Mortgage Abbreviations

 

What is a mortgage?

Mortgage is the right given to the creditor to receive immovable property (or property that is difficult to move) as a guarantee for the payment of a debt by the debtor.

As a rule, mortgages are made on immovable property (houses, apartments and land), but in some cases it is also possible to mortgage goods that are difficult to move, such as ships and planes, for example.

In the mortgage, the right given to the creditor is over the value of the mortgaged asset and not over its substance. For this reason, in the case of a mortgage, the property remains in the possession of the debtor, and he can normally enjoy this good.

The release of the mortgage occurs when the debtor settles its debt with the mortgage, otherwise the property is put up for sale and the amount obtained is delivered to the creditor as payment.

Types of mortgages

There are different types of mortgage, according to the law provided for in civil law. Brazilian law considers three types of mortgages to be valid: conventional, legal and judicial (or legal).

Conventional mortgage: in this case, the debtor is the one who requests the mortgage on the property. This model is common when an individual wants to apply for a loan from a credit provider and makes their property available as collateral for the full payment of the debt.

Legal mortgage: provided for in article 1,489 of the Brazilian Civil Code of 2002. This is a special model of the mortgage, granted to guarantee the benefit of specific creditors, such as: the Public Treasury, to the children (as determined in article 1,523, item I, of the Penal Code), to the ward, among others.

Art. 1,489. The law grants mortgage:

I – to persons of internal public law (art. 41) on the properties belonging to those in charge of the collection, custody or administration of the respective funds and rents;

II – to the children, on the property of the father or mother who passes to other marriages, before making the inventory of the previous couple;

III – to the offended party, or to his heirs, on the delinquent’s real estate, for the satisfaction of the damage caused by the crime and payment of legal expenses;

IV – to the co-heir, to guarantee his share or share, over the property awarded to the heir replacement;

V – to the creditor on the auctioned property, to guarantee payment of the remainder of the auction price.

Legal mortgage: it is the result of a condemnatory sentence, where the debtor (accused) must submit a certain property in his domain to a mortgage, as an alternative to paying a debt.

Mortgage and Fiduciary Alienation

The main difference between these two models of property guarantee consists of the following fact: in the mortgage, the debtor continues to enjoy the mortgaged asset, and the value of the property remains in the possession of the creditor. If the debtor fails to pay the debt within the specified period, the mortgaged asset is sold and the amount corresponding to the debt is delivered to the creditor.

In the Fiduciary Alienation (this model is more common in Brazil), the asset (movable or immovable) is transferred to the creditor as payment of the debtor’s debt, based on an agreement previously signed between both parties.

List of Acronyms Related to Mortgage

AAMG ABN AMRO (Amsterdam-Rotterdam) Mortgage Group, Inc.
AHMC Acceptance Home Mortgage Corp.
AMP Accredited Mortgage Professional
AML Adjustable Mortgage Loan
AMR Adjustable Mortgage Rate
ARM Adjustable Rate Mortgage
ATOM All Types of Mortgages
AMBL Allied Mortgage Brokers Limited
AMI Alternative Mortgage Instrument
ACMA American College of Mortgage Attorneys
AHFM American Home Funding Mortgage
AHMH American Home Mortgage Holdings, Inc.
AMX American Mortgage Express Corp.
ARM American Reverse Mortgage
ASMB American School of Mortgage Banking
AMC Ameriquest Mortgage Company
ARMENIA Annuity Mortgage
AM Annuity Mortgage
ANH Anworth Mortgage Asset Corporation
AXM Apex Mortgage Capital, Inc.
AMC Approved Mortgage Companies
AAMB Arizona Association of Mortgage Brokers
AOM Assignment of Mortgage
AMMP Association Member Mortgage Program
AVMF Available Mortgage Funding, LLC
BUTTERFLY Banco Filipino Savings & Mortgage Bank
BF Banco Filipino Savings & Mortgage Bank
BMR Base Mortgage Rate
BMFY Best Mortgages for You
BWMA Biweekly Mortgage Association
BMR Bi-Weekly Mortgage Reduction
BPMI Borrower Paid Mortgage Insurance
BSM Building Society Mortgage
BML Business Mortgage Loan
CAMB California Association of Mortgage Brokers
CMBA California Mortgage Bankers Association
CRMLA California Residential Mortgage Lending Act
CRMC California Reverse Mortgage Company
CMHA Canada Mortgage and Housing Association
CMHC Canada Mortgage and Housing Corporation
CTMC Canada Trustco Mortgage Company
CAAMP Canadian Association of Accredited Mortgage Professionals
CML Canadian Mortgage Lender
CCNM Cape Cod National Mortgage
CMC Central Mortgage Company
CMO Centralized Mortgage Obligation
CMC Century Mortgage Corporation
CMB Certified Mortgage Banker
CMC Certified Mortgage Consultant
CMS Certified Mortgage Specialist
CMU Certified Mortgage Underwriter
CRMS Certified Residential Mortgage Specialist
CRMLA Charlotte Regional Mortgage Lenders Association
CMMC Chase Manhattan Mortgage Corporation
CML CIBC Mortgages and Lending
CMI CIBC Mortgages Inc
CMSI Citicorp Mortgage Services, Inc.
CMLT Citigroup Mortgage Loan Trust
CMLTI Citigroup Mortgage Loan Trust Inc.
CMFC CLICO Mortgage and Finance Corporation
CMO Collateralized Mortgage Obligation
CAMB Colorado Association of Mortgage Brokers
CHMS Colorado Housing and Mortgage Services
CMLA Colorado Mortgage Lenders Association
CMBS Commercial Mortgage Backed Securities
CMSA Commercial Mortgage Securities Association
CREM Commercial Real Estate Mortgage
CHARM Consumer Handbook on Adjustable Rate Mortgage
CPIX Consumer Price Index Excluding Mortgage Costs
CML Council of Mortgage Lenders
DMBA Dallas Mortgage Bankers Association
DOM Date of Mortgage
DMSI Discount Mortgage Source, Inc.
DMBS Discounted Mortgage Backed Security
DHMC Dream House Mortgage Corporation
ENMC Eagle Nationwide Mortgage Company
ECMR Egyptian Company for Mortgage Refinancing
EPM Endowment and Pension Mortgage
EEM Energy Efficient Mortgage
EDMC Equity Direct Mortgage Corporation
FFMC Family First Mortgage Corp.
FHLMC Federal Home Loan Mortgage Corporation
FHMLC Federal Home Mortgage Loan Corporation
FMS Federal Mortgage Subsidy
FNMA Federal National Mortgage Association
FCIFMA Fellow of the Corporation of Insurance, Financial & Mortgage Advisers
FBMG First Business Mortgage Group
FCMG First Capital Mortgage Group
FEMC First Eastern Mortgage Corporation
FEMC First Equitable Mortgage Company, Inc.
FGMC First Guaranty Mortgage Corporation
FMB First Mortgage Bond
FRMC First Republic Mortgage Corporation
FLM Firstline Mortgages
FRM Fixed-Rate Mortgage
FAMP Florida Association of Mortgage Professionals
FMII Foreclosure Mortgage Insurance Investment Funds
FAMC Franklin American Mortgage Company
GMC General Mortgage Corporation
GEMB George Elkins Mortgage Banking
GMMC George Mason Mortgage Corp.
GSAMP Goldman Sachs Alternative Mortgage Products
GNMA Government National Mortgage Association
GPM Graduated Payment Mortgage
GMTA Group Mortgage Term Assurance
GEM Growing Equity Mortgage
GHMC Guaranteed Home Mortgage Company
HFMC Harbor Financial Mortgage Corporation
HCML Home and County Mortgages Limited
HECM Home Equity Conversion Mortgage
HMC Home Mortgage Consultant
HMDA Home Mortgage Disclosure Act of 1974
HPM Home Purchase Mortgage
HMLA Housing Mortgage Lending Agency
HARM Hybrid Adjustable Rate Mortgage
IAMB Illinois Association of Mortgage Brokers
IAMP Illinois Association of Mortgage Professionals
IMA Independent Mortgage Adviser
IMAF Independent Mortgage Adviser Federation
IMBA Independent Mortgage Brokers Association of Ontario
IMXS Industrywide Mortgage Exchange
IMX Industrywide Mortgage Exchange
IMSG Institutional Mortgage Service Group
IMLA Intermediary Mortgage Lenders Association
IMC Intermountain Mortgage Corporation
IMLA International Mortgage Lenders Association
IRMF International Realty Mortgage Funding
IMARC Investors Mortgage Asset Recovery Company
IAMB Iowa Association of Mortgage Brokers
IBMC Iowa Bankers Mortgage Corporation
IMC Irwin Mortgage Corporation
IRMBS Islamic Residential Mortgage Backed Sukuk
IRMBS Islamic Residential Mortgage-Backed Securities
JMRC Jordan Mortgage Refinance Company
KMBA Kentucky Mortgage Brokers Association
LPMI Lender Paid Mortgage Insurance
LMI Lender’s Mortgage Insurance
LAM Local Authority Mortgage
LCMP Localized Community Mortgage Program
LEM Location Efficient Mortgage
LAMA Los Angeles Mortgage Association
LATMAP Los Angeles Teachers Mortgage Assistance Program
MMA Massachusetts Mortgage Association
MARM Modified Adjustable Rate Mortgage
MTGE Mortgage
MTG Mortgage
MAQ Mortgage Advice Qualification
MELO Mortgage and Educational Loan Office
MFAA Mortgage and Finance Association of Australia
MARI Mortgage Asset Research Institute, Inc.
MARS Mortgage Assistance Relief Services
MBAAS Mortgage Bankers Association Of America
MBAA Mortgage Bankers Association of America
MASTER-OF-BUSINESS-ADMINISTRATION Mortgage Bankers Association of America
MAKE-BUSY-ARRANGEMENTS Mortgage Bankers Association of America
MBA Mortgage Bankers Association of America
MBAG Mortgage Bankers Association of Georgia, Inc.
MBAM Mortgage Bankers Association of Michigan
MBAC Mortgage Bankers Association of the Carolinas
MASTER-OF-BUSINESS-ADMINISTRATION Mortgage Bankers of America
MAKE-BUSY-ARRANGEMENTS Mortgage Bankers of America
MBA Mortgage Bankers of America
MBD Mortgage Banking Division
MB Mortgage Broker
MBLA Mortgage Broker License Act
MBLSLA Mortgage Brokers, Lenders, and Servicers Licensing Act
MBSI Mortgage Builder Software, Inc.
MCC Mortgage Centre Canada
MCC Mortgage Credit Certificate
MDMC Mortgage Data Management Corporation
MDER Mortgage Deed
MD Mortgage Deed
MDR Mortgage Default Rate
MDIA Mortgage Disclosure and Information Act of 2008
MERS Mortgage Electronic Registration System
MERM Mortgage Enterprise Risk Management Framework
MEW Mortgage Equity Withdrawal
MFA Mortgage Finance Authority
MFC Mortgage Finance Company
MFC Mortgage Foreclosure Consultant
MFAS Mortgage Fraud Alert System
MIN Mortgage Identification Number
MIP Mortgage in Possession
MI Mortgage Insurance
MICA Mortgage Insurance Companies of America
MICROWAVE Mortgage Insurance Company
MIC Mortgage Insurance Company
MIP Mortgage Insurance Premium
MID Mortgage Interest Deduction
MIDP Mortgage Interest Differential Payment
MIR Mortgage Interest Rate
MIRAS Mortgage Interest Relief At Source
MILA Mortgage Investment Lending Associates
MKWM Mortgage Keys Wealth Management
MLD Mortgage Lending Division
MLV Mortgage Lending Value
MLB Mortgage Loan Broker
MLC Mortgage Loan Company
MLDS Mortgage Loan Disclosure Statement
MLI Mortgage Loan Inspection
MLO Mortgage Loan Officer
MLRF Mortgage Loan Repayment Fund
MOP Mortgage Origination Program
MPF Mortgage Partnership Finance Program
MPAP Mortgage Payment Acceleration Program
MPAP Mortgage Payoff Acceleration Program
MPPP Mortgage Portfolio Protection Program
MPA Mortgage Professional Australia
MPP Mortgage Protection Plan
MQ Mortgage Quote
MRTA Mortgage Reducing Term Assurance
MRB Mortgage Revenue Bonds
MSR Mortgage Service Rights
MSDS Mortgage Servicing Disclosure Statement
MSG Mortgage Specialist Group
MTD Mortgage Term Date
MTN Mortgage Trust Note
MWF Mortgage West Financial
MBS Mortgage-Backed Security
MOAI Mortgages Online At Interfirst
MMF Multifamily Mortgage Finance
MMI Mutual Mortgage Insurance
NAMB National Association of Mortgage Brokers
NAMFS National Association of Mortgage Field Services
NHEMA National Home Equity Mortgage Association
NMCC National Mortgage Complaint Center
NMHC National Mortgage Help Center
NMIC National Mortgage Insurance Corporation
NMN Nationwide Mortgage News
NWM Nationwide Wholesale Mortgage
NORMAL Neighborhood Ownership Recovery Mortgage Assistance Loan
NMMFA New Mexico Mortgage Finance Authority
NVM New Vision Mortgage, LLC
NYME New York Mortgage Exchange
NZMF New Zealand Mortgage Finance
NMSA Nonmortgage Servicing Asset
NTM Non-Traditional Mortgage
NAMC North American Mortgage Corp.
NCAMP North Carolina Association of Mortgage Professionals
NCMI North Carolina Mortgage Investments
NMI Norwest Mortgage Incorporated
OMLA Ohio Mortgage Loan Act
OMSI Optimum Mortgage Services Inc.
OOMC Option One Mortgage Corporation
OOMLT Option One Mortgage Loan Trust
OMSR Originated Mortgage Servicing Rights
PAMB Pennsylvania Association of Mortgage Brokers
PMSI Popular Mortgage Servicing, Inc.
PEMC Preferred Empire Mortgage Company
PHMC Preferred Home Mortgage Company
PLAM Price Level Adjusted Mortgage
PMI Principal Mortgage Insurance
PMB Private Mortgage Banking
PMI Private Mortgage Insurance
PMIC Private Mortgage Insurance Companies
PMM Purchase Money Mortgage
REME Real Estate Mortgage Exchange
REMIC Real Estate Mortgage Investment Conduit
RBMS Residential Backed Mortgage Security
RMCR Residential Mortgage Credit Report
RMLS Residential Mortgage Licensing System
RML Residential Mortgage Loan
RMSTS Residential Mortgage Services of Texas
RMST Residential Mortgage Services of Texas
RMBS Residential Mortgage-Backed Securities
RPIX Retail Prices Index Excluding Mortgage Interest Payments
RAM Reverse Annuity Mortgage
RML Reverse Mortgage Loan
RMMI Reverse Mortgage Market Index
RIMBA Rhode Island Mortgage Bankers Association
RMMC Rocky Mountain Mortgage Company
ROM-2 Roll-Over Mortgage
ROM Roll-Over Mortgage
RMBS Russian Mortgage-Backed Securities
SMM Secondary Mortgage Market
SBMC Secured Bankers Mortgage Company
SNMC Security National Mortgage Company
SEHM Self-Employed Homeowner Mortgage
SAM Shared-Appreciation Mortgage
SFMI Single Family Mortgage Insurance
SITCOM Single Income Two Children Oppressive Mortgage
SITCOM Single Income, Two Children, Outrageous Mortgage
SCMA South Carolina Mortgage Associates
SCME Southern California Mortgage Exchange
SMIA Standard Mortgage Insurance Agency
SWMC Sun West Mortgage Company, Inc.
SMLA Survey of Mortgage Lending Activity
TDMP Tax Deductible Mortgage Plan
TLMC The Leader Mortgage Company
TMC The Mortgage Center
TMOS The Mortgage Operating System
TMSI The Mortgage Source Inc
TMW The Mortgage Works
TMI Traditional Mortgage Insurance
UMDP Uniform Mortgage Data Program
UPMI Union Planters Mortgage, Inc.
UHM United Home Mortgage
USMR United States Mortgage Reduction, Inc.
UMB Upfront Mortgage Broker
UFMIP Upfront Mortgage Insurance Premium
UMLA Utah Mortgage Lenders Association
VRM Variable Rate Mortgage
VOM Verification of Mortgage
VMBA Vermont Mortgage Bankers Association
VAMC Veterans Affairs Mortgage Center
VMLA Virginia Mortgage Lenders Association
WMLA Washington Mortgage Lenders Association
WMC Waterfield Mortgage Company
WFHM Wells Fargo Home Mortgage
WRMC Western Reserve Mortgage Corporation
WCMC Windsor Capital Mortgage Corporation
WAMB Wisconsin Association of Mortgage Brokers
WMBA Wisconsin Mortgage Bankers Association
XMC XCEED Mortgage Corporation
ZMSI Ziegler Mortgage Securities, Inc.