ORIGINATION FEE >> A 1-time setup fee charged by the lender. One of the lender’s charges to a borrower for handling a loan transaction.

OVERIMPROVEMENT >> An improvement, excessive in cost or size, in relation to land value or value of surrounding improvements.

OWNER OCCUPIED >> Designation given to property used as the owner’s residence.

P & L >> An abbreviation for profit and loss statement.

PAR >> The principal amount of a mortgage with no premium or discount.

PARTNERSHIP >> An agreement between 2 or more individuals or entities to go into business or invest together. Either partner may bind the other, within the scope of the partnership. Each partner is liable for all the partnership?s debts.

PAY STUB >> The portion of the paycheck the employee retains for his/her records. The pay stub verifies pay-period and year-to-date gross and net earnings.