[ mawr-gij ]
literally ‘death pledge’, from mort (from Latin mortuus ‘dead’) + gage ‘pledge’.
Hi, I’m Marc! Your anti-jargon mortgage expert. I look forward to helping you understand this crazy world of home loans.
Marc Erickson Waving Ready To Help You Learn About Mortgages

Who Am I?

Marc's journey into the mortgage realm began back in 2012 during the HARP refinance frenzy. Starting as a Loan Processor, he quickly learned the importance of efficiency and precision, as the underwriting standards were exceptionally strict. This knowledge was carried along into Loan Origination when Marc obtained his license in 2014. Fast-forward to 2019, and Marc decided to become a Mortgage Broker and start his own 3rd Party Processing Company, Top-Shelf Processing. His primary focus is now educating clients on mortgage loans, while providing the highest level of service and expertise.

Marc Erickson Ready To Teach You About Mortgage Loans Rates and TermsMarc Erickson Enjoying Kayaking While He was a mortgage rate specialist in Fort Collins ColoradoMarc Erickson Playing Hockey As a Child Before He was a mortgage rate specialist in Fort Collins Colorado

Acronyms & Definitions

AUS - Automated Underwriting System

Algorythmic systems provided by Fannie Mae and Freddie Mac to review a loan application and provide a decision on whether or not a loan is saleable on the secondary market.


Both a borrower and lender's best friend. They assist with document collection, retention, review, and submission to underwriting


The Devil 2.0

Loan Level Pricing Adjustment (LLPAs)

Brackets on the rate sheets cooresponding to the borrower's individual paramenters. Down payment, credit score, occupency, and housing type are common LLPAs


Lender specific Guidelines for qualification beyond what is required by Fannie Mae, Freddie Mac, FHA, VA or USDA

2-1 and 1-0 Buydown

Loan Products where the interest is paid upfront to lower the borrower's monthly mortgage payments. 2-1 = 2% lower for year 1 and 1% lower for year 2

IRRRL - Interest Rate Reduction Refinance Loan - VA

A VA specific product that lowers the veteran's burden of interest rate without the need of income or home valuation documents

DPA - Down Payment Assistance

A Loan product offered by State Sponsored Entities to assist borrower's with down payment requirements. Often the Down Payment Assistance comes in the form of a Silent 2nd Lien

203k - Renovation Loan

A Loan product to purchase a home with the intent of occuping it and refurbish/renovate it.

Cash-Out Refinance

A Refinance loan to consolidate debt or obtain home equity as cash over $2,000

Rate/Term Refinance

A Refinance loan with less than $2,000 cash back to the borrower.


HELOC products offered either as part of a conventional loan closing to avoid Jumbo or High-Balance loan products.

The Latest News

Mortgage Rates Placeholder

A Quick Message

Gary Being Gary

Talk To Me

I'd love to answer any questions you may have, go over some of the latest news in mortgage rates, or expand even further into these terms and definitions.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.