- SIN_AVALUO
No appraisal has come in, so the LTV is computed off the purchase price. On a purchase the value is the LESSER of price and appraisal, so a low appraisal would raise the LTV and could move the band.
- LIMITE_FHA_SIN_CONDADO
FHA’s national FLOOR was used — $541,287 for one unit — which is the limit that governs in most counties. The real limit is by county and is NOT in FHFA’s CSV: it comes out of HUD’s CHUMS files at entp.hud.gov. In a high-cost county it reaches $1,249,125, so this cut can exclude a loan that would be perfectly eligible there.
- LLPA_NO_APLICA
Loan-level price adjustments and Credit Fees belong to Fannie and Freddie: they do not apply to FHA, VA or USDA, which carry their own premium and fee structures.
- FHA_UFMIP_EXCLUIDO
The financed upfront premium is excluded from the LTV and from the base of the annual MIP, under 24 CFR 203.284 — “excluding the portion of the remaining balance attributable to the premium”.
- FHA_MIP_DECRECIENTE
Annual MIP of 55 basis points on the average balance for the year, which means the premium FALLS every year. The year-one figure is not a 30-year payment.
- FHA_MIP_NO_MUERE
At 96.5% LTV the MIP runs the FULL term — 360 months — and never cancels. The only way out is to refinance. Only at 90% LTV or below, meaning 10% down, would it drop to 11 years.
- APR_EXCLUSIONES
Excluded from the finance charge: 0 charge(s) under 1026.4(c)(7) — title, appraisal, credit report, survey and document preparation, where bona fide — and under 1026.4(c)(5), seller’s points. The legal APR leaves out precisely what varies most between lenders.
- APR_TOLERANCIA
The law treats an APR as accurate if it is off by no more than 0.125 percentage points — one eighth. Smaller differences are NOT informative, and a ranking should not fake a precision the law itself does not require.
- BANDA_SCORE_MAYOR_O_IGUAL
Score bands are read as “>=”. Fannie prints “>740” and Freddie prints “>=740”, so a score of exactly 740 falls into no row of Fannie’s grid at all. We follow Freddie’s reading.
- PMI_PROXY_ENACT
Mortgage insurance priced off Enact’s published rate card (updated Jul 17, 2025). MGIC, Radian, Essent, National MI and Arch quote only through proprietary engines inside the lender’s own pricing system, and the borrower does not even choose the insurer. This is a declared proxy.
- HPA_SOBRE_VALOR_ORIGINAL
All three dates run off the ORIGINAL value — the lesser of price and appraisal. Appreciation does not speed up cancellation under the Homeowners Protection Act; that is what the GSE rules are for, and those are different and are not verified in this project.
- HPA_BUEN_HISTORIAL
Cancelling on request requires a “good payment history”, and that is TWO separate windows: nothing 60 or more days late in months 13 through 24 back, and nothing 30 or more days late in the last 12. The intuitive version — “nothing 60+ days late in the past year” — denies cancellations the law actually grants.
- ESCROW_AGREGADO
Aggregate accounting is mandatory (12 CFR 1024.17): the account is analyzed as a whole. The cushion is capped at one sixth of the annual disbursements — 2 months.
- ESCROW_DOBLE_INCREMENTO
The year-two payment rises along TWO paths at once: the shortage spread over 12 months (§1024.17(f)(3)) PLUS the increase in the base deposit, because the annual bill itself grew. It is one of the four confusions the CFPB documents in its 2025 complaint report.
- ESCROW_REPARTO_DEL_FALTANTE
The shortage is smaller than one month of deposit, which means the servicer MAY demand it in a single payment. Here it is spread over 12 months, which is both the usual practice and the conservative reading for the monthly payment.