insurance
Insurance is a policy that provides financial protection for physical assets like homes, or financial assets like mortgages.
Properties
| Property | Type | Definition |
|---|---|---|
base_loan_amount | decimal | The base loan amount is the amount of money that a borrower is approved to borrow from a lender before any additional fees or charges are added to the loan. It is the principal amount of the loan and does not include any interest, closing costs, or other fees. |
borrower_requested_interest_rate_percent | decimal | A borrower-requested interest rate percent is the interest rate that the borrower has requested for the mortgage. Mortgage interest rate is the percentage of the loan amount that the borrower will pay to the lender as interest over the life of the loan. It is usually expressed as an annual percentage rate (APR) and can vary depending on a number of factors, such as the borrower's credit score, the size of the down payment, and the type of loan. |
coverage_amount | decimal | The coverage amount refers to the maximum amount of money that an insurance policy will pay out to cover damages or losses to a property. This amount is typically set by the policy holder when they purchase the insurance policy, and it represents the estimated cost to repair or replace the property in the event of damage or loss. |
coverage_description | string | A coverage description is a detailed explanation of what is covered under the policy and the circumstances under which a claim can be made. The coverage description will typically include information on the types of perils or events that are covered, as well as any exclusions or limitations that apply to the coverage. |
deductible_amount | decimal | A deductible amount refers to the portion of a claim that the policyholder is responsible for paying out of pocket before the insurance company will start to cover the costs of the claim. Deductibles are typically expressed as a specific dollar amount or as a percentage of the total insured value of the property. |
deductible_description | string | A deductible description is a detailed explanation of what the policyholder is responsible for paying out of pocket before the insurance company will start to cover the costs of the claim. |
escrow_indicator | boolean | The escrow_indicator identifies mortgages where the lender sets aside a portion of the monthly mortgage payment to cover the cost of insurance premiums. When a borrower takes out a mortgage loan to purchase a home, the lender may require the borrower to escrow, or set aside, funds to cover the cost of property insurance, such as homeowners insurance or hazard insurance. |
five_year_cost_comparison_amount | decimal | The five year cost comparison amount is the amount resulting from a calculation that compares the total cost of two different mortgages over a five-year period. It takes into account the interest rate, loan amount, and other costs associated with the mortgage, such as closing costs and fees. To calculate the five year cost comparison, you would take the total cost of each mortgage over a five-year period, including all principal, interest, and fees, and compare them to determine which option is more cost-effective. |
force_placed_by_servicer_indicator | boolean | A forced_place_by_servicer_indicator identifies mortgages where a mortgage servicer (lender) placed insurance on a property because the borrower (property owner) did not have sufficient insurance coverage in place. In a mortgage agreement, the lender may require the borrower to maintain adequate insurance coverage on the property to protect against damage or loss. If the borrower fails to maintain this insurance coverage, the lender may have the right to force place insurance to protect their interest in the property. |
housing_cost_over_five_years_amount | decimal | The housing cost over five years amount is the amount resulting from the calculation that adds up all of the costs associated with owning a home over a five-year period. This includes not only the mortgage payment, but also property taxes, insurance premiums, maintenance costs, and any other expenses related to home ownership. To calculate the housing cost over five years, you would first determine the total cost of the mortgage payment over that period of time, including principal and interest. Next, you would add in the cost of property taxes and insurance premiums, which are typically paid on an annual basis but can be divided by five to get an average annual cost. You would also factor in an estimate for maintenance and repair costs, which can vary depending on the age and condition of the home. |
investor_program_name_type | enumeration | An investor program name type refers to a type of loan that is designed for real estate investors. These programs are often offered by lenders and are designed to meet the specific needs of investors who are looking to purchase, renovate, or refinance investment properties. calpersotherpayment_powerprime_rate_plussettle_america |
investor_program_name_type_other_description | string | An investor program name type (other) description refers to a description for a non-standard type of loan designed for real estate investors. Since this program type is non-standard, it is typically designated as an 'other' type. |
loan_identifier_type | enumeration | A loan identifier type is a unique identification code assigned to a mortgage loan by a lender or a loan servicer. The loan identifier is used to track the loan throughout its life cycle, from origination to servicing, and can be used to help identify the loan in various systems and databases. Some loan identifier types being used in the mortgage industry include a lender/servicer-assigned identifier, a universal loan identifier (ULI), Fannie Mae loan number and Freddie Mac loan number. agency_caseinvestor_commitmentinvestor_contractinvestor_loaninvestor_workout_caselender_caselender_loanloan_price_quotemers_minmi_rate_quotenew_servicer_loanotherpool_issuer_loanprice_responseseller_loanservicer_loanservicer_workout_casesubservicer_loanwholesale_lender_loanuniversal_loan |
loan_identifier_type_other_description | string | A loan identifier type (other) description refers to a description for a non-standard type of loan identifier. Since the identifier is non-standard, it is typically designated as an 'other' type. |
policy_cancellation_date | date | An insurance policy cancellation date refers to the date on which an insurance policy is terminated or cancelled by either the insurance company or the policyholder. |
policy_effective_date | date | An insurance policy effective date is the date on which the insurance coverage begins. It is the date on which the policyholder's coverage is considered to be in force and the insurance company is obligated to pay for any covered losses or damages that occur after that date. |
policy_expiration_date | date | An insurance policy expiration date is the date on which an insurance policy ends and coverage under the policy ceases. The expiration date is typically specified in the policy documentation and is often one year from the date the policy was originally purchased or renewed. |
policy_identifier | string | An insurance policy identifier is a unique code or number that is assigned to an insurance policy to identify it within an insurance company's system. This identifier is used to track policy information, premiums paid, claims filed, and other important details related to the policy. |
policy_renewal_date | date | An insurance policy renewal date is the date on which an insurance policy comes up for renewal. Insurance policies typically have a fixed term, such as one year, and must be renewed at the end of that term to remain in effect. |
premium_amount | decimal | An insurance policy premium amount refers to the amount of money that an individual or business must pay to an insurance company in exchange for insurance coverage. |
rate_quote_all_product_indicator | boolean | The rate_quote_all_product_indicator identifies loans where the mortgage lender has provided a quote that includes interest rates and other terms for all of their financial products that may be available to a borrower. A rate quote typically includes information such as the interest rate, any fees or charges associated with the product, the term of the loan and the monthly payment amount. |
rate_quote_product_comparison_indicator | boolean | The rate_quote_product_comparison_indicator identifies loans where the mortgage lender has provided a rate quote that allows borrowers to compare different mortgage products based on the interest rates and fees associated with each loan option. |
rate_quote_type | enumeration | A rate quote type is a type of estimate provided by a lender that outlines the potential interest rate and other costs associated with a mortgage loan. It is often given to borrowers who are in the process of shopping for a mortgage and are looking for information on the rates and fees that may apply to a loan. detailotherestimated |
rate_quote_type_other_description | string | A rate quote type (other) description refers to a description for a non-standard type of rate quote. Since this rate quote type is non-standard, it is typically designated as an 'other' type. |
required_indicator | boolean | The required_indicator indicates that the lender requires the borrower to carry insurance for the property. |
second_deductible_amount | decimal | A second deductible amount is the highest amount a property owner will have to pay out of pocket if a specific kind of loss or damage occurs. Typically there is typically only one deductible amount that applies to each covered loss. However, in some cases, a policy may include multiple deductibles for different types of losses or damage. For example, a policy may have a separate deductible for wind damage, hail damage, and flood damage. In this case, the policyholder would be responsible for paying the applicable deductible for each type of damage that occurred. |
second_deductible_description | string | A second deductible description is a detailed explanation of the conditions under which a second deductible would apply. |
service_payer_type | enumeration | A servicer payer type refers to the type of entity that is responsible for making payments on a loan or other financial obligation on behalf of another party. In the context of a mortgage, the servicer payer type is typically the borrower, who is responsible for making monthly payments to the loan servicer. borrowerlender |
subordinate_financing_is_new_indicator | boolean | The subordinate_financing_is_new_indicator indicates that new secondary loan is secured by the same collateral as the primary loan. This means that if the borrower defaults on the primary loan, the subordinate lender has a secondary claim on the collateral after the primary lender. |
the_best_quote_indicator | boolean | The the_best_quote_indicator indicates that a borrower has received a best quote, or most favorable loan offer available, from a lender. When a borrower is shopping for a loan, they may receive multiple loan offers with different interest rates, terms, and fees. The best quote is the one that offers the lowest interest rate, the most favorable terms, and the lowest fees. |
third_deductible_amount | decimal | A third deductible amount is the highest amount a property owner will have to pay out of pocket if a specific kind of loss or damage occurs. Typically there is typically only one deductible amount that applies to each covered loss. However, in some cases, a policy may include multiple deductibles for different types of losses or damage. For example, a policy may have a separate deductible for wind damage, hail damage, and flood damage. In this case, the policyholder would be responsible for paying the applicable deductible for each type of damage that occurred. |
third_deductible_description | string | A third deductible description is a detailed explanation of the conditions under which a third deductible would apply. |