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| Consumer Confidence
- A monthly survey of 5,000 households designed to measure Americans' optimism about their current situation and the future. |
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| Consumer Price Index (CPI)
- Measures the change in the cost of living for most American families. Widely followed as an indicator of inflation of retail purchases. |
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| Consumer Reporting Agency (CRA)
- A company that prepares detailed reports used by lenders to determine a potential borrower's creditworthiness. These agencies obtain data for these reports from a credit repository as well as from other sources. More Commonly referred to as credit bureaus. |
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| Consumer Sentiment
- An index designed to measure consumer optimism. Includes a preliminary report at mid-month and final report near month-end. |
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| Contingency
- A condition that must be met before a contract is legally binding. For example, a lender's commitment to provide financing to a borrower may be contingent on receipt of an acceptable appraisal. |
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| Contract
- An oral or written agreement to do or not to do a certain thing for consideration. |
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| Conventional Mortgage
- A mortgage that is not insured or guaranteed by a government agency. |
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| Convertibility Clause
- A provision in some adjustable-rate-mortgages (ARM's) that allows the borrower to change the ARM to a fixed-rate-mortgage at a specified period within the term of the loan. |
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| Convertible ARM
- An adjustable rate mortgage (ARM) that allows a borrower to convert their mortgage to a fixed rate loan for the remainder of the loan term if certain conditions are met. |
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| Cooperative (Co-op)
- A type of real estate ownership in which residents of a multi-unit property own shares of the corporation that owns the property. The ownership of these shares gives the owner the right to occupy a unit in the building. |
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| Cooperative Corporation
- A corporation that holds the title to a cooperative project and grants occupancy rights to shareholders through leases or similar rental agreements. |
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| Cooperative Project
- A residential or mixed-use building wherein a corporation holds title to the property, sells shares of stock, representing the value of a single apartment, to individuals who then receive a lease, or similar agreement, as evidence of title. |
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| Cosigner
- Another person who signs your loan and assumes equal responsibility for it. |
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| Cost of Funds Index (COFI)
- An index that may be used to determine the interest rate changes of an adjustable rate mortgage (ARM). The Cost of Funds Index, or COFI as it is commonly called, is the weighted average of interest rates that Federal Home Loan banks have paid to their customers recently. Usually, the COFI for the 11th district of Federal Home Loan Banks is used and covers banks in California, Nevada, and Arizona. The index value is announced on the last working day of the month following the month listed. |
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| Courier/Mailing Fee
- The fee associated with a lender sending documents to other parties involved in the loan, like an attorney or title company. For our comparison purposes, this fee is considered a third party fee, however some lenders may choose not to pass these costs on to the borrower. |
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