3 Cs >> Lenders consider three factors, credit, capacity and collateral when considering a credit application. Credit is the borrower’s proven willingness to repay a debt. Capacity is the borrower’s financial ability to repay a debt. Collateral refers to the property used to secure a loan transaction.

30-DAY LATES, 60-DAY LATES, ETC. >> Designations of the severity of mortgage delinquency. A mortgage payment is considered 30 days late when 2 payments are due. A mortgage payment is considered 60 days late when 3 payments are due.

ABSTRACT OF JUDGMENT >> A summary of the essential provisions of a court judgment which, when recorded in the county recorder’s office, creates a lien upon the property of the debtor in that county, both presently owned or after acquired.

ABSTRACT OF TITLE >> A history of a property’s title record used in some states to prepare the Preliminary or Title Commitment report. An Abstract of Title lists anyone who’s ever had a claim to the property, past and present. Some states require mortgage lenders to obtain a complete Abstract of Title. However, most states condense the abstract into a document called either the Preliminary or Title Commitment which lists only current claims to the property.

ACCEPTED FEE APPRAISER PANEL >> Panel of authorized fee appraisers that complete property appraisals for Ameriquest Mortgage Company loans.

ACCRUED INTEREST >> Interest on a note, bond, etc., which has been earned but not yet paid.

ADDENDUM >> An attachment to a contract, deed or other document that incorporates additional terms of information to the original.