# Glossary

Source: https://docs.pitchpointsolutions.com/api/sami_terms/glossary/

**Beta**

The mortgage and SAMI terms these pages use, with the SAMI field or branch each one maps to.

| Term | Meaning | In SAMI |
|------|---------|---------|
| Term | One fact about the loan: an object with exactly one key. | An element of `terms`. |
| Branch key | The one key on a term, which names the kind of fact it holds. | `person`, `property`, `loanTerms` and eight more. |
| Borrower, co-borrower | A person applying for the loan. SAMI has no flag that separates the two. | A `person` term, one per borrower. |
| Participant | Anyone on the loan who is not a borrower: the lender, appraiser, title company, escrow agent, a seller, a non-borrowing spouse. | A `participant` term, with its role in `participantType`. |
| Subject property | The property the loan is secured by. | The `property` term. |
| REO (real estate owned) | Other real estate a borrower already owns. | An entry in that borrower's `person.properties`, with `propertyPurpose` `RealEstateAsset`. |
| Note amount | The face amount of the promissory note the borrowers sign. | `loanTerms.noteAmount`. |
| Loan amount | The amount of the loan as your system records it. Send it alongside `noteAmount` when the two differ. | `loanTerms.loanAmount`. |
| Note rate | The interest rate on the note, as a percentage. | `loanTerms.noteRatePercent`, for example `"6.375"`. |
| LTV (loan-to-value) | The loan amount as a percentage of the property's value. | `loanToValue.ltvRatioPercent`. |
| CLTV (combined loan-to-value) | LTV including every loan secured by the property, such as a second mortgage. | `loanToValue.cltvRatioPercent`. |
| DTI (debt-to-income) | The borrowers' monthly debt payments as a percentage of their monthly income. | `loanDetail.totalDebtToIncomeRatioPercent`. |
| Present housing expense | A housing cost the borrowers pay now. | A `housingExpense` term with `"presentHousingExpense": true`. |
| Proposed housing expense | A housing cost the borrowers will pay once the new loan closes. | Not recorded today. See [Known Issues](https://docs.pitchpointsolutions.com/api/sami_terms/known_issues/#proposed-housing-expense). |
| Cash-out refinance | A refinance where the borrowers take out more than they owe and keep the difference. | `refinance.refinanceCashOutDeterminationType` `CashOut`. |
| Closing, settlement | The event where the loan is signed and funded. | `closing.settlementDate`. |
| Escrow | A neutral party that holds funds and documents until closing. | A `participant` with `participantType` `Escrow`. |
| AVM (automated valuation model) | A property value estimated by software rather than an appraiser. | `valuationType` `AutomatedValuationModel`. |
| APN (assessor's parcel number) | The county's identifier for a parcel of land. | `property.assessorsParcelNumber`. |
| FIPS code | The five-digit US county code. | `property.countyFIPSCode`. |
| PUD (planned unit development) | A community of homes that share common areas run by an association. | `propertyType` `PUD`. |
| NMLS ID | The Nationwide Multistate Licensing System number of a lender or loan originator. | An `identifiers` entry with `identifierType` `NMLS`. |
| EIN (employer identification number) | A US business tax number. | `employer.ein`, or an `identifiers` entry of type `EIN`. |
| FNM, FRE | Fannie Mae and Freddie Mac. | `refinance.currentFirstMortgageHolderType`. |