The loan-to-value (LTV) is the amount of financing a lender is willing to fund a property transaction, expressed as a percentage to the appraised value of the property.
For example a LTV of 80% on a $500,000 house means that the loan can be approved up to $400,000 for that house.
While the term is most used in mortgages underwritten by banks, it is also used by private lenders.
Per diem interest refers to the interest amount owing from the day of closing to the first day of the following month, which is the date of payment due.
It is also often referred to as the pro-rated interest.
Mortgage loan administration for almost all lenders almost always put the first day of the month as the payment due date.
The adjustment interval is the time between changes in interest rates on a loan.
Sometimes also referred to as the refresh rate, the adjustment interval is most often observed in adjustable rate mortgages as interest rates move together with the movement of indices.
For example, a mortgage with floating interest rates pegged to LIBOR might take the current rate of the index monthly, 3-monthly, 6-monthly, etc.
A mortgage company is lender who originates loans and sells all of them in the secondary market.
This is as opposed to a portfolio lender who originates loans and keep all of them for themselves.
Sometimes also known as a mortgage bank, such companies carry little risks as not holding on to the loans eliminates the problems of borrower defaults.