Acronyms Closing Corner:
Acronyms have become commonplace in our real estate settlement services industry. In fact, acronyms have come so far that there are acronyms of acronyms! One of the newest is TRID, an acronym for TILA-RESPA Integrated Disclosure. Some acronyms are part of an industry group or association, such as ALTA, FLTA, NAHB, DOI, DFR or RPPTL; sometimes an acronym may describe certain standards. By: Stefanie Lollis Escrow Branch Manager Winter Park, FL
Do you feel like you are drowning in alphabet soup? Are you ALTA Best Practice Certified? Did you order your CPL from the ASC? Is your E&O up to date? Did you file a UCC or prepare your POA? There are so many acronyms that it can be confusing and certainly overwhelming. As a tool for our agents and employees, First American Title has created the table below with the industry’s most commonly used acronyms and their meanings. CLICK HERE for a downloadable version.
1031
1031 Exchange
DFR
Department of Federal Regulation
ABA
merican Bankers Association or A American Bar Association
DFS
Department of Financial Services
ACREL
American College of Real Estate Lawyers
DIL
Deed In Lieu
AIR
Assignment Information Report
DOI
Department of Insurance
ALFN
American Legal & Financial Network
E&O
Errors and Omissions Insurance
ALTA
American Land Title Association
ECOA
Equal Credit Opportunity Act (Regulation B)
APN
Assessor's Parcel Number
EULA
End User License Agreement
APR
Annual Percentage Rate
FACC
First American Comprehensive Calculator
ARM
Adjustable Rate Mortgage
FAEC
First American Exchange Company
ASC
Agency Service Center
FAEG
First American Energy Group
BPO
Broker Price Opinion or Business Process Outsourcing
FAF
First American Financial Corporation stock symbol
FASS
First American Signature Services
BPOSG
BPO Standards and Guidelines
FAST
First American Settlement Transactions
CBA
Consumer Banker Association
FATCO
First American Title Company
CC&Rs
Covenants, Conditions and Restrictions
FCL
Foreclosure
CCC
Closing Cost Calculator
FDIC
Federal Deposit Insurance Corporation
CFPB
Consumer Financial Protection Bureau
FHA
Federal Housing Administration
CLE
Continuing Legal Education
FHFA
Federal Housing Finance Agency
CLI
Certified Legal Intern
CLTV
Combined Loan to Value
FHLMC
Federal Home Loan Mortgage Corporation (“Freddie Mac”)
COA
Community Association
FLTA
Florida Land Title Association
CPL
Closing Protection Letter
FNMA
Federal National Mortgage Association (“Fannie Mae”)
DFAST
Dodd-Frank Act Stress Testing
FRA
Federal Railroad Administration
First American Title | Florida Legal Eagle | Volume II, December 2015/January 2016
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