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Houston Mortgage > Glossary >
Credit Repair > O 1-10
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Office of Comptroller of the Currency
Known as OCC: Charters, regulates and supervises all national banks. It also supervises all federal branches and agencies of foreign banks.
Office of Thrift Supervision
A bureau of the U.S. Treasury Department established in August 1989. OTS has the authority to charter federal Thrift Institutions and serves as the primary regulator of approximately 2,000 federal and state chartered thrifts.
One-year adjustable
Mortgage whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin, chosen by the lender.
Online banking
Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution¡¯s web site on the Internet. Also known as Internet banking.
open-end credit
A line of credit that may be used up to a set limit. Also called a charge account or revolving credit.
Open-end lease
Sometimes called a finance lease. It usually offers lower payments, but carries a risk for the consumer. Under an open-end lease, the lessee must pay any difference between the residual value of the car as stated in the lease and the fair market value of the car, if lower, at the end of the lease. The lessor pays for the appraisal that sets the value. If the consumer doesn't agree with it, the consumer may pay for a binding, independent appraisal by someone agreed to by both parties. Because the lessee is taking on the risk of having to come up with this extra payment, the payments are lower than for a closed-end lease.
Options
Also known as add-ons. These are features added to the car often by the dealer such as a CD stereo, anti-theft system, detailing and undercoating. Some items are purely decorative, known as "mop and glow," and do not add any value to the car.
Oral agreement
A spoken, unwritten legal agreement that is as valid as a written agreement, in most cases, though its existence is more difficult to prove. Oral agreements are not enforceable in real estate transactions.
Original principal balance
The amount borrowed.
Origination fee
The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal.
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Houston Home Mortgage