Beta
Glossary
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. |
| 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. |