For Retail and Commercial Banks, LOANS with 300 new entities is the most anticipated addition to the Financial Industry Business Ontology (FIBO) and the Financial Industry Business Data Model (FIB-DM).
FIBO Development version
The data model may have more than Four Thousand Entities. The chart analyses the latest, FIBO Development (DEV) November 23 download. The pie slices are FIBO modules and their number of entities. The pie in the pie breaks out the new 2020 modules.
The EDMC FIBO DEV has 3952 entities, double the current PROD number. Five new ontology modules, Loans, Business Processes, Collective Investment Vehicles (Funds), Corporate Actions, and Market Data introduce 1179 new entities. FIB-DM extended, the commercial version adds FIBO modules once they are in Production (no Dev version, sorry). Licensees with a maintenance contract receive new FIB-DM downloads. The numbers do not include associative FIB-DM entities derived from new object properties. The EDMC has a rigorous QA and review process to promote modules into production. The FIBO development team depends on member Financial Institutions to provide subject matter and ontology experts. There is no guarantee when these modules make production and add to FIB-DM.
The new Loan package has 301 entities. Sub packages Loan Core & Mortgage and Extended provide the framework. Loan temporal covers origination, status, and payments. Loan Types defines subtype entities for retail and commercial loans.
The main package for sub packages supporting Collateral, Guarantees, Basic Terms, Parties, and Regulatory aspects.
Entities in this package describe the concept of loan collateral and loan property collateral in the context of collateralized securitized loans.
This package defines various kinds of guaranty for different kinds of loans, along with the concept of a loan guarantor. These include mortgage loan related guaranty terms.
Basic Loan Terms
This is the core package for loan entities. These include loan purposes, loan payment terms, and parties.
Entities in this package define the parties to a loan, including borrowers and third parties such as collateral providers and loan servicers.
This package contains entities relating to regulatory requirements around loans, including disclosure rights and a small number of regulation-specific concepts. These include definitions of rights conferred on borrowers under consumer protection law, rights to equal treatment and the like.
Loan Core & Mortgage
The main package for core and mortgage-related sub-packages. Entities in the sub-packages define the loan contract and the US Home Mortgage Disclosure Act (HMDA) support.
Loan Core Ontology
This package defines the fundamental concepts for loans, with emphasis on mortgages. The loan contract is the core concept. It includes the primary obligations to fund the loan and to pay it back according to payment schedules. The contract is also connected to various parties including borrowers, lenders, and originators. Kinds of loans covered in this ontology include open and closed-end, secured, and mortgages. Another major thread of the loan core ontology is credit risk assessment, which includes property appraisals, security agreements, pre-approvals, credit scores, and credit reports.
Loan HMDA Ontology
This package defines entities specific to the HMDA rule. This includes the concept of an HMDA report as well as specializations of the core classes for pre-approval requests, covered loan contracts.
The Home Mortgage Disclosure Act (HMDA) is US regulation.
The main package for LN extensions. The current development packages LN, LNX, and Loan are likely to be reorganized in Production
This package contains a small number of additional entities for general loan terms. These are mainly based on lists of values such as income verification methods, risk levels, and documentation types, as referred to in the loan application process.
Loan Generic Ontology
This ontology defines a number of concepts that are not specific to a loan and belong in more general FIBO ontologies. They are in the process of being moved over. This ontology will eventually go away.
The main package for temporal aspects such as loan status, phases, and events. Sub packages are for Loan Applications, Appraisal, Borrowers, Construction Loans, Collateral, Events, LTV, Phases, Status, and temporal.
Loans Temporal core
Loan concepts with a date or time component. For example, amounts outstanding, loan balances and interest rates at a given point in time.
Loan Applications Temporal
The package defines entities for the loan application process, including the temporally sensitive concept of loan phases, along with kinds of the loan application and the parties thereto. These concepts include mortgage loan applications, which will need to be integrated with the HMDA-based work in Loan Contracts.
Entities relating to the appraisal of a loan, including mortgage borrower assessment information and repossession history.
Loan Borrowers Temporal
The package provides temporally sensitive entities elating to loan borrowers themselves, including such concepts for different kinds of the borrower (corporate and personal). These include things like credit statuses, payment history, and facts about the borrower at assessment and at other times.
Construction Loans Temporal
Temporally sensitive concepts relating to construction loans. At present The package simply defines the basic concept of a snapshot in time for a construction loan. Additional details will need to be added.
Loan Collateral Temporal
The package covers date-sensitive facts about the collateral provided for a collateralized loan, including security collateral.
The package defines a wide range of events relating to loans. These include legal proceedings, prepayments, events affecting the collateral such as valuation, purchase, and sale and details of many of these concepts. Note that most of this material was derived from an earlier EDMC activity with IBM Research and is substantively based on a logical data model from that exercise.
The package defines the concept of a loan to value (LTV) ratio, including both the original LTV at application and the same concept as a variable over time.
Entities in this package define the phases in the life of a loan, including delinquent loans, up to the point where the loan is repaid. Future integration of this work should be based on the lifecycle concept, in the same way as product lifecycles.
The package defines the kinds of status that a loan may be in at various stages in its lifecycle, based on the more general temporal concept of statuses. These include the statuses of legal proceedings, of loan performance, of prepayment, and of the loan itself, e.g., active or in arrears.
The main package for loan types. Loan types are Construction Loans, Commercial Loans, Credit Products, General Loans, Mortgage Loans, Personal Loans, Loan Products, Student Loans, Secured and Unsecured Loans. The package is a folder for sub-packages and doesn’t contain entities.
Construction loans are loans in name only, in that the concept referred to as a construction loan is effectively a credit facility, with separate draw-downs (loans as defined in these ontologies) being enabled upon evidence of completion of agreed stages of the construction project, Note that for completion this ontology will need to be extended with a number of project management concepts describing the parameters of the construction project that are referred to in the contract for this facility. Some basic project management terms such as milestones are already included but will need framing within more foundational concepts for project management.
Commercial loans are loans where the loan purpose is some commercial purpose. Note that these are distinguished by the loan purpose, not by the borrower type – borrowers may be corporate or personal, though in the majority of cases they would also be corporate loans that are loans with a corporate borrower.
Terms specific to the existence and extension of credit. Includes terms like home equity lines of credit which may be referenced in asset-backed securities. It also includes credit card facilities.
This ontology is for different kinds of general loans such as motor loans and marine finance. Other types of general loans such as those for motorhomes or other specified purposes would also go in this ontology, which is not complete.
Loans that have collateral posted as security and where that collateral is real estate and the real estate which makes up the collateral is purchased with the funds loaned. This ontology covers a range of mortgage concepts and parties, along with categories of mortgage loan purpose (remortgage, second home, etc.) Note that much of the material in this ontology will also have been covered in the separate Loan Contracts module, and is to be integrated. The terms here are not intended not to be specific to US mortgage loans or HMDA reporting but are more general.
Loans where a borrower is a natural person.
The ontology describes loan and mortgage loan products. A product as defined here is something marketed and offered for sale, in this case, a loan, such that when a customer takes on the product, they become signatories to a corresponding loan contract. A loan product in this sense is a contractual, off-the-shelf product with terms corresponding to those in the actual contract when it is signed. Note that considerable work has been done on products to support a separate loan product concept in the HMDA-derived Loan Contracts module, so this work now needs integrating with that or deprecating
This package provides entities relating to secured loans. All loans are either secured or unsecured, and secured loans are secured either by collateral or by the guaranty. This ontology covers these core concepts, so that mortgage loans, where the collateral is more specific, can be built on to of this. These concepts may not be needed for stand-along application-specific ontologies for mortgage lending as the concepts here provide the abstractions for the definition of mortgage loan concepts and differentiates them from other categories of loan. These intermediate abstractions may or may not be presented in the separate Loan Contracts module for mortgage loans.
A loan or series of loans made for the purposes of study at some institution of learning. This ontology and much of the common supporting information on loan applications are based on extensive review and input from Sallie Mae in the US, and there may be other variants of student loans that are not covered here. For example, in principle, a student loan may be framed as a credit facility in some arrangements and as a single loan with separate payment phases in others.
This package is a companion to the Secured Loans package and defines loans for which there is no security, either as a guaranty or as collateral. Note that for most applications this ontology would not be needed. It is provided in order to provide a conceptually complete account of the kinds of loans there might be. While most people would not lend on this basis, the concept still exists.
Loan Entities spreadsheet
The report shows the module, Entity code, name, and definition. Click “View full-size workbook” or download the MS-Excel file.
Below is a report of new Loan Package Entities expected in 2020.
This report is a list of named classes in the FIBO Development Loan module.
|fibo-loan-tem-sta:ActiveLoanStatus||Active Loan Status||Status of a Loan which is in the Disbursement phase.|
|fibo-loan-ln-ln:AllBorrowersMonthlyIncome||All Borrowers Monthly Income||total monthly qualifying income for all borrowers on the loan|
|fibo-loan-ln-ln:AmortizationSchedule||Amortization Schedule||a schedule which specifies changes in the scheduled balance of loan principal over time|
|fibo-loan-tem-bor:ArrearsPaymentHistory||Arrears Payment History||Historical information about payment of arrears by the entity.|
|fibo-loan-typ-gen:AutoLoan||Auto Loan||A loan specifically for the purpose of automobile purchase.|
|fibo-loan-typ-gen:AutoLoanContract||Auto Loan Contract|
|fibo-loan-loan-loan:AutoLoanPurpose||Auto Loan Purpose|
|fibo-loan-ln-ln:AutomatedUnderwritingSystem||Automated Underwriting System||a software sytstem that produces loan underwriting decisions|
|fibo-loan-loan-pty:AVMProvider||AVM Provider||Party which is the Provider of an AVM Valuation.|
|fibo-loan-loan-reg:BorrowerDataProtectionRequirement||Borrower Data Protection Requirement|
|fibo-loan-loan-reg:BorrowerDisclosureRequirement||Borrower Disclosure Requirement|
|fibo-loan-ln-ln:BorrowerMonthlyIncome||Borrower Monthly Income||total monthly qualifying income of the potential borrower|
|fibo-loan-tem-bor:BorrowerOngoingDatedFacts||Borrower Ongoing Dated Facts||Ongoing information about the borrower.|
|fibo-loan-loan-loan:BridgingLoanPurpose||Bridging Loan Purpose|
|fibo-loan-ln-ln:CashOutStatus||Cash Out Status||a category indicating the extent to which funds are released to the borrower on a new loan origination that is refinancing an existing loan|
|fibo-loan-lnx-lgn:ChargeCategory||Charge Category||a category indicating what a charge is for (e.g. closing costs, interest)|
|fibo-loan-ln-ln:ClosedEndLoanContract||Closed End Loan Contract||a loan contract that has an amount borrowed for a fixed amount of time, and is not considered open ended|
|fibo-loan-tem-col:CollateralDatedFacts||Collateral Dated Facts||What information is kept about different kinds of asset? Example: HJouse: Building structure, the land (these are non date facts), quality of the title. If car, information, identify (registration, VIN etc.); insurance and so on. Insurance is a dated fact. If a car is collateral., you would collect updated information on an ongoing basis. this happens though registering an interest in the vehicle. Insurance companies undertake not to cancel insutrance without notifying lender if there is a lein. so they regfister an interest in a motor vehicle. so some of this event driven, some is dated, some is static. Also: Flood plain risk, flood insurance on the asset.|
|fibo-loan-loan-pty:CollateralProvider||Collateral Provider||Party which provides collateral for the Loan.|
|fibo-loan-typ-sec:CollateralizedSecuredLoan||Collateralized Secured Loan||Loan in which some asset is provided as collateral to the loan.|
|fibo-loan-ln-ln:CombinedLTVRatioPercent||Combined LTV Ratio Percent||the ratio of the total amount of debt that is secured by the property to the value of the property relied on.|
|fibo-loan-typ-com:CommercialLoan||Commercial Loan||Loan extended for a commercial purpose. Further notes: Commercial Loans: Talk about property like office building. Borrower is a small business or corporation. Meanings: Loan extended for a commercial purpose versus Loan extended to a corporate entity Example: Aus: Nature of security e.g. private property versus commercial property being pledged as security, as there are different requirements on these. Also legislation on commercial lending by governments (business strategy etc.).|
|fibo-loan-typ-com:CommercialLoanBorrower||Commercial Loan Borrower||The borrower of a Commercial Loan|
|fibo-loan-ln-ln:CommitmentToFund||Commitment To Fund||a commitment that obliges the lender to provide funds pursuant to a loan contract|
|fibo-loan-ln-ln:CommitmentToPay||Commitment To Pay||a commitment obliging one party to make a payment to another party (e.g. to fund a loan, make payments, pay origination fees)|
|fibo-loan-ln-ln:CommitmentToRepay||Commitment To Repay||a commitment obliging the borrower to repay funds that have been loaned, in a manner pursuant to a loan contract|
|fibo-loan-ln-ln:CommitmentToReport||Commitment To Report||a commitment obliging a party to deliver a report|
|fibo-loan-typ-cl:ConstructionLoanContract||Construction Loan Contract|
|fibo-loan-typ-cl:ConstructionLoanCreditFacilityTranche||Construction Loan Credit Facility Tranche||A loan taken out for construction purposes. Further notes: These are a temporary loan. when the construction is finished then that loan is transformed to another loan, which would be a permanent loan. Information to follow on what the new permanent loan would be. Terms are adjusted in the new loan, since in construction loans the rates are significantly higher. This is an incentive to complete the construction works. Notes from PoC reviews, discussing Maximum Balance concept: In a Construction Loan you agree a maximum amount that you could draw. As you progress with the construction you continue to draw more and more. So you start with the minimum. Example: for purpose of construction of a house you could need to borrow up to 500K and the bank establishes the milestones at which certain amounts are made availalbe and can be drawn. For instance prior to start you might draw 10%, (50K); the next 50K would be available to draw only once the foundations are laid. And so on. Milestones may include “Frame standing” (for American-style frame based houses). Each stage requires inspection on behalf of the bank. So you are starting with no more than 10% (in this example) of what is allowable, and could arrive to the full 500K by the end of ths construction but it is not mandated that you arrive to that. What differentiates a Construction Loan is that there si a max amount specified and there are Milestones specified in which the amounts for each milestone can be advanced.|
|fibo-loan-typ-cl:ConstructionLoanMilestoneTermsSet||Construction Loan Milestone Terms Set||An agreed point at which an amount is advanced to the lender on completion of some pre-agreed scope of works on the construction.|
|fibo-loan-loan-loan:ConstructionLoanPurpose||Construction Loan Purpose|
|fibo-loan-tem-cl:ConstructionLoanSnapshot||Construction Loan Snapshot||Information at a point in time, specific to a Construction Loan.|
|fibo-loan-ln-ln:ConstructionType||Construction Type||a particular kind of construction|
|fibo-loan-loan-reg:ConsumerCreditEqualTreatmentRequirement||Consumer Credit Equal Treatment Requirement|
|fibo-loan-loan-reg:ConsumerCreditProtectionLaw||Consumer Credit Protection Law|
|fibo-loan-loan-reg:ConsumerCreditReferenceAgency||Consumer Credit Reference Agency||Applicable regulations: vary by jurisdiciton. for example, only being allowed ot divulge actual judgements against a party, but not things that are not substantiated by judgements. For example, slow payments which are not covered by some judgement against the party. There will be different regulatory requirments about: 1. What the CR Agency can hold 2. Who they can divulge it to 3. What information they must provide the borrower at his/her request Some of the third thing there is covered in the EU the Data Protection Directive and local acts that implement this.|
|fibo-loan-loan-reg:ConsumerCreditRequirement||Consumer Credit Requirement||Requirement set out on the lender about how they must treat the appliction to a loan|
|fibo-loan-loan-reg:ConsumerProtectionAgency||Consumer Protection Agency||Some agency tasked with regulating consumer protection in some jurisdiction.|
|fibo-loan-loan-reg:ConsumerProtectionLaw||Consumer Protection Law|
|fibo-loan-lnx-lgn:ContactInformation||Contact Information||a way to make contact with a person or organization for a particular reason regarding something. The details may be role-specific, so the information cannot always go on the individual or organization|
|fibo-loan-lnx-lgn:ContactPurpose||Contact Purpose||a virtual address for communication via phone|
|fibo-loan-typ-com:CorporateBorrower||Corporate Borrower||A borrower which is a Corporation.|
|fibo-loan-tem-bor:CorporateDatedFacts||Corporate Dated Facts|
|fibo-loan-tem-bor:CorporateLoanBorrowerAssessmentInformation||Corporate Loan Borrower Assessment Information|
|fibo-loan-loan-pty:Cosigner||Cosigner||Someone who commits to fulfil the obligations of the Borrower in the event that the Borrower defaults on the loan.|
|fibo-loan-tem-ev:CountyCourtJudgment||County Court Judgment||Satisfaction code associated with a county court judgement can have values satisfied/unsatisfied. This is a value changing event.|
|fibo-loan-loan-loan:CreditCardReceivablePurpose||Credit Card Receivable Purpose|
|fibo-loan-ln-ln:CreditEvaluationProduct||Credit Evaluation Product||a particular kind of credit evaluation|
|fibo-loan-ln-ln:CreditInquiry||Credit Inquiry||a request from a lender to a credit repository to obtain information regarding a prospective borrower’s creditworthiness|
|fibo-loan-ln-ln:CreditInquiryType||Credit Inquiry Type||a category indicating whether a credit inquiry is a result of a borrower’s direct authorization or by some indirect means|
|fibo-loan-ln-ln:CreditMessage||Credit Message||a textual annotation on a credit report to notify a reviewer of special or exceptional information|
|fibo-loan-ln-ln:CreditMessageType||Credit Message Type||a particular kind of credit message|
|fibo-loan-loan-reg:CreditReferenceAgencyRequirements||Credit Reference Agency Requirements||REquirements other than data protection, governing what a credit reference agency can or cannot do.|
|fibo-loan-ln-ln:CreditReport||Credit Report||a report describing the creditworthiness and related credit attributes of a borrower.|
|fibo-loan-ln-ln:CreditReportCategory||Credit Report Category||a particular kind of credit report, often available from multiple vendors|
|fibo-loan-ln-ln:CreditReportProduct||Credit Report Product||a specifically branded credit report offered in the market place|
|fibo-loan-ln-ln:CreditReportRequest||Credit Report Request||the act of requesting a credit report from a credit report provider|
|fibo-loan-ln-ln:CreditReportResponse||Credit Report Response||the act of responding to a credit report request|
|fibo-loan-ln-ln:CreditReportingAgency||Credit Reporting Agency||an organization that provides credit reports|
|fibo-loan-ln-ln:CreditRepository||Credit Repository||a credit reporting agency that is a clearinghouse for information on the credit rating of individuals or firms|
|fibo-loan-ln-ln:CreditRiskAssessment||Credit Risk Assessment||a risk assessment that focuses on determining the likelihood of a potential borrower repaying a loan|
|fibo-loan-ln-ln:CreditScore||Credit Score||a quantitative measure or category that results from a credit evaluation model|
|fibo-loan-ln-ln:CreditScoreCategory||Credit Score Category||a credit score that is a qualitative measure|
|fibo-loan-ln-ln:CreditScoreFactor||Credit Score Factor||something that is taken into account when determining a CreditScore|
|fibo-loan-ln-ln:CreditScoreModel||Credit Score Model||an algorithm for computing the credit score of e.g. a credit applicant|
|fibo-loan-ln-ln:CreditScoreModelType||Credit Score Model Type||a type corresonding to a family of credit scoring algorithms sharing common characteristics|
|fibo-loan-ln-ln:CreditScoreNumber||Credit Score Number||a credit score that is a quantitative measure|
|fibo-loan-ln-ln:CreditTradeLine||Credit Trade Line||an information product derived from the transaction history of a credit account|
|fibo-loan-loan-loan:CurrentPrincipalBalanceApplicability||Current Principal Balance Applicability|
|fibo-loan-loan-loan:CurtailmentAmountApplicability||Curtailment Amount Applicability|
|fibo-loan-loan-reg:DataProtectionRequirement||Data Protection Requirement||Requirements defining how data about individuals is held. Example is the EU DA directive and laws, which make the data the property of the individual that data is about. Covers – what information i sheld – who information can be divulged to. – the individual’s rights in respect of that information Privacy regulations cover most of this. EU defines “Personal Data” and “Sensitive Personal Data”. For credit reference agencies the latter would be covered. More detail about whether they can divulge facts which are not subject to formal judgements etc.|
|fibo-loan-tem-ev:DateOfPurchase||Date Of Purchase|
|fibo-loan-tem-ev:DefaultProceedingTypeSelection||Default Proceeding Type Selection||(1) Default amount (2) Property Sale (3) Loss amount (4) Recoveries (5) Professional Negligence|
|fibo-loan-tem-bor:DelinquencyBorrowerFacts||Delinquency Borrower Facts||Facts about the borroewr in the event of some delinquency.|
|fibo-loan-tem-ph:DelinquentLoan||Delinquent Loan||A loan which is an active loan (in Repayment phase), which is in default.|
|fibo-loan-loan-reg:DisclosureRequirement||Disclosure Requirement||Requirement for disclosure to borrowers or potential borrowers. There are two kinds of disclosure requirement: 1. Disclosure about the information held on the borrower 2. Disclsure about the product.|
|fibo-loan-loan-loan:DrawingRightsPurpose||Drawing Rights Purpose|
|fibo-loan-ln-ln:DwellingCapacity||Dwelling Capacity||a category indicating how many dwellings some property has|
|fibo-loan-lnx-lgn:EmailAddress||Email Address||a virtual address for communication via email|
|fibo-loan-tem-bor:EmploymentStatus||Employment Status||Possible employment statuses for adult human beings.|
|fibo-loan-loan-reg:EqualTreatmentRight||Equal Treatment Right||The right to equal treatment under the law.|
|fibo-loan-ln-ln:Ethnicity||Ethnicity||a category based on a cultural factors, including nationality, regional culture, ancestry, and language|
|fibo-loan-loan-reg:GoodFaithEstimate||Good Faith Estimate||GFE – representation by the lender on the costs and implications of settlement (early termination) of the loan.|
|fibo-loan-typ-mtg:GovernmentSponsoredLoan||Government Sponsored Loan|
|fibo-loan-typ-sec:GuaranteedLoan||Guaranteed Loan||Loan secured by guaranty.|
|fibo-loan-ln-hmda:HMDA_CoveredLoanContract||HMDA_Covered Loan Contract||a closed-end mortgage loan or open-end line of credit that is not an excluded transaction for HMDA reporting under US section 1003.3(c) of the Revised Home Mortgage Disclosure Act of 2015|
|fibo-loan-ln-hmda:HMDA_Disposition||HMDA_Disposition||a type of action taken regarding an application for a HMDA covered loan|
|fibo-loan-ln-hmda:HMDA_PreApprovalRequest||HMDA_Pre Approval Request||a request for pre-approval of a home purchase loan up to a certain amount, and subject to certain non-credit related conditions|
|fibo-loan-ln-hmda:HMDA_Report||HMDA_Report||a report prepared to satisfy HMDA regulatory reporting requirements as described US section 1003.3(c) of the Revised Home Mortgage Disclosure Act of 2015|
|fibo-loan-typ-cr:HomeEquityLineOfCredit||Home Equity Line Of Credit||A credit line on a house or other property, that can be drawn down and/or paid back by the borrower.|
|fibo-loan-typ-cr:HomeEquityLineOfCreditContract||Home Equity Line Of Credit Contract||A credit line on a house or other property, that can be drawn down and/or paid back by the borrower.|
|fibo-loan-typ-cr:HomeEquityLineOfCreditTranche||Home Equity Line Of Credit Tranche|
|fibo-loan-loan-loan:HomeEquityLoanPurpose||Home Equity Loan Purpose|
|fibo-loan-ln-ln:HowSubmitted||How Submitted||a category indicating whether the applicant or borrower submitted the application for the covered loan directly to the reporting financial institution|
|fibo-loan-tem-ph:InDefaultLoan||In Default Loan||Formal notice served.|
|fibo-loan-lnx-gen:IncomeVerificationMethodSelection||Income Verification Method Selection||Selection of possible methods by which borrower’s income was determined.|
|fibo-loan-lnx-lgn:IndividualContactInformation||Individual Contact Information||contact information for an individual|
|fibo-loan-tem-bor:IndividualPersonCreditRating||Individual Person Credit Rating||was Borrower Credit Rating|
|fibo-loan-lnx-lgn:InformationProduct||Information Product||a product that is informational in nature, rather than physical|
|fibo-loan-loan-reg:InformationRight||Information Right||The right to some information in some context, for example when purchasing some product. The right to full and fair disclosure of|
|fibo-loan-tem-ev:InformativeEvent||Informative Event||An event which reflects some change in information about something.|
|fibo-loan-typ-mtg:InvestmentHomeLoan||Investment Home Loan||A loan for a second or subsequent property which is taken out for investment purposes.|
|fibo-loan-typ-mtg:InvestmentHomeLoanContract||Investment Home Loan Contract||A loan for a second or subsequent property which is taken out for investment purposes.|
|fibo-loan-loan-pty:JointBorrower||Joint Borrower||Any additional borrower(s) whose name(s) appear on loan documents and whose income and credit history are used to qualify for the loan. Under this arrangement, all parties involved have an obligation to repay the loan. For mortgages, the names of applicable joint borrowers also appear on the property’s title.|
|fibo-loan-tem-sta:LegalProceedingStatus||Legal Proceeding Status||The status of some legal proceeding at some point in time.|
|fibo-loan-tem-sta:LegalProceedingsStatusSelection||Legal Proceedings Status Selection||The status of any legal proceedings.|
|fibo-loan-ln-ln:LenderLienPosition||Lender Lien Position||a category indicating whether the lender has the primary lien position|
|fibo-loan-loan-reg:LenderRight||Lender Right||Rights on the lender to protect them against loss. furthe rNtoes: Logically, considering the two parties, they both have protecxtion mechanisms. so while the lender has protecxtion mechanisms through mortgage insurance, and the consumer has protextion mechanisms such as good faith estimates. also the agencies (see Consumer Protection Agency), an instance of which is the CFPB in the US (just set up). Lender rights are: – expressed in the Contract Consumer protection develops becaues the contract is written by the potential Lender. So the rights are introcued to rectify the imbalance between the two parties. Same goes for insurance. consumer protection laws (governe dby the relevant consumer protection agency. So the lender protexts itself as it writes th contract AND does the things it needs to do to protext itself, but on the approval process, and with later instruments such as insurance. Interestingly., it is the Borrower who pays for this by paying for credit reports etc. So the borrower protects itself by other mechanisms. Caveat emptor – displaced by regulation (the buyer is protected by regulation). Uberimae Fidae – in the utmost good faith. Mortgage Insurance is an additional means of mitigating the risk, that the lended may have., so if the information assessed is not accurate, or if the borrower’s situation changes for the worse. then the risk rating may go down. So the Mortgage Insurance is a further strategy which mitigates any shortfall in the Lender Righrs that you may have – ie someone guarantees. In the US you can also avoid that by having paid a deposit. PIMI: Principal, Interst and Morgage Insurance. So the Borrower pays towards the MI, esxcept if they have paid a given amount as deposit. there are 2 types of MI: 1. protects the lender in the event of borrower degault 2. Insurance for “Incapacity to pay the mortage” (these can be bought off the shelf – can combine health, unemployment etc.). – this is the Borrower mitigating their own risk. Prevents foreclosure. Similar to general sickness etc. Where the lender charges for MI, the cost is passed onto the Borrower. e.g. if there is a % valuation (e.g. 70% in Aus, 80% in US for example) then no insurance is required.|
|fibo-loan-loan-gty:LimitedGuaranty||Limited Guaranty||A guaranty which is given up to a given amount or proportion of the loan. Generally specified as a monetary amount and is specified by the lender, so the bank may say 75% of valuation and they only have 60% of valuation available, to an additional limited guaranty would cover the missing 15% up to the point where the primary borrower’s equity would meet the standard conditions of the loan. At that point the limited guaranty ceases.|
|fibo-loan-lnx-lgn:LineItem||Line Item||a description of a product or service including its unit cost, number of units and total cost|
|fibo-loan-ln-ln:LoanApplication||Loan Application||a request by a potential borrower to a potential lender to borrow money containing information used to decide whether to grant the loan|
|fibo-loan-tem-app:LoanApplicationAtAgreementStage||Loan Application At Agreement Stage|
|fibo-loan-tem-app:LoanApplicationAtDisbursementStage||Loan Application At Disbursement Stage|
|fibo-loan-tem-app:LoanApplicationBorrowerAssessmentInformation||Loan Application Borrower Assessment Information||Information about the borrower in relation to the loan. Specifically this is a bundle of information whose purpose is to identify the borrower and to assess their ability to pay (credit worthiness etc.)|
|fibo-loan-tem-app:LoanApplicationPhase||Loan Application Phase|
|fibo-loan-tem-app:LoanApplicationStatus||Loan Application Status|
|fibo-loan-tem-app:LoanAppraiser||Loan Appraiser||That party which appraises the borrower for the purposes of the loan.|
|fibo-loan-tem-sta:LoanArrearsStatus||Loan Arrears Status||Arrears describes the whole period where a loan is either delinquent or in default. [mixed bag of types of Status] formerly Loan Status. Now: The status of arrears performance at any given time in the life of the loan (e.g. present, series of dated past values).|
|fibo-loan-tem-app:LoanAtApplicationStage||Loan At Application Stage|
|fibo-loan-tem-tem:LoanBalance||Loan Balance||The outstanding balance on a loan at a particular point in time.|
|fibo-loan-tem-tem:LoanBalanceDetermination||Loan Balance Determination|
|fibo-loan-tem-tem:LoanBalanceRecord||Loan Balance Record|
|fibo-loan-loan-pty:LoanBorrower||Loan Borrower||The Borrower of the Loan. This is the party which draws down the offered credit in the form of a loan under conditions agreed in the Loan Contract to which the Borrower is party.|
|fibo-loan-loan-loan:LoanBorrowerCommitment||Loan Borrower Commitment||The commitment of a given borrower to be a borrower and to repay this loan.|
|fibo-loan-loan-col:LoanCollateral||Loan Collateral||Assets pledged to a lender until a loan is repaid. Further notes: This provides one means by which some extension of finance (such as a loan, debt or equity issue) is under-written. PoC equivalent term definition and note: Collateral is property collateral or additional collateral associated with a loan or mortgage loan (PoC data note) There are foreign key attributes of collateral coupling it to collateral provider and to loan.|
|fibo-loan-loan-col:LoanCollateralAgreement||Loan Collateral Agreement||Contract in which the borrower of a collateralized securied loan agrees the terms on which the collateral is made available to the Lender.|
|fibo-loan-loan-loan:LoanConditions||Loan Conditions||Conditions which must be met by the Borrower during the course of the loan. Breach of these conditions will have predetermined consequences.|
|fibo-loan-ln-ln:LoanContract||Loan Contract||an agreement whereby one party extends money or credit to another party with the agreement that the borrowed money will be repaid according to specific terms|
|fibo-loan-tem-ev:LoanDefaultProceeding||Loan Default Proceeding||[no definition] Further Review This is typically part of mortgagte servicing. THere would typically be a whole department dealing with this. Dealing with default, helping borrowers make payment Collections Default admin Foreclosure Reselling All dealt with by several sub departments. This requires subject matter experts in this area. 1. scoping Identify default as a possible state. This hands off to other business processes. Once you get into the default scenario we are talking about a proces that is going to fall into place over a period of time. The bank works out what to do with the default scenario, e.g. whether it restructures, forecloses, seeks restitution from the security (collateral). It does nto help us to understand the structure of the loan, rather tha consequences of the loan. If we were to further explore the default detail we would bring in other SMEs. And we would have to model a process flow. 1.1 impact on the pool of an MBS Loan Default Proceeding (special ase of legal thing) is an aspect of Default Management / Administratoin. there is also the State of the Loan. Sale / something / fulfilment / fiunduing / approved = servicing mode. Something happens (non payment) => Default Grace Period followed by negotiation. Some threshold whereby after a given amount of delinquency it needs to go into some other process moving towards foreclosure. Do State Diagram. Stages of loan.|
|fibo-loan-tem-sta:LoanDefaultProceedingStatus||Loan Default Proceeding Status||The status of loan default legal proceeding at some point in time.|
|fibo-loan-lnx-gen:LoanDocumentRiskLevel||Loan Document Risk Level|
|fibo-loan-loan-loan:LoanDrawdown||Loan Drawdown||An amount of money, drawn down by one party (the borrower) from a credit tranche made available by another party (the lender) at a specific point in time. Formal terms for the loan are defined in a Loan Contract.|
|fibo-loan-loan-loan:LoanEarlyPrepaymentHardPenaltyTerms||Loan Early Prepayment Hard Penalty Terms||Early repayment penalty in the event of the loan being paid off without any refinancing with the same lender.|
|fibo-loan-loan-loan:LoanEarlyPrepaymentSoftPenaltyTerms||Loan Early Prepayment Soft Penalty Terms||Early repayment penalty in the event of the loan being paid off in order to refinance with the same lender.|
|fibo-loan-loan-loan:LoanEarlyPrepaymentTerms||Loan Early Prepayment Terms||Terms governing the prepayment in full of a loan early in the life of that loan.|
|fibo-loan-loan-loan:LoanFixedInterestPaymentTerms||Loan Fixed Interest Payment Terms|
|fibo-loan-loan-loan:LoanFloatingInterestPaymentTerms||Loan Floating Interest Payment Terms|
|fibo-loan-loan-gty:LoanGuarantor||Loan Guarantor||Guarantor, that is the party which provides some guaranty for the loan.|
|fibo-loan-loan-gty:LoanGuaranty||Loan Guaranty||A guaranty given by some party in respect of some loan.|
|fibo-loan-loan-loan:LoanIdentificationScheme||Loan Identification Scheme||A scheme for formal identification of loans. Further notes: May be a published, public scheme or an internal scheme. MAy not be a database-specific key.|
|fibo-loan-loan-loan:LoanIdentifier||Loan Identifier||A formal identification code allocated to loans.|
|fibo-loan-loan-loan:LoanInterestPaymentCommitment||Loan Interest Payment Commitment||A commitment by the borrower of a loan to pay interest on that loan or on amounts of that loan.|
|fibo-loan-loan-loan:LoanInterestPaymentTermsSet||Loan Interest Payment Terms Set||Contractual terms governing the payment of interest on the loan.|
|fibo-loan-tem-tem:LoanInterestRate||Loan Interest Rate||This is also a timed variable with a present value and a time series of past values. What is it? A record of the rates that may have been charged in a variable rate loan. Therefore, this variable is the “Interest Rate” of the loan. It is a “Dated Parameter” – dates are taken care of in the upper mode of Variable Parameters.|
|fibo-loan-tem-sta:LoanLifecycleStatus||Loan Lifecycle Status|
|fibo-loan-ln-ln:LoanMarketCategory||Loan Market Category||a category indicating the market domain in which the loan product is offered|
|fibo-loan-loan-gty:LoanMIGProvider||Loan MIG Provider||Mortgage Indemnity Guaranty (MIG) provider. Further notes: SME Review notes 16 Sept: Guaranty – mortgage insurance e.g. insure up to 80% exposure. When you get into indemnification, then for instance if the product doesn’t meet the investor’s requirement such that if it doesn’t get paid then the lender steps in and takes the hit for the loan – this is usually a precondition for securitizing (issuing) the loan in a pool. If the loan is not going to be sold on the secondary market there would be no need to indemnify that loan so this term would not apply. Indemnification is insurance for the investor, while the lender is the one providing that indemnification.|
|fibo-loan-ln-ln:LoanOffer||Loan Offer||a generic loan product offered to the public, or a specific offer tailored to particular circumstances aimed at one potential borrower|
|fibo-loan-loan-loan:LoanOngoingPrepaymentTerms||Loan Ongoing Prepayment Terms||Terms governing prepayments of the principal on a loan by the borrower throughout the life of the loan.|
|fibo-loan-loan-loan:LoanOriginator||Loan Originator||The party which finds the lender for the loan, for the borrower.|
|fibo-loan-tem-ph:LoanPaidInFull||Loan Paid In Full|
|fibo-loan-loan-loan:LoanParty||Loan Party||A Party to the Loan.|
|fibo-loan-tem-sta:LoanPayment||Loan Payment||Add in here the terms on payment history related terms which are in the “Loan Contract” set.|
|fibo-loan-loan-loan:LoanPaymentSchedule||Loan Payment Schedule||The schedule for payments made by the borrower.|
|fibo-loan-tem-sta:LoanPaymentStatus||Loan Payment Status|
|fibo-loan-tem-sta:LoanPerformanceStatus||Loan Performance Status||The current performance of the loan, as one of a list of possible statuses.|
|fibo-loan-tem-sta:LoanPerformanceStatusSelection||Loan Performance Status Selection|
|fibo-loan-tem-sta:LoanPrepaymentStatus||Loan Prepayment Status||Information about prepayments of the loan, at a given point in time.|
|fibo-loan-loan-loan:LoanPrepaymentTermsSet||Loan Prepayment Terms Set||Terms governing prepayments of the principal on a loan by the borrower.|
|fibo-loan-loan-loan:LoanPrincipalRepaymentCommitment||Loan Principal Repayment Commitment||A commitment by a borrower to repay the principal on a loan under the terms described.|
|fibo-loan-loan-loan:LoanPrincipalRepaymentTerms||Loan Principal Repayment Terms||Terms governing the repayment of principal of the loan.|
|fibo-loan-ln-ln:LoanProduct||Loan Product||a type of loan that a borrower may acquire from a lending institution with specific characteristics and terms|
|fibo-loan-typ-prod:LoanProductDisclosureRight||Loan Product Disclosure Right||Right to fair representation of the facts about Loan products before entrering into agreements for same.|
|fibo-loan-loan-reg:LoanProductRepresentations||Loan Product Representations||Representations about the loan product and the appropriateness of this for the borrower.|
|fibo-loan-loan-col:LoanPropertyCollateral||Loan Property Collateral||Property Assets pledged to a lender until a loan is repaid. Further notes: This provides one means by which some extension of finance (such as a loan, debt or equity issue) is under-written.|
|fibo-loan-loan-loan:LoanPurposeSelection||Loan Purpose Selection||A selection of different types of loan purpose, being the purpose for which and manner in which loan (credit) draw-down amounts are to be used. This shows the purpose for which credit is to be used, and implies certain kinds of fact that relate to that specific type of loan e.g. mortgages. These are also identified as tranche types in tranches of a credit facility.|
|fibo-loan-tem-tem:LoanRateDetermination||Loan Rate Determination|
|fibo-loan-loan-reg:LoanRegulatoryRequirement||Loan Regulatory Requirement||A regulatory requirement defined in regulations by a comsumer credit act or other legislation.|
|fibo-loan-loan-loan:LoanRetainedAmount||Loan Retained Amount||Retained amount, an amount the Issuer will be obliged to fund to the borrower at a later date, for example construction deposit.|
|fibo-loan-typ-sec:LoanSecuritizationMethod||Loan Securitization Method|
|fibo-loan-loan-pty:LoanServicer.1||Loan Servicer.1||The party which is the Loan Servicer. Further notes: The Loan Servicer may be the original lender or it may be someone else. For instance, if the bank is sold by Bank A, it may be given to some third party for servicing. Servicing is either done by the original lender or by someone else. Idea: Look at a data model from one of the main agencies. See Fannie Mae enterprise common data model. In progress. More precise definition needed for what it is to service a loan, i.e. what activities this party participates in and what facts apply. Some of these are defined in the facts which are emerging from these reviews. There seem to be several functions which may or may not be combined.|
|fibo-loan-tem-sta:LoanSnapshotOrStatus||Loan Snapshot Or Status||Information applicable to a loan at a given date.|
|fibo-loan-loan-loan:LoanStandardizationDocumentation||Loan Standardization Documentation||Very specific categorization of documentation obtained by the lender at the time of origination to qualify a borrower. Documentation Types vary from lender to lender and need to be completely understood. takes a code list in the data world see eg S&P codes of these. not exhaustive? example tax returns etc. categorize as hi low or medium type of doc risk there are also ‘no doc’ mtges|
|fibo-loan-lnx-gen:LoanStandarizationDocumentType||Loan Standarization Document Type||Financial Institution defined categorization of documentation type. This is interpreted from information provided by the seller on both the data file and in their underwriting quidelines. See attached Translation tables. needs work These are (from CDDOCTYPE enumeration in MAT-CODES): Unknown Other Full Full or Alternate Alternative Lite Low – ACTION make sure this isn’t Risk Level in other list Limited Reduced Partial Streamline No Documentation No Ratio No Income Verifier No Income Qualifier Stated Documentation ACTION: Make sure these are all mutually exclusive, then implement as selection list entries.|
|fibo-loan-tem-sta:LoanStatus||Loan Status||Statuses which occur for a period of time, relating to a loan.|
|fibo-loan-loan-loan:LoanTerminationProvisions||Loan Termination Provisions|
|fibo-loan-loan-pty:LoanThirdParty||Loan Third Party||A party which, by virtue of being a third party to the Loan Contract, performs some role directly in relation to the Loan.|
|fibo-loan-tem-ltv:LoanToValueRatio||Loan To Value Ratio|
|fibo-loan-loan-loan:LoanVariableInterestPaymentTerms||Loan Variable Interest Payment Terms|
|fibo-loan-ln-ln:ManufacturedHomeLegalClassification||Manufactured Home Legal Classification||a category indicating whether the covered loan is secured by a manufactured home only or with land as well|
|fibo-loan-typ-gen:MarineFinance||Marine Finance||A loan for the purchase of a boat or other vessel.|
|fibo-loan-typ-gen:MarineFinanceContract||Marine Finance Contract||Contract embodying the terms under which a loan is advanced for marine finance.|
|fibo-loan-loan-gty:MortgageIndemnityGuaranty||Mortgage Indemnity Guaranty||Mortgage Indemnity Guaranty (MIG).|
|fibo-loan-loan-gty:MortgageIndemnityInsurancePolicy||Mortgage Indemnity Insurance Policy||The physical policy for the Mortgage Indemnity Guaranty.|
|fibo-loan-typ-mtg:MortgageLoan||Mortgage Loan||A loan securitized against some real estate.|
|fibo-loan-tem-app:MortgageLoanApplication||Mortgage Loan Application|
|fibo-loan-tem-app:MortgageLoanAppraiser||Mortgage Loan Appraiser||That party which appraises the borrower for the purposes of the loan.|
|fibo-loan-tem-apr:MortgageLoanBorrowerAssessmentInformation||Mortgage Loan Borrower Assessment Information|
|fibo-loan-typ-mtg:MortgageLoanBorrowerInformation||Mortgage Loan Borrower Information|
|fibo-loan-ln-ln:MortgageLoanContract||Mortgage Loan Contract||a loan contract that is secured by real property|
|fibo-loan-ln-ln:MortgageLoanPurpose||Mortgage Loan Purpose||the purpose for which mortgage loan proceeds will be used, such as real property purchase, dwelling construction, or loan refinancing|
|fibo-loan-loan-loan:MotorhomeLoanPurpose||Motorhome Loan Purpose|
|fibo-loan-ln-ln:NMLSR_ID||NMLSR_ID||the number permanently assigned by the Nationwide Mortgage Licensing System and Registry (NMLS) for each company, branch, and individual that maintains a single account on NMLS.|
|fibo-loan-tem-ev:NonValueChangingActivity||Non Value Changing Activity|
|fibo-loan-ln-ln:OpenEndLoanContract||Open End Loan Contract||a loan contract for a line of credit where a borrower may take money and pay it back up to an agreed limit, and interest is charged only on the amount that remains, which may be paid off at any time within the period of the line.|
|fibo-loan-loan-loan:OrdinaryLoanPurpose||Ordinary Loan Purpose|
|fibo-loan-lnx-lgn:OrganizationContactInformation||Organization Contact Information||contact information for an organization|
|fibo-loan-loan-loan:OriginalBalanceApplicability||Original Balance Applicability|
|fibo-loan-loan-loan:OverdraftFacilityPurpose||Overdraft Facility Purpose|
|fibo-loan-ln-ln:OwnershipInterestType||Ownership Interest Type||a category indicating the nature of the applicant’s or borrower’s ownership or leasehold interest in the land where the manufactured home is located.|
|fibo-loan-loan-loan:PaymentArrangementTerms||Payment Arrangement Terms||Terms covering other arrangements for payments such as paying scheduled payments early to be applied on the scheduled payment dates.|
|fibo-loan-lnx-lgn:PaymentHistory||Payment History||a record of actual payments of principal, interest, and other related amounts made by a borrower to a lender or servicer in order to fulfill their re-payment obligation|
|fibo-loan-lnx-lgn:PaymentSchedule||Payment Schedule||a Schedule of amounts of principal and interest that are due over the term of the loan in order to fully pay off the obligation|
|fibo-loan-loan-loan:PenaltyInterestBalanceApplicability||Penalty Interest Balance Applicability||Selection of types of balance to which pre-payment interest penalties may be applied.|
|fibo-loan-tem-bor:PersonalAssessmentFactsAtApproval||Personal Assessment Facts At Approval||Pertinent economic facts about an individual person at the time a given loan was approved.|
|fibo-loan-tem-bor:PersonalDatedFacts||Personal Dated Facts||Facts about a natural person. These are facts that are true as at a given time.|
|fibo-loan-typ-per:PersonalLoan||Personal Loan||Consumer Loan: The recipient (borrower) is an end consumer. Types: Home Mortgage|
|fibo-loan-typ-per:PersonalLoanBorrower||Personal Loan Borrower|
|fibo-loan-tem-bor:PersonalLoanBorrowerAssessmentInformation||Personal Loan Borrower Assessment Information|
|fibo-loan-typ-per:PersonalLoanContract||Personal Loan Contract||The contract for a loan which is advanced to an individual human beings or two more individual human beings in their personal capacities.|
|fibo-loan-tem-bor:PersonalMortgageLoanBorrowerAssessmentInformation||Personal Mortgage Loan Borrower Assessment Information|
|fibo-loan-lnx-lgn:PhoneNumber||Phone Number||a virtual address for communication via phone|
|fibo-loan-ln-ln:PreApprovalContract||Pre Approval Contract||a written commitment to lend when specified conditions are met, e.g. finding suitable property, and unchanged creditworthiness|
|fibo-loan-ln-ln:PreApprovalRequest||Pre Approval Request||a request from a potential borrower that a lender commit to pre-approving the borrower for a loan of up to a specified amount of money|
|fibo-loan-loan-reg:ProductDisclosureRequirement||Product Disclosure Requirement||A requirement governing what representations can be made about a product, as it affects the consumer.|
|fibo-loan-loan-reg:ProductDisclosureRight||Product Disclosure Right||The right to information about products at the point of purchasing these.|
|fibo-loan-tem-ev:PropertyCollateralValuation||Property Collateral Valuation||A valuation of the collateral Real Property to support the Property collateral Arrangement|
|fibo-loan-ln-ln:PropertyInspection||Property Inspection||the act of analyzing one or more aspects of a real property for independent assessment of status or deficiency|
|fibo-loan-tem-ev:PropertyLendersValuationTypeSelection||Property Lenders Valuation Type Selection|
|fibo-loan-tem-ev:PropertyPurchaseAndSale||Property Purchase And Sale||The sale and purchase of real estate.|
|fibo-loan-tem-ev:PropertyRelatedActivity||Property Related Activity||not sure if this is useful as a common class. Used for grouping of new activity terms around mortgage lending and propery purchase for now|
|fibo-loan-ln-ln:PropertyUsage||Property Usage||a category indicating the manner in which the borrower intends to utilize the property|
|fibo-loan-tem-ev:PropertyValuation||Property Valuation||The activity whereby some real estats is valued by some agent, for some purpose (for example, for the purpose of granting or denoying a loan).|
|fibo-loan-tem-ev:PropertyValuationHistoricalInformation||Property Valuation Historical Information||Valuation of the property at some point in time.|
|fibo-loan-tem-ev:PropertyValuer||Property Valuer||The party which carries out the valluation of the property for the purpose of a mortgage loan. Further notes: Also: See Event State Analysis at Fannie Mae, for core processes, as partof the enterprise data architecture transformation, e.g. ESA for single family and multi family loans.|
|fibo-loan-ln-ln:PublicRecord||Public Record||a record about an action involving a party that is publicly available from court or other government agencies|
|fibo-loan-ln-ln:PublicRecordCategory||Public Record Category||a particular classification of public record, e.g. tax lien, wage garnishment, foreclosure|
|fibo-loan-ln-ln:Race||Race||a category based on a person’s physical characteristics, such as bone structure and skin, hair, or eye color|
|fibo-loan-ln-ln:RealPropertyAppraisal||Real Property Appraisal||an act of real estate valuation that determines the amount of money a real estate property is worth.|
|fibo-loan-loan-reg:RegB||Reg B||US regulation concerning “Equal credit opportunity act” Electronic delivery of disclosures|
|fibo-loan-loan-reg:RegZ||Reg Z||US Fed regulation “Truth in Lending Act” uniform standards for electronic delivery of disclosures|
|fibo-loan-typ-mtg:RemortgageOnDifferentTerms||Remortgage On Different Terms|
|fibo-loan-typ-mtg:RemortgageWithEquityRelease||Remortgage With Equity Release|
|fibo-loan-tem-apr:RepossessionHistory||Repossession History||Information about an entity which has a history of repossessions, about those repossessions.|
|fibo-loan-loan-loan:ResidentialHouseboatLoanPurpose||Residential Houseboat Loan Purpose|
|fibo-loan-typ-mtg:ReverseMortgage||Reverse Mortgage||Designed for senior citizens who want to borrow against the equity of house. The house has been paid for. How is it different?: Scenario based. If you have someone who is asset rich but cash poor then a traditional view of the mortgage wqould say yoiu must have th ecash to repay the loan, which would not apply in this case: we actually don’t anticipate that you would repay it, maybe not even regular amounts on the loan, but when the loan expires, e.g. when you die, we will recover on the asset in the normal course of events. Not seen as a default but is an expectation that we will recover our funds. See Wikipedia. AKA Lifetime morgtage, seniores (age xxx or older) to release the home equity.|
|fibo-loan-ln-ln:ReverseMortgageLoanContract||Reverse Mortgage Loan Contract||a mortgage contract that pays out money to the borrower against a set principal limit that is based on the value of existing equity in the underlying collateral.|
|fibo-loan-typ-cr:RevolvingCreditContract||Revolving Credit Contract||Contract which embodies and defines the terms and conditions for a credit line based on some collaterial, which can be drawn down and/or paid back by the borrower.|
|fibo-loan-typ-cr:RevolvingLineOfCredit||Revolving Line Of Credit||A credit line based on some collateral, that can be drawn down and/or paid back by the borrower.|
|fibo-loan-typ-cr:RevolvingLineOfCreditTranche||Revolving Line Of Credit Tranche||A contractually committed line of credit which is issued as a revolving line of credit which can be drawn upon and has collateral|
|fibo-loan-loan-reg:RightOfCreditRecordCorrection||Right Of Credit Record Correction||The right to have a credit record corrected.|
|fibo-loan-typ-mtg:RightToBuy||Right To Buy|
|fibo-loan-lnx-lgn:ScheduledPayment||Scheduled Payment||a scheduled payment occurrence that is part of a payment schedule covering the term of the loan|
|fibo-loan-typ-mtg:SecondHomeLoan||Second Home Loan||A loan which may be used for a vacation home or second home used for personal reasons.|
|fibo-loan-typ-mtg:SecondHomeLoanContract||Second Home Loan Contract|
|fibo-loan-typ-sec:SecuredByCollateral||Secured By Collateral|
|fibo-loan-typ-sec:SecuredByGuaranty||Secured By Guaranty|
|fibo-loan-typ-sec:SecuredLoan||Secured Loan||A loan which is secured by some security in the form either of collateral or of guaranty.|
|fibo-loan-ln-ln:SecuredLoanContract||Secured Loan Contract||a loan contract that is secured by some collateral|
|fibo-loan-ln-ln:SecurityAgreement||Security Agreement||an agreement between two trading parties that contains information about their relative duties and rights regarding the disposition of a specified asset that has been used as collateral|
|fibo-loan-tem-col:SecurityInterestDatedFacts||Security Interest Dated Facts|
|fibo-loan-typ-stu:StudentLoan||Student Loan||A loan provided for the purposes of education.|
|fibo-loan-tem-sta:StudentLoanActiveStatus||Student Loan Active Status||The status of the Student Loan at a given point in time, during the phase where it is active (the disbursement phase).|
|fibo-loan-tem-sta:StudentLoanActiveStatusSelection||Student Loan Active Status Selection|
|fibo-loan-typ-stu:StudentLoanContract||Student Loan Contract||The contract for a Student Loan.|
|fibo-loan-loan-loan:StudentLoanPurpose||Student Loan Purpose|
|fibo-loan-ln-ln:TotalDebtExpenseRatio||Total Debt Expense Ratio||a portion of 100 that represents the ratio of all monthly debt payments of all the borrowers, including proposed housing expenses, to the income of the borrowers as relied upon to make a credit decision|
|fibo-loan-ln-ln:UnderwritingAutomation||Underwriting Automation||a category indicating whether a loan was underwritten manually or using an automated underwriting system|
|fibo-loan-ln-ln:UnderwritingDecision||Underwriting Decision||a loan approval recommendation determined either manually or by an automated underwriting system|
|fibo-loan-ln-ln:UniversalLoanIdentifier||Universal Loan Identifier||a unique identifier given to unequivocally identify a specific mortgage loan.|
|fibo-loan-tem-ev:ValueChangingActivity||Value Changing Activity||Some event or activity which changes the value of something. Examples: A value changing event can be for instance (in securities), a declaration of a dividend. This is an event which changes the value of something. CAE that are in FIBIM are value changing events. Changes to principal on any loan is a value changing event.|
|fibo-loan-loan-loan:WorkingCapitalPurpose||Working Capital Purpose|