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MORTGAGE TERMS DICTIONARY


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Offer
An expression of willingness to purchase a property at a specified price.
Offeree
One who receives the offer. When the buyer makes an offer to the seller the seller is an offeree.
Offeror
One who makes the offer. When the buyer makes an offer to the seller the buyer is an offeror.
Office of Comptroller Currency
The oldest federal financial regulatory body that oversees the nation's federally chartered banks.
Office of Thrift Supervision
The OTS charters federal thrift institutions and is the primary regulator of all federal and many state-chartered thrift institutions.
Open House
A method of showing a home for sale to prospective buyers where the home is left open for inspection by those who may be interested in making a purchase.
Open End Mortgage
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions.
Origination Fee
See Also : Loan origination fee or points 
Optionee
One who receives or purchases an option.
Optionor
One who gives or sells an option.
Oral Contract
A verbal agreement. Verbal agreements for the sale or use of real estate are normally unenforceable.
Owner of Record
The individual named on a deed that has been recorded at the county recorders office.
Owner Occupant
A tenant of a residence who also owns the property.


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