Person
An individual, corporation, financial institution, partnership, joint venture, trust or unincorporated organization or a federal, state, city, municipal or foreign government or an agency or political subdivision thereof.

Phone / E-Mail
The Mortgage Rate Watch Tables usually list the telephone numbers or e-mail address to directly access the loan department of each lender.      [TOP]

Points
Prepaid interest paid by the borrower to the lender at closing. A point is equal to 1 percent of the loan amount (e.g. 1.5 points on a $100,000 mortgage would cost the borrower $1,500). Generally, by paying more points at closing, the borrower reduces the interest rate of his loan and thus future monthly payments.

• Please Note: Lenders who charge Origination Fees as a percentage of loan amount are requested to reflect these fees in the Points column of the Mortgage Rate Watch tables.

Prepaids
Expenses such as taxes, insurance and assessments which are paid in advance of their due date and which must be paid by the buyer on a prorated basis at closing.

Prepayment
The ability to pay off the remaining balance of a loan.

Prepayment Penalty
Lenders who impose prepayment penalties will charge borrowers a fee if they wish to repay part or all of their loan in advance of the regular schedule.

Principal
The amount of debt, not counting interest, left on a loan.     [TOP]

Private Mortgage Insurance (PMI)
Paid by a borrower to protect the lender in case of default. PMI is typically charged to the borrower when the Loan-to-Value Ratio is greater than 80%.

Program Plus Options (Special Enhancements)
Options such as government lending, delegated underwriting and Third Party origination are offered to complement the standard Correspondent Lending Policy. Approval is required to participate in each Program Plus Option.

PUD
Planned Unit Development-A real estate project in which each owner has title to a residential lot and building unit and to nonexclusive easement over common areas of the project. The owner may have exclusive easements over some portion of the common area.

Purchasable Loan Files
Files that meet all of the underwriting and legal criteria, satisfy the original terms of the Correspondent and contain all of the required loan documentation, including the original note that has been properly endorsed to Cypress Mortgage.

Purchase
The payment by Cypress Mortgage of the Purchase Price of a loan on the Purchase Date to Correspondent or Correspondent's designee or any other party legally entitled to receive the purchase price (including Correspondent's warehouse lender) in accordance with the terms of the Manual and the other Contract Documents.

Purchase Agreement
A written agreement between a buyer and seller of real property, setting forth the price and terms of sale.     [TOP]

Purchase Date
With respect to any loan, the date of the Purchase of said loan by Cypress Mortgage.

Purchase Price
The dollar amount agreed to be paid by Cypress Mortgage to the Correspondent for a loan in accordance with the pricing terms set forth in the Manual, including Servicing Release Premium applicable thereto.