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Definition
| is a voluntary lien on real estate |
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| gives legal title to the mortgagee and retains equitable title |
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| the mortgagor retains both legal and equitable title. the mortgage has a lien on the property as security for the mortgage debt |
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| Ohio and other states adopted based in the principals of title theory, but requiring the mortgagee to foreclose to obtain legal title |
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| borrowers personal promise to repay debt according to agreed terms |
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| describes the pledging of property as security payment of the loan without surrendering the property |
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| a charge by the lender for using money |
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| Charging an interest rate at higher rate than the maximum rate established by state law. |
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| a fee charged to the borrower by the lender for making a mortgage loan..usually a % of the loan |
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| How much does a bank have to keep in reserve? |
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Definition
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Definition
| How much a property goes up in value |
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Definition
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| what is Par for a lender?` |
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Definition
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| What must be disclosed at the time of a Loan application? |
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Definition
Information booklet on settlement services.
Good Faith estimate
Mortgage servicing disclosure settlement |
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Term
| The primary activities of HUD are? |
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Definition
1. Supervise FHA
2. Direct Ginnie Mae
3. Enforce Fair Housing Act & RESPA
5. Manage Choice Voucher program & Indian Housing |
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Term
| What was the Housing Economic Recovery Act created for? |
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Definition
| it authorized a Neighborhood stabilization Program..designed to reduce sources of abandonment |
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| What does Fannie Mae do with their mortgages? |
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Definition
| They package into MBA's & sell in international capital markets |
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Term
| Where does the largest source of money come from for home loans? |
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Definition
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Term
| what are the 5 steps to qualifying a buyer? |
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Definition
1.credit 2. Job stablitiy
3. source of funds 4. debt ratios
5 appraisal |
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Term
| What is a Portfolio loan? |
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Definition
| A loan that is NOT sold to the secondary market |
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Term
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Definition
| The difference between the value of the home and what you owe on it |
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Term
| Name the 5 different types of loans |
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Definition
1. Conventional
2. FHA
3. VA
4 Owner financing 5. USDA |
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| Banks borrow money from the Federal Reserve@___________ rates |
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Definition
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| How many times must a lender provide the closing costs to a buyer? |
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Definition
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| What causes bonds to rise or fall? |
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Definition
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Term
| what is the Taxpayer Relief Act of 1997? |
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Definition
| Homeowner exemption from capital gain on profits made from primary residence. up to $500,00 couples filing joint must live there for at least 2 yrs. |
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| What is a Mortgage Banker? |
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Definition
1.they originate new loans
2. collect payments &inspect collateral
3. supervise foreclosures
5. manage real estate laons |
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Definition
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| Who is the "Monetary manager" in charge of the maintenance of sound credit? |
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Definition
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Definition
| The use of a small amount of money to secure a large loan for the purchase of a home |
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Definition
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| Who maintains the Nations Economic Balance & acts as the Nations Fiscal Manager? |
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Definition
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| What are Community Development Block Grants used for? |
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Definition
| Helps communities with economic developments and job opportunities & Housing rehabs |
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| Name the secondary mortgage market |
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Definition
Fannie mae
Freddie mac
Ginnie mae
Federal Home Loan bank |
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| HUD is the "Mother" of what? |
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Definition
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| What are the goals of HUD? |
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Definition
-Increase home ownership opportunities
-Promote descent affordable housing
-strengthen communities
-ensure equal opportunity |
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Term
| What is the right of rescission? |
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Definition
| The buyers right to rescind a transaction secured by a principal residence> ( refinancing, remodeling or equity loans..not a residential purchase loan? |
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Term
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Definition
| A promise to repay a loan |
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Term
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Definition
| A note with collateral attached to it stating that if you don't pay they can foreclose |
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Term
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Definition
| It is designed to protect the participants in a Real estate transaction by providing closing cost info before the closing |
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Term
| Fed is the abreviation for what? |
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Definition
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Definition
| Federal Deposit Insurance Corporation |
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Definition
| Office Of Thrift Supervision |
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Term
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Definition
Federal National Mortgage Association
(Fannie Mae) |
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Term
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Definition
Government National Mortgage Association
(known as Ginnie Mae) |
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Term
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Definition
Federal Housing loan Mortgage Corporation
( Freddie Mac) |
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Term
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Definition
| Federal Housing Administration |
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Term
| Purchase -Money mortgage (PMM) is what? |
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Definition
A note created at time of purchase
The purchaser gives to the seller , who takes back a note for part or all of the purchase price |
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Term
| What is an open end loan? |
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Definition
secures a note executed by the borrow to the lender
interest rate is fixed, but interest on future advances charged at market rate |
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Term
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Definition
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Term
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Definition
| Reversed Annuity Motgage (RAM) is one in which payments are made by the lender to the borrower , based on the equity in the home. this loan allows senoir citizens to live off the equity without selling |
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