Business / Loan Glossary

Up Front Costs: These are costs or fees which are charged to the borrower at or before closing of the mortgage loan, such as loan application fees, appraisal fees, points, broker fees, credit report fees, r . . . View Full Definition

User: A non- or for-profit entity that receives a program-related investment directly from a funder for use in its programs or ventures.

Variable Interest Rate: An interest rate that changes during the life of a loan.

Warranties: Statement attesting that certain statements are true. For instance, the borrower may warrant that it is a corporation, that it is entering into the agreement legally and that financial state . . . View Full Definition

Working Capital: Technically, means current assets and current liabilities. The term is commonly used a synonymous with net working capital. The term often also is used to refer to all short-term funding nee . . . View Full Definition

Write Off: When an investment, such as a loan, becomes seriously delinquent or in default and is determined to be uncollectible, the lender may choose to charge the outstanding investment amount as an . . . View Full Definition

Yield Spread Premium (YSP): This is a payment made by a lender to a mortgage broker in connection with a borrower's mortgage transaction. It is shown on the Settlement Statement (HUD-1), but often in a way that is diff . . . View Full Definition

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