1229 Lake Plaza Dr. #D | Colorado Springs, CO 80906
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| Glossary of Lending Terms |
| Your inquiry into the Focus Publications Glossary of Lending Terms produced the following results: |
obsolescence Loss in value because design and/or features become outdated or old-fashioned for today's living requirements. |
odd days interest The interest due on a loan from the closing date until the first day of the following month. |
offer An expression of willingness to purchase a property at a specified price and made with the intent of entering into contract. |
offeree One who receives the offer. When the buyer makes an offer to the seller, the seller is the offeree. |
offeror One who makes the offer. When the buyer makes an offer to the seller the buyer is the offeror. |
offer to purchase A formal document through which a prospective buyer proposes to purchase a property for a specified amount and under specified terms and conditions. Acceptance of the offer by the owner creates a contract binding on both parties, subject to any contingencies specified. |
Office of Controller of the Currency (OCC) The oldest federal financial regulatory body that oversees the nation’s federally chartered banks. |
Office of Thrift Supervision (OTS) The regulatory and supervisory agency for federally chartered and many state-chartered savings institutions. Formerly known as Federal Home Loan Bank Board. |
one-year adjustable rate Mortgage whose rate changes yearly. The rate is usually based on movements of a published index plus a specified margin chosen by the lender. |
open-end mortgage A mortgage that allows the mortgagor (borrower) to borrow additional money from the mortgagee (lender) under the same mortgage, with certain conditions. |
open house A method of showing a home for sale to prospective buyers where the home is left open for inspection by those who may be interested in making a purchase. |
open listing A contract with one or more real estate agents giving each the right to sell for a commission, but reserving to the seller the right to sell without commission. Contrast to exclusive agency; exclusive right to sell. |
open mortgage A mortgage that has matured or is overdue and is, therefore, open to foreclosure at any time. |
option A written agreement that gives a potential purchaser the right to buy the property at stated terms and price within a certain period of time. |
optionee One who purchases or receives an option. |
optionor One who sells or grants an option. |
option to purchase An agreement whereby a person pays for the right to buy a property for a specified time and at a specified price. |
oral contract A verbal agreement for the sale or use of real estate, which is often unenforceable. |
ordinance A law or statute, usually enacted by a local governing body. |
ordinary income Defined by the Internal Revenue Code to include salaries, fees, commissions, interests, dividends and many other items. Taxed at regular tax rates. Contrasted with long-term capital gains, which receive more favorable tax treatment. |
ordinary loss For income tax purposes, a loss that is deductible against ordinary income. Usually more beneficial to a taxpayer than a capital loss, which has limitations on deductibility. |
orientation The placement of a building on a lot. |
original cost The purchase price paid by the present owner who may or may not be the first owner. |
original principal balance The total amount of principal owed on a mortgage before any payments are made. |
origination fee A fee paid to a lender for processing a loan application. Typically calculated in points, as a percentage of the loan, and paid at the closing. One point is 1 percent of the mortgage amount. |
originator The lender or lender’s agent that takes the loan application and works with the applicant to close the transaction. This company could be a retail lender or a mortgage broker. |
other closing costs Costs included in this calculation are the appraisal fees, underwriting or other lender fees, title insurance, and escrow fees. See closing costs. |
outstanding balance The amount currently owed on a debt. |
overall rate of return (OAR) The percentage relationship of net operating income divided by the purchase price of a property. |
owner financing A property purchase transaction in which the property seller provides all or part of the financing. |
owner occupant A tenant of a residence who also owns the property. |
owner-occupied Property occupied by the purchaser, as opposed to investor-owned property rented to another party. |
owner of record The individual named on a deed that has been recorded at the county recorder's office. |
ownership Rights to use, enjoy and dispose of property to the exclusion of others. |
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