830-438-4558
NMLS: 1771431
Libra Enterprises, LLC dba Construction Financial Solutions Copyright 2019
Libra Enterprises, LLC dba Construction Financial Solutions Copyright 2021
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Libra Enterprises, LLC dba Construction Financial Solutions © Copyright 2021
"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."
National Mortgage Licensing System Registry #1771431. Construction Financial Solutions is located at 18568 Forty Six Parkway, Suite 3002, Spring Branch TX 78070.
Lenders are required to provide the "Your Home Loan Toolkit", which has been provided by the Consumer Finance Protection Bureau created to comply with federal law pursuant to 12 U.S.C. 2604, 12 CFR 1024.6, and 12 CFR 1026.19(g). This is for all loan transactions effective 10/3/2015.
Hazard Insurance - This provision of homeowners insurance covers damage by fire, wind or other disaster. TOP
HUD-1 Settlement Statement - A form mandated by the federal government that itemizes the closing costs associated with a real estate transaction. TOP
Interest - A periodic charge paid for borrowing money. TOP
Interest Rate - The sum, expressed as a percentage, of the outstanding balance charged on a loan. TOP
Interest Reserve - An amount that is included in a loan to cover periodic interest charges during the life of the loan. TOP
Joint Tenancy - Ownership by two or more people that gives equal shares of a piece of property. Rights pass to the surviving owner or owners. TOP
Jumbo Loan - A mortgage with a principal balance that exceeds the amount eligible for purchase by Fannie Mae and Freddie Mac. A Jumbo loan usually carries a higher interest rate. TOP
Late Charge- A fee a lender imposes on a borrower when the borrower does not make a payment on time. TOP
Lender - A bank, mortgage company, or individual offering a loan. TOP
Letter of Explanation (LOE or LOX) - Letter of Explanation to provide further details on aspects related to the loan. TOP
Lien - A legal claim laid by one person or company on the property of another as security for money owed. TOP
Loan Application - A document required by a lender prior to loan approval containing detailed information about the borrower and the property. TOP
Loan Approval - The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan. Also referred to as underwriting. TOP
Loan Estimate (LE) - An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges. TOP
Loan Origination Fee - A fee charged by a lender for the work required in evaluating a loan for approval. TOP
Loan Processing Fee - A fee charged by a lender for the work required to process a loan for evaluation. TOP
Loan To Value (LTV) Ratio - A measure used by lenders to assess the relationship of the loan amount to the value of the property. TOP
Lot Acquisition - The purchase of a parcel of real estate within a platted area. TOP
Lot Cost - The purchase price or acquisition cost of a parcel of real estate. TOP
Market Value - The price that a buyer is willing to pay to a willing seller at a particular point in time. TOP
MIP (Mortgage Insurance Premium) - Insurance purchased by the borrower to insure against default on VA or FHA loans. TOP
Mortgage - A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral. TOP
Mortgagee - The lender in a mortgage loan transaction. TOP
Mortgage Banker - A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae. TOP
Mortgage Broker - A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services. TOP
Mortgage Insurance - Insurance purchased by the borrower to cover the lender's risk of loss. Mortgage Insurance is usually required by lenders when the loan to value ratio is greater than 80%. TOP
Mortgage Loan - A loan in which real estate serves as collateral to provide for repayment in case of default. TOP
Mortgage Note - A legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. TOP
Mortgagor - The borrower in a mortgage loan transaction. TOP
Net Effective Income - Gross income less federal taxes. TOP
Non-Assumption Clause - A clause in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender. TOP
Note - A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time. TOP
Notice Of Default - A formal written notice to a borrower that a default has occurred and that legal action may be taken. TOP
Origination Fee - A fee charged by most lenders--also called points--for processing a loan. A point is 1 percent of the total loan amount. TOP
Owner Financing - A transaction in which the seller of a property agrees to finance all or part of the purchase. TOP
Per Diem Interest - Interest charged or accrued daily. TOP
Permanent Loan - A long term mortgage. TOP
PITI (Principal, Interest, Taxes & Insurance) - The components of a monthly mortgage payment. If you have an "impounded" loan, then your monthly payment to the lender includes all of these and probably includes mortgage insurance as well. If you do not have an impounded account, then the lender still calculates this amount and uses it as part of determining your debt-to-income ratio. TOP
Plans & Specifications - These documents consist of a set of architectural drawings. They typically include a site plan showing how the building will be placed on the property, a floor plan showing all dimensions, a foundation plan, exterior elevations of the building, electrical and plumbing details, as well as other details of the actual construction of the improvements. TOP
PMI (Private Mortgage Insurance) - Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.
Power of Attorney - A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. TOP
Prepaid Expenses - The costs for taxes, insurance and assessments paid before the due date. TOP
Prepaid Interest - Interest paid before it is due. For example, at the close of a real estate transaction borrowers usually pay for the interest on their loan that falls between the closing period and the first monthly payment. TOP
Prepayment - Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized. TOP
Prepayment Penalty - A fee that may be charged to a borrower who pays off a loan before it is due. TOP
Pre-qualification - This usually refers to the loan officer’s written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower. TOP
Prime Rate - The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans. TOP
Principal - The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage. TOP
Profit & Loss Statement - A financial statement showing income, expenses, and net profit over a period of time. TOP
Property Tax - A tax imposed by a governmental entity based on the market value of a property. TOP
PUD (Planned Unit Development) - A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. TOP
Purchase Agreement - A written contract signed by the buyer and seller stating the terms and conditions under which a property will be purchased. TOP
Every industry has a set of acronyms and terms not commonly known to the general public, like LTV, DTI, PITI, VOE, VOD, LOE, CD, etc. Below is a list of words you may hear in communications during the loan approval process.