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 TermDefinitionCapA limit in how much an Adjustable Rate Mortgage's monthly payment or interest rate can increase. A Cap is meant to protect the borrower from large increases and may be a payment Cap, an interest Cap, a life-of-loan Cap or an annual Cap. A payment Cap is a limit on the monthly payment. An interest Cap is a limit on the amount of the interest rate. A life-of-loan Cap restricts the amount the interest rate can increase over the entire term of the loan. An annual Cap limits the amount the interest rate can increase over a twelve-month period.Career Appointment, Competitive ServiceA term used to describe an employee's status within the Federal government. It includes all employees in the competitive service who have completed 3 years of substantially continuous Federal service.Career Appointment, Excepted ServiceA term used to describe an employee of the Office of the Comptroller of the Currency's status. It includes all OCC employees in the excepted service who have completed 1 year of substantially continuous Federal service.Career Conditional Appointment, Competitive ServiceA term used to describe an employee's status within the Federal government. It includes permanent employees in the competitive service who have not completed three years of substantially continuous service to become a full career employee.Career-Conditional Appointment, Excepted serviceA term used to describe an employee of the Office of the Comptroller of the Currency's status within the Federal government. It includes permanent employees in the excepted service who have not completed their first year of employment.Certificate of Reasonable Value (CRV)A Veterans Administration appraisal that establishes the maximum VA mortgage loan amount for a specified property.Certificate of TitleA document rendering an opinion on the status of a property's title based on public records.Closed-end MortgageA mortgage principal amount that is fixed and cannot be increased during the life of the loan. See also: Open-end Mortgage.Closing CostsCosts payable by both seller and buyer at the time of settlement, when the purchase of a property is finalized.CloudA claim to the title of a property that, if valid, would prevent a purchaser from obtaining a clear title.CollateralSomething of value pledged as security for a loan. In mortgage lending the property itself serves as collateral for a mortgage loan.Commitment FeeA fee charged when a) an agreement is reached between a lender and a borrower for a loan at a specific rate and points and b) the lender guarantees to lock in that rate.Co-mortgagorOne who is individually and jointly obligated to repay a mortgage loan and shares ownership of the property with one or more borrowers. See also: Co-signer.Competitive ServiceA term used to describe Federal employees covered by the Civil Service Act.CondominiumAn individually owned unit within a multi-unit building where others or the Condominium Owners Association share ownership of common areas such as grounds, parking facilities and tennis courts.Conforming LoanA loan that conforms to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines.Construction LoanA short-term loan financing improvements to real estate, such as the building of a new home. The lender advances funds to the borrower as needed while construction progresses. Upon completion of the construction the borrower must obtain permanent financing or repay the construction loan in full.Consumer Handbook on Adjustable Rate Mortgages (C.H.A.R.M.)A disclosure required by the federal government to be given to any borrower applying for an adjustable rate mortgage (ARM).Conventional LoanA mortgage loan that is not insured, guaranteed or funded by the Veterans Administration (VA), the Federal Housing Administration (FHA) or Rural Economic Community Development (RECD) (formerly Farmers Home Administration).Convertible MortgageAn Adjustable Rate Mortgage (ARM) that allows a borrower to switch to a fixed-rate mortgage at a specified point in the loan term.Co-signerA person who is obligated to repay a mortgage loan should the borrower default but who does not share ownership in the property. See also: Co-mortgagor.CovenantsRules and restrictions governing the use of property.CRVSee also: Certificate of Reasonable ValueCurtailmentsThe borrower's privilege to make payments on a loan's principal before they are due. Paying off a mortgage before it is due may incur a penalty if so specified in the mortgage's prepayment clause.
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