Terms with Tag Mortgage Broker

  • Accredited Mortgage Professional (AMP) Acronym, Canada, Very Important,
    • The Accredited Mortgage Professional (AMP) is the only national proficiency standard created by CAAMP for Canada's mortgage industry.
    Accreditation offered by Canadian Association of Accredited Mortgage Professionals (CAAMP).
  • Annual Mortgage Statement Definition, Important,
    • A report sent to the borrower every year, detailing how much principal remains on the home loan and how much was paid in taxes and interest during the previous year.
  • Basis Point (BPS) Bank, Very Important,
    • A unit of measure: 1/100th of one percent. For example, the difference between a 9.0% loan and a 9.5% loan is 50 basis points.
    Used by mortgage brokers and lenders when discussing mortgage rates and determining commissions.
  • Dominion Lending Centres (DLC)Company,
    • Draw Mortgage (DM) Acronym,
      • A periodic payment made to a construction contractor or subcontractor as work progresses. A draw is part of a construction mortgage.
      See Progress Advance Mortgage (PAM).
    • Financial Services Commission of Ontario (FSCO) Bank Est. 1998, Ontario, Canada, Very Important,
      • A regulatory agency of the Ministry of Finance that protects public interests and regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario.
      Oversees the mortgage, insurance and pension industries in Ontario.
    • Mortgage Associates Program (MAP)Acronym, Alberta, Canada, Very Important,
      • In Alberta, individuals who wish to become licensed mortgage brokerage industry members must complete the Mortgage Associates Program (MAP) offered through the Real Estate Council of Alberta (RECA).
      Mortgage associate licensing.
    • Mortgage Broker (MB) Acronym, Important,
      • One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
    • Mortgage Broker Loan Officer (MBLO)Acronym,
      • Mortgage Lender/Broker License (MLB)Acronym, United States,
          A US mortgage term.
        • Mortgage Loan Broker (MLB)Acronym,
          • National Broker Council (NBC)Acronym, Important,
              A VERICO governing network.
            • Progress Advance Mortgage (PAM)Acronym,
              • Referral Agreement (RA)Acronym,
                • The Mortgage Alliance Company of Canada (TMACC) Company, Canada,
                  • The Mortgage Centre Canada (MCC)Acronym, Canada,
                    • Total Funding Ratio (TFR)Acronym, Very Important,
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