OBLIGATIONS >> Any debt or recurring payment the borrower is obligated to pay, except for mortgage payments.

OBSOLESCENCE >> Condition or process of falling into disuse.

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.