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Glossary of Terms > P > Processing

Processing

Compiling and maintaining the file of information about a mortgage transaction, including credit report, appraisal, verification of employment and assets, and so on. The processing file is handed off to underwriting for the loan decision. As you might expect, it can be a long process.

P Terms

Payment Change Date

Periodic Payment Cap

Periodic Rate Cap

Piggyback Loan

PITI

Points

Portable Mortgage

Pre-approval

Pre-Qualification

Preconstruction

Predatory Lending

Prepayment

Prepayment Penalty

Primary Mortgage

Primary Residence

Prime Rate

Principal

Principal Limit

Private Mortgage Insurance

Probate

Processing

Promissory Note

Property Tax

Purchase Agreement

Purchase Money Mortgage