New FIB-DM Banking packages and entities arriving in 2020

For Retail and Commercial Banks, LOANS with 300 new entities is an Informative package of the Financial Industry Business Ontology (FIBO) and the Financial Industry Business Data Model (FIB-DM).

FIBO Development version

The Informative FIBO Data Model has 4,563 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.

Pie in pie chart of new FIB-DM packages and entities for 2020
FIB-DM 2020 new packages and entities
  • The Normative Model derived from FIBO Production.
  • The Informative Data Model derived from FIBO Development

Loan Package

The new Loan package has 323 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.

FIB-DM Loan Entities stacked column chart
FIB-DM Loan Entities stacked column chart

Loans is part of the extended, full model version. See the differences between core and full version on the FIB-DM upgrade page.

Loan

The main package for sub packages supporting Collateral, Guarantees, Basic Terms, Parties, and Regulatory aspects.

Collateral

Entities in this package describe the concept of loan collateral and loan property collateral in the context of collateralized securitized loans.

Guaranties

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.

Loans Parties

Entities in this package define the parties to a loan, including borrowers and third parties such as collateral providers and loan servicers.

Loans Regulatory

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.

Loan Extended

The main package for LN extensions. The current development packages LN, LNX, and Loan are likely to be reorganized in Production

Loans General

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.

Loan Temporal

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.

Loans Appraisal

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.

Loans Events

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.

Loans LTV

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.

Loan Phases

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.

Loans Status

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.

Loan types

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

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

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.

Credit Products

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.

General Loans

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.

Mortgage Loans

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.

Personal Loans

Loans where a borrower is a natural person.

Loan Products

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

Secured Loans

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.

Student 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.

Unsecured Loans

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 list report


The report lists the new Loan entities in release 2020/Q1 of the Informative FIBO Data Model.

Financial Industry Business Data Model, FIB-DM INFORM Release 2020/Q1 Entity and Package Definitions report.

CodeNameDefinition
fibo-loan-ln-hmda:hasHMDA_DispositionDatehas HMDA_Disposition DateThe date associated with the HMDA Disposition for a HMDA Covered Loan
fibo-loan-ln-hmda:HMDA_CoveredLoanContractHMDA_Covered Loan ContractA 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_DispositionHMDA_DispositionA type of action taken regarding an application for a HMDA covered loan
fibo-loan-ln-hmda:HMDA_PreApprovalRequestHMDA_Pre Approval RequestA 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_ReportHMDA_ReportA 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-ln-hmda:HowSubmittedHow SubmittedCategory indicating whether the applicant or borrower submitted the application for the covered loan directly to the reporting financial institution
fibo-loan-ln-ln:AllBorrowersMonthlyIncomeAll Borrowers Monthly IncomeTotal monthly qualifying income for all borrowers on the loan
fibo-loan-ln-ln:AmortizationTypeAmortization TypeClassifier of amortization algorithms
fibo-loan-ln-ln:assumesassumesRelates a new mortgage loan contract to a previous one made to a different borrower for the same property. The new contract is created via a legally binding process where the new borrower assumes the terms of the previous loan contract
fibo-loan-ln-ln:AutomatedUnderwritingSystemAutomated Underwriting SystemSoftware sytstem that produces loan underwriting decisions
fibo-loan-ln-ln:BorrowerMonthlyIncomeBorrower Monthly IncomeTotal monthly qualifying income of a potential borrower
fibo-loan-ln-ln:CashOutStatusCash Out StatusClassifier indicating the extent to which funds are released to the borrower on a new loan origination that refinances an existing loan
fibo-loan-ln-ln:ChargeCategoryCharge CategoryClassifier indicating what a charge is for (e.g. closing costs, interest)
fibo-loan-ln-ln:ClosedEndCreditClosed End CreditLoan or extension of credit in which the loan principal cannot be increased after funds are dispersed and the loan is partially repaid
fibo-loan-ln-ln:ComakerComakerParty that signs a borrower’s promissory note, providing additional security and potentially improving the quality of the debt
fibo-loan-ln-ln:CombinedLoanToValueRatioCombined Loan To Value RatioRatio of the total amount of debt that is secured by the property and the appraised value of the asset securing the financing
fibo-loan-ln-ln:CombinedLoanToValueRatio_only_fibo-fnd-qt-qtu:hasMeasurementUnitCombined Loan To Value Ratio only has Measurement UnitA subtype of associative entity ‘has Measurement Unit’ to restrict child entities for the parent, Combined Loan To Value Ratio
fibo-loan-ln-ln:CommitmentToFundCommitment To FundCommitment that obliges the lender to provide funds pursuant to a loan
fibo-loan-ln-ln:CommitmentToPayCommitment To PayCommitment 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:CommitmentToRepayCommitment To RepayCommitment obliging the borrower to repay funds that have been loaned, in a manner pursuant to a loan
fibo-loan-ln-ln:CommitmentToReportCommitment To ReportCommitment obliging a party to deliver a report
fibo-loan-ln-ln:ConstructionTypeConstruction TypeParticular kind of construction
fibo-loan-ln-ln:CreditRiskAssessmentCredit Risk AssessmentRisk assessment that focuses on determining the likelihood of a potential borrower repaying a loan
fibo-loan-ln-ln:DwellingCapacityDwelling CapacityCategory indicating how many dwellings some property has
fibo-loan-ln-ln:EthnicityEthnicityCategory based on a cultural factors, including nationality, regional culture, ancestry, and language
fibo-loan-ln-ln:hasAppraisalManagementCompanyhas Appraisal Management CompanyRelates something to an independent entity through which mortgage lenders order residential real estate valuation services for properties on which they are considering extending loans to homebuyers, as required by US law
fibo-loan-ln-ln:hasAppraisedValuehas Appraised ValueRelates to a monetary amount that is the product of a valuation event
fibo-loan-ln-ln:hasApprovedAmounthas Approved AmountRelates, e.g. a loan,  to the amount of funds approved
fibo-loan-ln-ln:hasClosingDatehas Closing DateRelates, e.g. a loan contract to the date on which the contract is consummated, officially creating the obligations therein
fibo-loan-ln-ln:hasCosthas CostRelates an item to its cost
fibo-loan-ln-ln:hasCreditLimithas Credit LimitRelates to the maximum amount of funds that may be borrowed from an account (e.g. for line of credit)
fibo-loan-ln-ln:hasFirstRateChangeTermhas First Rate Change TermRelates a loan contract to a period of time in months after origination during which the interest rate cannot change.
fibo-loan-ln-ln:hasNoteAmounthas Note AmountRelates something to an amount to be paid as specified on an executed promissory note
fibo-loan-ln-ln:hasOriginatingServiceProviderhas Originating Service ProviderRelates something, typically a loan contract, to the service provider responsible for originated the loan
fibo-loan-ln-ln:hasOriginatorPersonhas Originator PersonRelates something, typically a loan, to a person that initially originates or creates it
fibo-loan-ln-ln:hasPaymentHistoryhas Payment HistoryRelates a credit agreement, loan, or commitment to any history of payments that have been made by the borrower up to the point that payment history is requested
fibo-loan-ln-ln:hasPrePaymentPenaltyTermhas Pre Payment Penalty TermRelates a loan contract to a period of time in months after which there is no prepayment penalty
fibo-loan-ln-ln:hasPrincipalAmounthas Principal AmountIndicates the notional amount of the contract
fibo-loan-ln-ln:hasRequestedAmounthas Requested AmountRelates e.g. a request for a loan  to the amount of funds requested (e.g. regarding a loan)
fibo-loan-ln-ln:hasScheduledUnpaidBalancehas Scheduled Unpaid BalanceRelates to what the balance should be after a scheduled payment is made according to contract terms
fibo-loan-ln-ln:hasSeniorAppraiserhas Senior AppraiserRelates e.g. an appraisal to the appraiser with seniority or supervisory responsibilities
fibo-loan-ln-ln:hasTotalClosingCostshas Total Closing CostsRelates to the amount of total loan costs, as disclosed pursuant to Regulation Z, 12 CFR 1026.38(f)(4).
fibo-loan-ln-ln:hasTotalPointsAndFeeshas Total Points And FeesRelates to the total amount of points and fees, expressed in dollars, calculated in accordance with Regulation Z, Truth in Lending.
fibo-loan-ln-ln:hasUnitCosthas Unit CostRelates an item to its unit cost
fibo-loan-ln-ln:isInspectionOfis Inspection OfRelates an inspection to the thing being inspected
fibo-loan-ln-ln:isPerformedByis Performed ByRelates an occurrence to a party that fully or partially performs the activity or process corresponding to the occurrence (e.g. who performed an inspection)
fibo-loan-ln-ln:isServicedByis Serviced ByRelates a loan to the financial service provider that services it
fibo-loan-ln-ln:LenderLienPositionLender Lien PositionCategory indicating whether the lender has the primary lien position
fibo-loan-ln-ln:LineItemLine ItemDescription of a product or service including its unit cost, number of units and total cost
fibo-loan-ln-ln:LoanLoanAgreement 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-ln-ln:LoanApplicationLoan ApplicationRequest by a potential borrower to a potential lender to borrow money containing information used to decide whether to grant the loan
fibo-loan-ln-ln:LoanMarketCategoryLoan Market CategoryCategory indicating the market domain in which the loan product is offered
fibo-loan-ln-ln:LoanOfferingLoan OfferingGeneric loan product offered to the public, or a specific offer tailored to particular circumstances aimed at one potential borrower
fibo-loan-ln-ln:LoanPrincipalLoan PrincipalNotional value of the loan that must be paid at or before maturity
fibo-loan-ln-ln:LoanProductLoan ProductFinancial product that is realized as a loan that a borrower may acquire from a lending institution with specific characteristics and terms
fibo-loan-ln-ln:LoanToValueRatioLoan To Value RatioRatio, expressed as a percentage, between the principal amount of the loan and the appraised value of the asset securing the financing
fibo-loan-ln-ln:LoanToValueRatio_only_fibo-fnd-qt-qtu:hasMeasurementUnitLoan To Value Ratio only has Measurement UnitA subtype of associative entity ‘has Measurement Unit’ to restrict child entities for the parent, Loan To Value Ratio
fibo-loan-ln-ln:LoanToValueRatio_only_fibo-fnd-utl-alx:hasArgumentLoan To Value Ratio only has ArgumentA subtype of associative entity ‘has Argument’ to restrict child entities for the parent, Loan To Value Ratio
fibo-loan-ln-ln:ManufacturedHomeLegalClassificationManufactured Home Legal ClassificationCategory indicating whether the covered loan is secured by a manufactured home only or with land as well
fibo-loan-ln-ln:MortgageMortgageA loan contract that is secured by real property
fibo-loan-ln-ln:MortgageLoanPurposeMortgage Loan PurposeThe purpose for which mortgage loan proceeds will be used, such as real property purchase, dwelling construction, or loan refinancing
fibo-loan-ln-ln:NMLSR_IDNMLSR_IDThe 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-ln-ln:OpenEndLoanContractOpen End Loan ContractA 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-ln-ln:OwnershipInterestTypeOwnership Interest TypeA 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-ln-ln:PaymentHistoryPayment HistoryRecord 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-ln-ln:PreApprovalContractPre Approval ContractA written commitment to lend when specified conditions are met, e.g. finding suitable property, and unchanged creditworthiness
fibo-loan-ln-ln:PreApprovalRequestPre Approval RequestA 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-ln-ln:PrepaymentTermsPrepayment TermsPrincipal repayment terms related to payment of the loan prior to maturity
fibo-loan-ln-ln:PropertyInspectionProperty InspectionThe act of analyzing one or more aspects of a real property for independent assessment of status or deficiency
fibo-loan-ln-ln:PropertyUsageProperty UsageA category indicating the manner in which the borrower intends to utilize the property
fibo-loan-ln-ln:PublicRecordPublic RecordA record about an action involving a party that is publicly available from court or other government agencies
fibo-loan-ln-ln:PublicRecordCategoryPublic Record CategoryA particular classification of public record, e.g. tax lien, wage garnishment, foreclosure
fibo-loan-ln-ln:RaceRaceA category based on a person’s physical characteristics, such as bone structure and skin, hair, or eye color
fibo-loan-ln-ln:RealPropertyAppraisalReal Property AppraisalAn act of real estate valuation that determines the amount of money a real estate property is worth.
fibo-loan-ln-ln:ReverseMortgageReverse Mortgage (ln)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-ln-ln:SecuredLoanSecured LoanLoan in which the borrower pledges some asset via a security agreement as collateral for the loan, or that is secured via third-party guarantee
fibo-loan-ln-ln:SecurityAgreementSecurity AgreementAn 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-ln-ln:ServicerServicer (loan)Party that collects principal and interest payments on behalf of the lender
fibo-loan-ln-ln:TotalDebtExpenseRatioTotal Debt Expense RatioA 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:TotalDebtExpenseRatio_only_fibo-fnd-qt-qtu:hasQuantityKindTotal Debt Expense Ratio only has Quantity KindA subtype of associative entity ‘has Quantity Kind’ to restrict child entities for the parent, Total Debt Expense Ratio
fibo-loan-ln-ln:UnderwritingAutomationUnderwriting AutomationA category indicating whether a loan was underwritten manually or using an automated underwriting system
fibo-loan-ln-ln:UnderwritingDecisionUnderwriting DecisionA loan approval recommendation determined either manually or by an automated underwriting system
fibo-loan-ln-ln:UniversalLoanIdentifierUniversal Loan IdentifierA unique identifier given to unequivocally identify a specific mortgage loan.
fibo-loan-ln-ln:usesFactoruses FactorRelates e.g. a risk assessment to something used as a factor to make the assessment.
fibo-loan-loan-loan:acceptsaccepts
fibo-loan-loan-loan:borrowsborrows
fibo-loan-loan-loan:drawnDownBydrawn Down By
fibo-loan-loan-loan:LoanDrawdownLoan DrawdownAn 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:LoanDrawdown_only_fibo-fbc-dae-gty:hasGuarantorLoan Drawdown only has GuarantorA subtype of associative entity ‘has Guarantor’ to restrict child entities for the parent, Loan Drawdown
fibo-loan-loan-loan:loanMaximumAllowedBalanceloan Maximum Allowed BalanceMaximum balance – For loans with flexible re-draw facilities, the maximum loan amount that could potentially be outstanding
fibo-loan-loan-loan:loanOriginalAdvanceAmountloan Original Advance AmountThe Original Balance of the loan, that is the amount advanced under this loan. Further notes: PoC workings: Original balance (inclusive of fees)
fibo-loan-loan-loan:LoanOriginatorLoan OriginatorThe party which finds the lender for the loan, for the borrower.
fibo-loan-loan-loan:LoanPartyLoan PartyA Party to the Loan.
fibo-loan-loan-loan:LoanRetainedAmountLoan Retained AmountRetained amount, an amount the Issuer will be obliged to fund to the borrower at a later date, for example construction deposit.
fibo-loan-loan-loan:loanRetainedAmountloan Retained AmountRetained amount, this is an amount the Issuer will be obliged to fund to the borrower at a later date, for example construction deposit.
fibo-loan-loan-loan:loanSubsidyAmountloan Subsidy AmountLoan Subsidy Received – Amount of subsidy received from government by borrower.
fibo-loan-loan-loan:retainedUntilretained UntilDate when the retained amount is to be drawn by.
fibo-loan-loan-loan:spreadspreadThe percentage of interest added to the base rate.
fibo-loan-loan-reg:administeredByadministered By (loan)
fibo-loan-loan-reg:BorrowerDataProtectionRequirementBorrower Data Protection Requirement
fibo-loan-loan-reg:BorrowerDisclosureRequirementBorrower Disclosure Requirement
fibo-loan-loan-reg:BorrowerRightBorrower Right
fibo-loan-loan-reg:ConsumerCreditEqualTreatmentRequirementConsumer Credit Equal Treatment Requirement
fibo-loan-loan-reg:ConsumerCreditProtectionLawConsumer Credit Protection Law
fibo-loan-loan-reg:ConsumerCreditReferenceAgencyConsumer Credit Reference AgencyApplicable 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:ConsumerCreditRequirementConsumer Credit RequirementRequirement set out on the lender about how they must treat the appliction to a loan
fibo-loan-loan-reg:ConsumerProtectionAgencyConsumer Protection AgencySome agency tasked with regulating consumer protection in some jurisdiction.
fibo-loan-loan-reg:ConsumerProtectionLawConsumer Protection Law
fibo-loan-loan-reg:ConsumerRightConsumer Right
fibo-loan-loan-reg:CreditReferenceAgencyRequirementsCredit Reference Agency RequirementsREquirements other than data protection, governing what a credit reference agency can or cannot do.
fibo-loan-loan-reg:DataProtectionRequirementData Protection RequirementRequirements 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-loan-reg:DisclosureRequirementDisclosure RequirementRequirement 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-reg:EqualTreatmentRightEqual Treatment RightThe right to equal treatment under the law.
fibo-loan-loan-reg:GoodFaithEstimateGood Faith EstimateGFE – representation by the lender on the costs and implications of settlement (early termination) of the loan.
fibo-loan-loan-reg:InformationRightInformation RightThe right to some information in some context, for example when purchasing some product. The right to full and fair disclosure of
fibo-loan-loan-reg:LenderRightLender RightRights 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-reg:LoanProductRepresentationsLoan Product RepresentationsRepresentations about the loan product and the appropriateness of this for the borrower.
fibo-loan-loan-reg:LoanRegulatoryRequirementLoan Regulatory RequirementA regulatory requirement defined in regulations by a comsumer credit act or other legislation.
fibo-loan-loan-reg:overseenByoverseen By (loan)
fibo-loan-loan-reg:ProductDisclosureRequirementProduct Disclosure RequirementA requirement governing what representations can be made about a product, as it affects the consumer.
fibo-loan-loan-reg:ProductDisclosureRightProduct Disclosure RightThe right to information about products at the point of purchasing these.
fibo-loan-loan-reg:RegBReg BUS regulation concerning “Equal credit opportunity act” Electronic delivery of disclosures
fibo-loan-loan-reg:regulatesregulates (loan)
fibo-loan-loan-reg:RegZReg ZUS Fed regulation “Truth in Lending Act” uniform standards for electronic delivery of disclosures
fibo-loan-loan-reg:RepresentationRepresentation
fibo-loan-loan-reg:RightOfCreditRecordCorrectionRight Of Credit Record CorrectionThe right to have a credit record corrected.
fibo-loan-tem-app:BorrowerInformationBorrower InformationInformation about the borrower
fibo-loan-tem-app:hasApplicationPhasehas Application PhaseThe phase within the application lifecycle, that this Loan Application is at,
fibo-loan-tem-app:hasGrossIncomehas Gross IncomeIndicates the personal gross income of the borrower
fibo-loan-tem-app:IncomeVerificationReportIncome Verification ReportReport providing the methodology and supporting documentation used to verify the borrower’s income
fibo-loan-tem-app:IndividualPersonCreditRatingIndividual Person Credit RatingCredit rating that provides an opinion of the creditworthiness of a person
fibo-loan-tem-app:LoanApplicationAtAgreementStageLoan Application At Agreement Stage
fibo-loan-tem-app:LoanApplicationAtDisbursementStageLoan Application At Disbursement Stage
fibo-loan-tem-app:LoanApplicationBorrowerAssessmentInformationLoan Application Borrower Assessment InformationInformation 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:LoanApplicationPhaseLoan Application Phase
fibo-loan-tem-app:LoanApplicationStatusLoan Application Status
fibo-loan-tem-app:LoanAppraiserLoan AppraiserThat party which appraises the borrower for the purposes of the loan.
fibo-loan-tem-app:LoanAtApplicationStageLoan At Application Stage
fibo-loan-tem-app:MortgageLoanApplicationMortgage Loan Application
fibo-loan-tem-app:MortgageLoanAppraiserMortgage Loan AppraiserThat party which appraises the borrower for the purposes of the loan.
fibo-loan-tem-cl:ConstructionLoanSnapshotConstruction Loan SnapshotInformation at a point in time, specific to a Construction Loan.
fibo-loan-tem-cl:loanAdvanceToDateloan Advance To DateThe amount of principal advanced to date.
fibo-loan-tem-ev:borrowerCCJudgementDateborrower CC Judgement DateUndefined PoC SDM Notes: Date this CCJ or equivalent was registered against the associated borrower regardless of satisfied or not
fibo-loan-tem-ev:borrowerCCJudgementValueAmountborrower CC Judgement Value AmountUndefined PoC SDM Notes: Total value of CCJs or equivalent recorded against the primary borrower that were satisfied / unsatsified (at time of underwriting ) is computed by selecting the satisfaction code value of interest and aggregating against all borrower CC Judgements </p>
fibo-loan-tem-ev:carriesOutcarries Out
fibo-loan-tem-ev:CollateralValuationCollateral ValuationA valuation of the collateral Real Property to support the Property collateral Arrangement
fibo-loan-tem-ev:CollateralValuation_only_fibo-fnd-rel-rel:evaluatesCollateral Valuation only evaluates (rel)A subtype of associative entity ‘evaluates (rel)’ to restrict child entities for the parent, Collateral Valuation
fibo-loan-tem-ev:CountyCourtCounty Court
fibo-loan-tem-ev:CountyCourtJudgmentCounty Court JudgmentSatisfaction code associated with a county court judgement can have values satisfied/unsatisfied. This is a value changing event.
fibo-loan-tem-ev:DateOfPurchaseDate Of Purchase
fibo-loan-tem-ev:DefaultProceedingTypeSelectionDefault Proceeding Type Selection(1) Default amount (2) Property Sale (3) Loss amount (4) Recoveries (5) Professional Negligence
fibo-loan-tem-ev:deliveredBydelivered By
fibo-loan-tem-ev:determinesdetermines (ev)
fibo-loan-tem-ev:InformativeEventInformative EventAn event which reflects some change in information about something.
fibo-loan-tem-ev:isAgainstis Against
fibo-loan-tem-ev:isBuyeris Buyer
fibo-loan-tem-ev:isNotis Not
fibo-loan-tem-ev:isStatusOfis Status Of
fibo-loan-tem-ev:LegalProceedingLegal Proceeding
fibo-loan-tem-ev:LoanDefaultProceedingLoan 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-ev:loanDefaultProceedingAmountloan Default Proceeding AmountUndefined PoC SDM Notes: Default or Foreclosure amount – Total default amount before the application of sale proceeds and recoveries.&nbsp; (AO 146, RR 135) Loan Default Proceeding_cd= (1) Default amount </p> <p> Sale price – Price achieved on sale of property ( AO 147, RR 137 )&nbsp; Loan Default Proceeding_cd= (2) Property Sale </p> <p> Loss on Sale&nbsp;&nbsp; Total loss net of fees, accrued interest etc. after application of sale proceeds (excluding prepayment charge if subordinate to principal recoveries). Show any gain on sale as a negative number (AO 148, RR 138 )&nbsp; Loan Default Proceeding_cd = (3) Loss amount </p> <p> Cumulative Reocveries – ony relevant for cases with losses&nbsp; ( AO 149, RR 139 )&nbsp; Loan Default Proceeding_cd =&nbsp; (4) Recoveries </p> <p> Professional Negligence Recoveries – Any amounts received in settlement or as a result of professional negligence claims against surveyors, solicitors etc. net of any fees / costs ( AO 150, RR 140 )&nbsp; Loan Default Proceeding_cd = (5) Professional Negligence </p><br />
fibo-loan-tem-ev:loanDefaultProceedingTypeloan Default Proceeding TypeThe type of default proceeding.
fibo-loan-tem-ev:MortgageLendingMortgage Lending
fibo-loan-tem-ev:NonPaymentNon Payment
fibo-loan-tem-ev:NonValueChangingActivityNon Value Changing Activity
fibo-loan-tem-ev:PrepaymentPrepayment
fibo-loan-tem-ev:PropertyBuyerProperty Buyer
fibo-loan-tem-ev:propertyLendersValuation_dtproperty Lenders Valuation_dt&lt;p&gt; Original valuation date – Date of latest property valuation at time of latest loan advance prior to a securitisation (RR 106) &lt;/p&gt; &lt;p&gt; Current valuation date – The date of most recent valuation ( (RR 112 ) &lt;/p&gt; &lt;p&gt; (AO 124-125) &lt;/p&gt;
fibo-loan-tem-ev:propertyLendersValuationTypeproperty Lenders Valuation TypeThe type of valuation performed at origination.
fibo-loan-tem-ev:PropertyLendersValuationTypeSelectionProperty Lenders Valuation Type Selection
fibo-loan-tem-ev:PropertyPurchaseAndSaleProperty Purchase And SaleThe sale and purchase of real estate.
fibo-loan-tem-ev:PropertyRelatedActivityProperty Related ActivityNot 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-tem-ev:PropertyValuationProperty ValuationThe 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:PropertyValuationHistoricalInformationProperty Valuation Historical InformationValuation of the property at some point in time.
fibo-loan-tem-ev:PropertyValuerProperty ValuerThe 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-tem-ev:purchaseDatepurchase Date
fibo-loan-tem-ev:PurchasePricePurchase Price (loan)
fibo-loan-tem-ev:resultsInresults In (loan)
fibo-loan-tem-ev:takesPlaceUndertakes Place Under
fibo-loan-tem-ev:valuationDatevaluation Date (loan)
fibo-loan-tem-ev:valuevalue
fibo-loan-tem-ev:ValueChangingActivityValue Changing ActivitySome 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-tem-ph:DeferredLoanDeferred Loan
fibo-loan-tem-ph:DelinquentLoanDelinquent LoanA loan which is an active loan (in Repayment phase), which is in default.
fibo-loan-tem-ph:DelinquentLoan_only_fibo-loan-tem-ph:hasStatusDelinquent Loan only has StatusA subtype of associative entity ‘has Status’ to restrict child entities for the parent, Delinquent Loan
fibo-loan-tem-ph:DisbursedLoanDisbursed Loan
fibo-loan-tem-ph:disbursementDatedisbursement Date
fibo-loan-tem-ph:hasLoanPhasehas Loan Phase
fibo-loan-tem-ph:hasStatushas Status
fibo-loan-tem-ph:InDefaultLoanIn Default LoanFormal notice served.
fibo-loan-tem-ph:inDefaultLoanIncludesin Default Loan IncludesThe status of any legal proceedings, as a part of this status information at a given point in time.
fibo-loan-tem-ph:LoanPaidInFullLoan Paid In Full
fibo-loan-tem-ph:LoanPhaseLoan Phase
fibo-loan-tem-ph:loanStatusloan Status
fibo-loan-tem-ph:RepaidLoanRepaid Loan
fibo-loan-tem-ph:repaymentDaterepayment DateThe date the loan was deemed to be repaid.
fibo-loan-tem-ph:RepaymentPhaseRepayment Phase
fibo-loan-tem-sta:ActiveLoanStatusActive Loan StatusStatus of a Loan which is in the Disbursement phase.
fibo-loan-tem-sta:allocationToFeesallocation To FeesThe amount of the payment which is allocated to other fees.
fibo-loan-tem-sta:allocationToInterestallocation To InterestThe amount allocated to Interest
fibo-loan-tem-sta:allocationToPrincipalallocation To PrincipalThe amount of the information allocated to Principal
fibo-loan-tem-sta:cumulativePrepaidAmountcumulative Prepaid AmountThe cumulative amount that has been pre paid.
fibo-loan-tem-sta:currentLoanRatecurrent Loan RateThe rate payable on the loan at this point in time.
fibo-loan-tem-sta:hasActiveStatushas Active Status
fibo-loan-tem-sta:hasLifecycleStatushas Lifecycle Status
fibo-loan-tem-sta:hasLoanApplicationStatushas Loan Application Status
fibo-loan-tem-sta:hasSnapshothas Snapshot
fibo-loan-tem-sta:informationDateinformation DateThe date on which this information applies.
fibo-loan-tem-sta:LegalProceedingsStatusSelectionLegal Proceedings Status SelectionThe status of any legal proceedings.
fibo-loan-tem-sta:LegalProceedingStatusLegal Proceeding StatusThe status of some legal proceeding at some point in time.
fibo-loan-tem-sta:LoanArrearsStatusLoan Arrears StatusArrears 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-sta:LoanDefaultProceedingStatusLoan Default Proceeding StatusThe status of loan default legal proceeding at some point in time.
fibo-loan-tem-sta:loanLastPrepaymentAmountloan Last Prepayment AmountLast pre-payment amount. This is the amount pre-paid most recently as at the Information Date.
fibo-loan-tem-sta:LoanLifecycleStatusLoan Lifecycle Status
fibo-loan-tem-sta:LoanPaymentLoan PaymentAdd in here the terms on payment history related terms which are in the “Loan Contract” set.
fibo-loan-tem-sta:loanPaymentInformationDateloan Payment Information DateThe actual date on which the payment was made.
fibo-loan-tem-sta:LoanPaymentStatusLoan Payment Status
fibo-loan-tem-sta:loanPerformanceStatusloan Performance StatusThe current performance of the loan, as one of a list of possible statuses. Relates to the performance in terms of whether the customer is paying in time or is in default, and more generally in terms of meeting their obligations in terms of principal or interest payment or any other obligations defined in the Loan Contract (agreement). Performing Arrears Default or Foreclosure Redeemed Repurchased by Seller Review notes Differs from Account Status which would be Open, Closed, etc. There may be other covenants that might need to be met for example in terms of credit rating. Student Loans addtional statuses In school [status of the student, that impacts the loan] Implication is that they don’t have to pay it back while they are still in school. so this can impact the loan status but does not always Grace [no longer in school but there is a grace period before they have to go into repayment] This is a phase Repayment Repaid in full Student Loan phases include: Pre-disbursement – this crosses phase [others may exist] (no default or foreclose) Not the same as Origination or Application status. Then there are sub-statuses. E.g. in the “!Repayment” status, there may be a set of sub-statuses e.g. charge-off, settlement, resell. Similarly in the origination / application statuses, there are multiple sub statuses. Industry standards would have these terms, e.g. MISMP and others. See e.g. for electronic transmission of student loan data. See notes to be received. These were originally derived from the Sallie Mae statuses. Are very similar. (earlier IBM notes) RR 126 Date Last Current – If the borrower is in arrears, the date they were last current&nbsp; Loan Status.Loan Status_dt = where Loan Status.Loan Status Performance_cd ^= arrears RR 133 Date on which account redeemed Loan Status. Loan Status_dt = Where Loan Status.LOan Status Performance_cd = Redeemed
fibo-loan-tem-sta:LoanPerformanceStatusLoan Performance StatusThe current performance of the loan, as one of a list of possible statuses.
fibo-loan-tem-sta:LoanPerformanceStatusSelectionLoan Performance Status Selection
fibo-loan-tem-sta:loanPrepaymentPenaltiesCumulativePaidAmountloan Prepayment Penalties Cumulative Paid AmountPre-Payment Penalties – Cumulative amount of pre-payment penalties paid to date
fibo-loan-tem-sta:LoanPrepaymentStatusLoan Prepayment StatusInformation about prepayments of the loan, at a given point in time.
fibo-loan-tem-sta:LoanSnapshotOrStatusLoan Snapshot Or StatusInformation applicable to a loan at a given date.
fibo-loan-tem-sta:LoanStatusLoan StatusStatuses which occur for a period of time, relating to a loan.
fibo-loan-tem-sta:loanStatusArrearsBalanceloan Status Arrears BalanceArrears Balance as at the Status Date.
fibo-loan-tem-sta:loanStatusArrearsDurationloan Status Arrears DurationThe length of time that the loan has been in arrears.
fibo-loan-tem-sta:loanStatusPerformanceArrangementDateloan Status Performance Arrangement DateThe date when the borrower had an arrangement put in place to reduce the balance of any arrears whilst maintaining their current payment.
fibo-loan-tem-sta:paymentAmountpayment Amount (loan)The amount paid by the borrower at the information date.
fibo-loan-tem-sta:statusstatusThe status of the proceedings in question.
fibo-loan-tem-sta:StudentLoanActiveStatusStudent Loan Active StatusThe 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:StudentLoanActiveStatusSelectionStudent Loan Active Status Selection
fibo-loan-tem-sta:studentLoanStatusstudent Loan StatusThe status of the Student Loan at a given point in time, during the phase where it is active (the disbursement phase).
fibo-loan-tem-tem:determinesdetermines (tem)
fibo-loan-tem-tem:givesRiseTogives Rise To (loan)
fibo-loan-tem-tem:hasBalancehas Balance (loan)
fibo-loan-tem-tem:hasRateRecordhas Rate Record
fibo-loan-tem-tem:isAboutis About (loan)
fibo-loan-tem-tem:LoanBalanceLoan BalanceThe outstanding balance on a loan at a particular point in time.
fibo-loan-tem-tem:loanBalanceloan BalanceCurrent Balance of the loan at the stated date.
fibo-loan-tem-tem:loanBalanceAsAtloan Balance As AtDate for which current loan balance is defined. Term reduntant since Dated Monetary Amount is a dated value and so has a date.
fibo-loan-tem-tem:LoanBalanceDeterminationLoan Balance Determination
fibo-loan-tem-tem:LoanBalanceRecordLoan Balance Record
fibo-loan-tem-tem:LoanDeterminerLoan Determiner
fibo-loan-tem-tem:loanInterestMarginRateloan Interest Margin RateRemove it. But add a fact about time history of amounts on those loans where the interest amount can be change by the lender. Undefined PoC SDM Notes: Currentinterestratemargin(forfixedrateloansthisisthesameasthecurrentinterestrate,forfloatingrateloans&lt;br /&gt; thisisthemarginover(orunderifinputasanegative)theindexrate. &lt;/p&gt; &lt;p&gt; allows derivation of (93) Date interest rate next changes (e.g. discount margin changes, fixed period ends, loan re-fixed etc. this is not the next LIBOR reset date) &lt;/p&gt; &lt;p&gt; using : (Loan Rate.)Loan Interest Margin_rt where (loan Rate.)LoanRate_dt &gt; today AND &lt; any other date in the set &lt;/p&gt; &lt;p&gt; allows derivation of (94) The margin for the loan at the final step date &lt;/p&gt; &lt;p&gt; using: (Loan Rate.)Loan Interest Margin_rt where where (Loan Rate.)LoanRate_dt &gt; any other date in the set &lt;/p&gt;
fibo-loan-tem-tem:LoanInterestRateLoan Interest RateThis 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-tem:loanInterestRateloan Interest RateUndefined PoC SDM Notes: Requirement to derive&nbsp; (85) Current interest rate (%) is satisfied by: ( Loan Rate.) Loan Intrest_rt where ; (Loan Rate. )LoanRate_dt >= today AND > any other date in the set Requirement to derive (92) &nbsp;Next Interest Rate satisfied by: ( Loan Rate.) Loan Intrest_rt where&nbsp; (Loan Rate. )LoanRate_dt ; > today AND < any other date in the set
fibo-loan-tem-tem:LoanRateDeterminationLoan Rate Determination
fibo-loan-typ-cl:ConstructionLoanConstruction Loan
fibo-loan-typ-cl:ConstructionLoanContractConstruction Loan Contract
fibo-loan-typ-cl:ConstructionLoanCreditFacilityTrancheConstruction Loan Credit Facility TrancheA 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:ConstructionLoanMilestoneTermsSetConstruction Loan Milestone Terms SetAn 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-typ-cl:hasMilestoneTermhas Milestone Term
fibo-loan-typ-cl:maximumAllowedBalancemaximum Allowed Balance (cl)Maximum balance – For loans with flexible re-draw facilities, the maximum loan amount that could potentially be outstanding
fibo-loan-typ-cl:maximumAnticipatedBalancemaximum Anticipated Balance (cl)Maximum balance – For loans with flexible re-draw facilities, the maximum loan amount that could potentially be outstanding
fibo-loan-typ-cl:milestoneMaximumDrawdownAmountmilestone Maximum Drawdown AmountThe maximum amount of the loan that can be drawn by the Borrower on completion of this Milestone.
fibo-loan-typ-com:CommercialLoanCommercial LoanLoan 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:CommercialLoanBorrowerCommercial Loan BorrowerThe borrower of a Commercial Loan
fibo-loan-typ-com:CorporateBorrowerCorporate BorrowerA borrower which is a Corporation.
fibo-loan-typ-cr:becomesRevolvingLineOfCreditbecomes Revolving Line Of Credit
fibo-loan-typ-cr:CreditCardCredit Card
fibo-loan-typ-cr:HomeEquityLineOfCreditHome Equity Line Of CreditA credit line on a house or other property, that can be drawn down and/or paid back by the borrower.
fibo-loan-typ-cr:HomeEquityLineOfCreditContractHome Equity Line Of Credit ContractA credit line on a house or other property, that can be drawn down and/or paid back by the borrower.
fibo-loan-typ-cr:HomeEquityLineOfCreditTrancheHome Equity Line Of Credit Tranche
fibo-loan-typ-cr:maximumAllowedBalancemaximum Allowed Balance (cr)The maximum loan amount that is allowed to be outstanding as defined in this loan contract.
fibo-loan-typ-cr:maximumAnticipatedBalancemaximum Anticipated Balance (cr)The maximum loan amount that could potentially be outstanding.
fibo-loan-typ-cr:RevolvingCreditContractRevolving Credit ContractContract 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:RevolvingLineOfCreditRevolving Line Of CreditA credit line based on some collateral, that can be drawn down and/or paid back by the borrower.
fibo-loan-typ-cr:RevolvingLineOfCreditTrancheRevolving Line Of Credit TrancheA contractually committed line of credit which is issued as a revolving line of credit which can be drawn upon and has collateral
fibo-loan-typ-gen:AutoLoanAuto LoanA loan specifically for the purpose of automobile purchase.
fibo-loan-typ-gen:AutoLoanContractAuto Loan Contract
fibo-loan-typ-gen:MarineFinanceMarine FinanceA loan for the purchase of a boat or other vessel.
fibo-loan-typ-gen:MarineFinanceContractMarine Finance ContractContract embodying the terms under which a loan is advanced for marine finance.
fibo-loan-typ-gen:percentageAdvancedpercentage AdvancedThe percentage of the purchase price advanced as the loan.
fibo-loan-typ-mtg:CombinationMortgageCombination Mortgage
fibo-loan-typ-mtg:ConstructionConstruction
fibo-loan-typ-mtg:DebtConsolidationDebt Consolidation
fibo-loan-typ-mtg:EquityReleaseEquity Release
fibo-loan-typ-mtg:GovernmentSponsoredLoanGovernment Sponsored Loan
fibo-loan-typ-mtg:InvestmentHomeLoanInvestment Home LoanA loan for a second or subsequent property which is taken out for investment purposes.
fibo-loan-typ-mtg:InvestmentMortgageInvestment Mortgage
fibo-loan-typ-mtg:isLienOnis Lien On
fibo-loan-typ-mtg:MortgageIndemnityGuaranteeMortgage Indemnity GuaranteeInsurance-backed guarantee that protects lenders if the mortgage repayments cease for some reason, perhaps due to death or a homeowner being made redundant at work
fibo-loan-typ-mtg:MortgageIndemnityGuarantorMortgage Indemnity GuarantorGuarantor and insurer that provides mortgage insurance in the form of a mortgage indemnity guarantee (MIG)
fibo-loan-typ-mtg:MortgageIndemnityInsurancePolicyMortgage Indemnity Insurance PolicyInsurance policy providing the mortgage indemnity guarantee
fibo-loan-typ-mtg:mortgagePurposemortgage PurposeThe purpose for which the Mortgage Loan has been taken out.
fibo-loan-typ-mtg:PurchasePurchase
fibo-loan-typ-mtg:RemortgageRemortgage
fibo-loan-typ-mtg:RemortgageOnDifferentTermsRemortgage On Different Terms
fibo-loan-typ-mtg:RemortgageWithEquityReleaseRemortgage With Equity Release
fibo-loan-typ-mtg:RenovationRenovation
fibo-loan-typ-mtg:ReverseMortgageReverse Mortgage (typ)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-typ-mtg:RightToBuyRight To Buy
fibo-loan-typ-mtg:SecondHomeLoanSecond Home LoanA loan which may be used for a vacation home or second home used for personal reasons.
fibo-loan-typ-per:PersonalLoanPersonal LoanConsumer Loan: The recipient (borrower) is an end consumer. Types: Home Mortgage
fibo-loan-typ-per:PersonalLoanBorrowerPersonal Loan Borrower
fibo-loan-typ-per:PersonalLoanContractPersonal Loan ContractThe contract for a loan which is advanced to an individual human beings or two more individual human beings in their personal capacities.
fibo-loan-typ-prod:AutoLoanPurposeAuto Loan Purpose
fibo-loan-typ-prod:BridgingLoanPurposeBridging Loan Purpose
fibo-loan-typ-prod:ConstructionLoanPurposeConstruction Loan Purpose
fibo-loan-typ-prod:CreditCardReceivablePurposeCredit Card Receivable Purpose
fibo-loan-typ-prod:hasPreconditionshas Preconditions
fibo-loan-typ-prod:HomeEquityLoanPurposeHome Equity Loan Purpose
fibo-loan-typ-prod:isTemplateForis Template For
fibo-loan-typ-prod:LoanProductDisclosureRightLoan Product Disclosure RightRight to fair representation of the facts about Loan products before entrering into agreements for same.
fibo-loan-typ-prod:LoanPurposeLoan PurposeA 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-typ-prod:MortgageProductMortgage Product
fibo-loan-typ-prod:MotorhomeLoanPurposeMotorhome Loan Purpose
fibo-loan-typ-prod:OrdinaryLoanPurposeOrdinary Loan Purpose
fibo-loan-typ-prod:OverdraftFacilityPurposeOverdraft Facility Purpose
fibo-loan-typ-prod:ResidentialHouseboatLoanPurposeResidential Houseboat Loan Purpose
fibo-loan-typ-prod:StudentLoanPurposeStudent Loan Purpose
fibo-loan-typ-prod:WorkingCapitalPurposeWorking Capital Purpose
fibo-loan-typ-sec:CollateralizedSecuredLoanCollateralized Secured LoanLoan in which some asset is provided as collateral to the loan.
fibo-loan-typ-sec:coveredBycovered By
fibo-loan-typ-sec:GuaranteedLoanGuaranteed LoanLoan secured by guaranty.
fibo-loan-typ-sec:howSecuredhow Secured
fibo-loan-typ-sec:LoanSecuritizationMethodLoan Securitization Method
fibo-loan-typ-sec:SecuredByCollateralSecured By Collateral
fibo-loan-typ-sec:SecuredByGuarantySecured By Guaranty
fibo-loan-typ-stu:StudentBorrowerStudent Borrower
fibo-loan-typ-stu:StudentLoanStudent LoanA loan provided for the purposes of education.
fibo-loan-typ-stu:StudentLoanContractStudent Loan ContractThe contract for a Student Loan.
fibo-loan-typ-uns:UnsecuredLoanUnsecured Loan