July 21, 2008
Sprechen Sie English, Por Favor
We've all experienced it: Whether at a convention, a cocktail party, or a neighbor's barbecue, we end up talking to someone who speaks in detail of their profession. More often than not, they may as well be speaking in Swahili. (sidenote - for those of you who speak Swahili, think of a language you DON'T speak and transpose it here)
I recently attended a convention for an industry quite dissimilar to my own. There were more abbreviations, acronymns, and lingoisms (is that even a word?) than I thought possible for one business sector. During some of my more puzzling exchanges, I clearly let the other member of our dialogue know how completely confused I was by slightly smiling and nodding a lot. After the conversations, I would quickly jot down as much of the gibberish as I could for future reference in a Google search.
So I'm not accused of perpetrating the same "look how smart I am by using only acronyms and never actually using any words listed in the dictionary" routine, I pledge to define all mortgage lingo going forward, never assuming my readers know what I'm talking about.
I'm afraid I have to wrap this up now. I've got a deal in from MGIC that needs a quote PDQ. The LTV is favorable, and with my discount the ITV looks great. The WAC's not bad, and the WAM is reasonable. It appears compliant with RESPA with regard to TILA and the GFE, and there's nothing that would violate the FCRA. The DOT is boilerplate FNMA & FHLMC, and it's a 5/6 ARM with LIBOR + 3%. The 1003 looks good, as do the DTI ratio, the VOE, and VOM. The appraisal is MAI certified on a 1004 with good comps. No problem with the DOMs or FMV, so everything seems to be A-OK. But I digress...
Have a great week.
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