Mortgage Terms

1. When a transaction exceeds $10,000, which could be a single transaction or a structured one.
2. They need to record cash purchases between 3,000 – 10,000.
3. Report suspicious activity on a SAR.
4. Record wire transactions of more than 3,000.
5. Monitor foreign account activities.
6. Must implement a customer identification program

 The five C’s in Mortgage Undewriting

Generally, underwriting parameters can be sorted into what’s known in the trade as the five C’s: capacity, character, capital, collateral and compliance.
In relation to a mortgage, PITI (pronounced like the word “pity”) is an acronym for a mortgage payment that is the sum of monthly principal, interest, taxes, and insurance.