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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Definitions of Terms

Affiliated enterpriseAn enterprise that directly or indirectly controls, is controlled by, or is under common control with another enterprise; also, a party with which the enterprise may deal if one party has the ability to exercise significant influence over the other's operating and financial policies.
Current (normal) servicing fee rateA servicing fee rate that is representative of servicing fee rates most commonly used in comparable servicing agreements covering similar types of mortgage loans.
Federal Home Loan Mortgage Corporation (FHLMC)Often referred to as “Freddie Mac,” FHLMC is a private corporation authorized by Congress to assist in the development and maintenance of a secondary market in conventional residential mortgages. FHLMC purchases and sells mortgages principally through mortgage participation certificates (PC) representing an undivided interest in a group of conventional mortgages. FHLMC guarantees the timely payment of interest and the collection of principal on the PC.
Federal National Mortgage Association (FNMA)Often referred to as “Fannie Mae,” FNMA is an investor‐owned corporation established by Congress to support the secondary mortgage loan market by purchasing mortgage loans when other investor funds are limited and selling mortgage loans when other investor funds are available.
Gap commitmentA commitment to provide interim financing while the borrower is in the process of satisfying provisions of a permanent loan agreement, such as ...

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