Related Words

Computerized Loan Origination (CLO) System: An electronic network for handling loan applications through remote computer terminals linked to various lenders computers.

Open Systems Interconnection (OSI): A reference model developed by the International Organization of Standardization. It splits networking into seven layers which provide specific services and communications standards.

Open System: A system that can be adjusted for new functions or purposes, and hence produce new and unpredicted results. Human language is an example of an open system. To a lesser extent, so is XML code . . . View Full Definition

Open Circulatory System: A system in which the circulating fluid is not enclosed in vessels at all times; found in insects, crayfish, some mollusks, and other invertebrates.

Open-End Loan: A loan that permits the borrower to draw money from time to time up to a credit limit. A home equity line of credit (HELOC) is an open-end loan secured by a home.

NT File System (NTFS): One of the file system for the Windows NT operating system (Windows NT also supports the FAT file system). NTFS has features to improve reliability, such as transaction logs to help recover . . . View Full Definition

Operating System (OS): The most important program that runs on a computer. Every general-purpose computer must have an operating system to run other programs. Operating systems perform basic tasks, such as recogni . . . View Full Definition

Package Loan: A real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings and major appliances.

Origination Fee: An origination fee is an amount, usually calculated as a percentage of a mortgage loan or home equity loan, which a lender charges for processing your application. The origination fee may be . . . View Full Definition

Origination: The making of mortgage loans.