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Memorandum of Understanding (MOU)

A written agreement between two or more parties (like government agencies) that outlines a common line of action. It's not a legally binding contract but signifies shared intentions.

Interagency Agreement

A formal understanding or pact between different government agencies to cooperate on a particular matter, often involving sharing resources, information, or responsibilities.

Evidence-based policymaking

The practice of using the best available research, data, and scientific findings to inform and guide government decisions and policies.

Mortgage origination

The process by which a borrower applies for a new mortgage, and a lender processes that application, from approval to funding.

Servicing costs

The ongoing expenses associated with managing a mortgage loan after it has been issued, including collecting payments, handling escrow accounts, and communicating with borrowers.

Underwriting standards

The criteria and guidelines used by lenders to assess the risk of a loan applicant and determine if they qualify for a mortgage, including income, credit history, and property value.

Disaster resilience