Chapter 16: Real Estate Financing: Practice
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51 Terms
Overview
The real estate financing market
The federal reserve system
Reserve requirements
Discount rate
additional practices
The primary mortgage market
SAFE ACT
Mortgage Loan Originators (MLO’s)
The secondary mortgage market
Fannie Mae
Ginnie Mae
Freddie Mac
Financing techniques
Straight loan
Amortized loan
Adjustable Rate Mortgages (ARMs)
Balloon payment loans
Growing Equity Mortgages (GEM’s)
Reverse mortgages
Nonrecourse loans
Loan Programs
Loan to Value Ratio (LTV)
Debt to income ratios and qualified mortgages
Conventional loans
Importance of credit scores
Importance of credit history
Private mortgage insurance
FHA INSURED loans
Mortgage Insurance Premium (MIP)
VA Guaranteed Loans
VA Loan
Certificate of Reasonable Value (CRV)
Agricultural Loan Programs
Other Financing techniques
Purchase money mortgages (PMM)
Package loans
Blanket loans
Wraparound loans
Open end loans
Construction loans
Buydowns
Home equity loans
Financing legislation
Truth in lending act (TILA)
Advertising
Trigger terms
TRID and the loan estimate (LE)
Equal Credit Opportunity Act (ECOA)
Community Reinvestment Act (CRA)
Real Estate Settlement Procedures Act (RESPA)