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Houston Mortgage > Glossary >
Home Equity > 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.
One-Year Treasury Constant Maturity
An index published by the Federal Reserve Board based on the average yield of a range of Treasury securities, all adjusted to the equivalent of a one-year maturity. Yields on Treasury securities at constant maturity are determined by the U.S. Treasury from the daily yield curve. That is based on the closing market-bid yields on actively traded Treasury securities in the over-the-counter market.
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.
Option
A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
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.
OTS
Short for 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.
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