Title Insurance Dictionary-Glossary

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O

Obligations
The things you have to pay for consistently each month, excluding housing costs. Obligations include things like car loans, credit card bills, student loans, and alimony or child support.

Offer
A proposal; after acceptance it becomes a contract.

Office of Thrift Supervision (OTS)
The regulatory and supervisory agency for federally chartered savings institutions. Formally known as Federal Home Loan Bank Board

Open-End Mortgage
A mortgage with a provision that the outstanding loan amount may be increased upon mutual agreement of the lender and the borrower.

Option
A right given for a consideration to keep an offer to purchase or lease open for specific time.

Origination Fee
The fee charged by a lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.

Originator
A person who solicits builders, brokers, and others to obtain applications for mortgage loans. Origination is the process by which a mortgage banker or direct lender brings into being a mortgage secured by real property.

Owner of Record
The actual owner of a property, according to public records.