Net Effective Income
Gross income less federal income tax.

Net Worth
Assets minus liabilities

Nonconforming Loans
A mortgage loan with an amount that exceeds Fannie Mae/Freddie Mac loan limits.      [TOP]

Origination Fee
The fee imposed by a lender to cover certain processing expenses in connection with making a loan. Usually a percentage of the amount loaned. Please refer to the definition to see how this fee is reflected on the Mortgage Rate Watch tables.

Originator
With respect to any Mortgage Loan, any Person that: (i) took the Mortgagor's Mortgage Loan Application, (ii) processed the Mortgagor's Mortgage Loan Application; (iii) closed (or assisted in the closing of) the Mortgage Loan; and/or (iv) funded the Mortgage Loan.

Owner's Title Policy
: Insures the buyer against loss due to any defect in the title not excepted to or excluded from the policy.