Occupancy
How a property is used by the borrower, such as primary residence, second home or investment property.
HELOC EXPERT GLOSSARY
Glossary: O
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O
Terms Starting with O
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Occupancy Affidavit
A signed statement concerning how the borrower intends to occupy or use the property.
Operating Expense Ratio
Operating expenses divided by effective gross income, used to assess property operating performance.
Origination Charge
A lender or broker charge associated with processing, underwriting or originating a mortgage transaction.
Origination Fee
A fee charged in connection with originating a loan.
Owner Occupied
Property used by the borrower as a primary residence, subject to program definitions.