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Term Definition
ObligeeThe person in whose favor an obligation is entered into.
 
ObligorThe person who binds himself or herself to another.
 
Optionthe right to purchase or lease a property upon specified terms within a specified period of time
 
Ordinancesmunicipal rules governing the use of land
 
Origination FeeA fee paid to either a broker or a lender for originating a loan. It may be the only compensation for their work in arranging and/or processing the loan or it may be only a portion of the compensation. Not every loan has an origination fee.
 
OriginatorAn individual who works with a borrower to start a loan. Usually an employee of a financial institution, an employee of a broker or an independent contractor affiliated with several brokers, the originator determines the type of loan a borrower probably qualifies for, helps complete an accurate application, gathers documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.
 


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Glossary V2.0



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