PLAT MAP >> A map dividing a parcel of land into lots, as in a subdivision. For example, a Title/Commitment report and an appraisal report will provide a plat map of the subject property, which shows the location of the property within the subdivision .

POINT OF REFERENCE >> A starting point used to put a customer?s canceled checks or mortgage statements in chronological order by establishing either the date and amount of the last mortgage payment made or the date and amount of the next mortgage payment due.

POINTS >> Each point is an amount equal to 1% of the principal amount of an investment or note.

POWER OF ATTORNEY >> An authority by which 1 person authorizes another to act on his or her behalf. A power of attorney can be limited to specific areas or be general.

PRELIMINARY TITLE REPORT (PRELIM) >> A report showing all current claims against a property before a sale or loan transaction and identifying those items that must be removed to obtain a 1st lien position. After completion of the transaction, a title insurance policy is issued.

PREPAID FINANCE CHARGE >> The finance charges charged at closing exclusive of interest. Examples include points, processing and application fees, tax certification, etc.

PREPAID INTEREST CHARGE >> The portion of interest, added on at loan closing, which covers the time period between funding and the beginning of the first 30-day period covered by the first payment. For example, if the loan closed on 2/15, the first payment due on 4/1 retroactively pays interest from 3/1 to 4/1. The prepaid interest would cover the period from 2/15 to 2/28.