Appendix 2

Appendix 2
Acronym List
ACRS–Accelerated cost recovery system
ADC loan–Acquisition, development, and construction loan
ALTA–American Land Title Association
AMT–Alternative minimum tax
APR–Annual percentage rate
ARC–Accelerated remittance cycle
ARM–Adjustable rate mortgage loan
BSPRA–Builder/sponsor profit and risk allowance
CERCLA–Comprehensive Environmental Response, Compensation,
Liability Act
CLO–Computerized loan origination systems
CMB–Certified mortgage banker
CMO–Collateralized mortgage obligation
COFI–Cost of funds index
CPM–Certified property manager
CPR–Constant prepayment rate
CRV–Certificate of reasonable value
ECOA–Equal Credit Opportunity Act
EPA–Equity–participation agreement
ERISA–Employee Retirement Income Security Act
FASB–Financial Accounting Standards Board
FDIC–Federal Deposit Insurance Corporation
FHA–Federal Housing Administration
FHLMC–Federal Home Loan Mortgage Corporation
FIDA–Financial Institutions Deregulation Act
FIRREA–Financial Institutions, Reform, Recovery, and Enforcement Act
FIRSTS–Floating interest rate short-tranche securities
FmHA–Farmers Home Administration
FNMA–Federal National Mortgage Association
FRM–Fixed-rate mortgage
GAAP–Generally accepted accounting principles
GEM–Growing equity mortgage
GMC–Guaranteed mortgage certificate
GNMA–Government National Mortgage Association
GPAM–Graduated-payment adjustable mortgage
GPM–Graduated-payment mortgage
GSE–Government–sponsored enterprise
HMDA–Home Mortgage Disclosure Act
HOLC–Home Owners Loan Corporation
HTG yield–“Honest to God” yield
HUD–Department of Housing and Urban Development
ILSFDA–Interstate Land Sales Full Disclosure Act
IOs–Interest–only bonds
IRB–Industrial revenue bond
IRS–Internal Revenue Service
LIBOR–London Inter-Bank Offer Rate
MACRS–Modified accelerated cost recovery system
MAI–Member, Appraisal Institute
MBS–Mortgage–backed securities
MCA–Financial Institutions Deregulation and Monetary Control Act
MCF–Mortgage cash flow obligation
MIP–Mortgage insurance premium
MLP–Master limited partnership
NOD–Notice of default
OCC–Office of the Comptroller of Currency
OID–Original issue discount
OILSR–Office of Interstate Land Sales Registration
OTS–Office of Thrift Supervision
PAC bond–Planned amortization class bond
PAM–Pledged-account mortgage
PC–Participating certificate
PITI–Principal, interest, taxes, and insurance
PLAM–Price level adjusted mortgage
PMI–Private mortgage insurance
POs–Principal–only bonds
PSA–Public Securities Association
PUD–Planned unit development
PV–Present value
QMI–Qualified monthly income
RAM–Reverse annuity mortgage
RAP–Regulatory accounting principles
REIT–Real estate investment trust
REMIC–Real estate mortgage investment conduit
REO–Real estate owned
RESPA–Real Estate Settlement Procedures Act
RFC–Residential Funding Corporation
RTC–Resolution Trust Corporation
SAM–Shared appreciation mortgage
SARA–Superfund Amendments and Reauthorization Act
SEC–Securities and Exchange Commission
SF–Single family
SMM–Single monthly mortality
SMM–Secondary mortgage market
SMMEA–Secondary Mortgage Market Enhancement Act
SREA–Senior real estate analyst
TRA–Tax Reform Act
UCC–Uniform Commercial Code
VA–Veterans Administration
VRM–Variable-rate mortgage
WAC–Weighted average coupon
WAL–Weighted average life
WAM–Weighted average maturity