University of Phoenix
University of Phoenix

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Term Definition
The person in whose favor an obligation is made.

The person who binds themselves to another.

The right, but not obligation, to purchase or lease a property upon specific terms within a specific time period.

The rules by municipalities governing the use of land.

Origination Fee
A fee paid to either a lender or a broker for originating a loan. It may be the sole compensation for their work in arranging and/or processing the loan, or it may only be a portion of the compensation. Some loans do not have an origination fee.

An individual that works with a borrower to start a loan. Typically the employee of a financial institution, the employee of a broker or an independent contractor affiliated with multiple brokers, the originator determines the type of loan a borrower most-likely qualifies for, helps the buyer complete an accurate application, gathers the documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.

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