The mortgage banking industry can take credit for expanding the depth and scope of the English language: the Merriam-Webster's Collegiate Dictionary has added the phrases ‘underwater’ and ‘systemic risk’ to its 2012 edition.
According to a Reuters report, ‘underwater’ and ‘systemic risk’ were chosen by the dictionary's editors due to their increased ubiquity in the ebb and flow of contemporary English conversation.
‘Some of the new words this year provide colorful images,’ says Peter Sokolowski, Merriam-Webster's editor at large. ‘They show that English-speakers can be very creative as they describe the world around them.’
Other new additions to the dictionary include words and phrases that are very familiar to the industry: ‘cloud computing’ (which is being embraced by many companies within the industry), ‘game changer’ (which clearly reflects the wider state of the industry) and ‘f-bomb’ (which, we imagine, has been dropped in more than a few mortgage banking offices during the course of the housing crisis).