Person who, with other individual (s), guarantees a financial commitment (such as repayment of a loan). These ___________ are not acceptable in Home Equity Lending.
Abbreviation of Home Equity Installment Loan
Codes that are used when a loan is approved or declined contrary to the system recommendation
Down
An open-end line of credit secured by Residential Real Estate
Outside of our company's geographic market presence
A written contract in which a lender who has secured a loan by mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff)
This act ensures that financial institutions are serving the housing credit needs of their communities by requiring the collection and reporting of certain information about housing related loans
Insurance that the buyer of a private residence purchases providing coverage for most damage to the residence such as fire, deliberate or accidental destruction of the home by a person, and other, similar matters
A rule and requirement that governs or determines a specific course of action that is consistently applied and understood by all PNC personnel
The borrower pays only interest for a set term; at the end of this term, the loan converts to a fully amortizing loan in which both interest and principal are paid
The authority to act on behalf of a person in certain specified matters, such as financial dealings, or in general. A legal instrument granting such authority.
An insurance policy protecting a property owner from the risk that another claim to the property will arise in the future and prove successful in court. This also can protect the lender's interest in your home and real property in case its ownership is contested in court.
Codes that correlate to the denial reason that will appear on the applicant's decline letter
A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the beneficiary. The person who creates this ______, may or may not also be the beneficiary, is called the grantor.
A written document that transfers ownership of land or other real estate from the owner, also known as the grantor, to the buyer, or grantee