Adjustment Period
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The interest rate and monthly payment change every month, 3 months, 6
months, 1 year, 3 years, 5 years or 7 years
Alienation
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Any change in the ownership of real property
Government National Mortgage Association (GNMA), or Ginnie Mae
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Was established in the United States in 1968 to promote home ownership
wholly owned government association that operates the mortgage-backed
securities program designed to facilitate the flow of capital
lis pendens
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(pending lawsuits affecting the property),
Descendant
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An individual who inherits property by intestate succession acquires title by
descent
Warehouse line of credit
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Loans that are short term, collateralized by the mortgage notes they fund,
and are normally repaid through the sale of these notes to the secondary
market.
,package mortgage
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Includes both real and personal property ( fixtures and furnishings)
secondary mortgage market
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The market wherein loan originators, such as mortgage bankers and
brokers, can sell their loans and thus, recover cash for originating more
loans.
External obsolescence
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The loss in value of a property caused by factors outside of the property
itself. Such as the oversupply and consequent drop in demand for a
particular kind of property, government actions, such as zoning changes or
condemnation proceedings, and proximity to undesirable land uses, such
as highways or factories.
Consumer Financial Protection Bureau (CFPB) enforces what Acts?
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, TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act),
FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act)
Fully Indexed Rate
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Is equal to the margin plus the index and is usually to the nearest one-
eighth of a percent
Truth In Lending Act (TILA)
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U.S. federal law designed to protect consumers in credit transactions by
requiring clear disclosure of key terms of the lending arrangement and all
costs
PMI (Private Mortgage Insurance)
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A special form of insurance which is designed to allow lenders to increase
LTV ratio. It basically insures the difference between the borrower's down
payment and LTV. (needed when LTV is over 80%)
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The interest rate and monthly payment change every month, 3 months, 6
months, 1 year, 3 years, 5 years or 7 years
Alienation
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Any change in the ownership of real property
Government National Mortgage Association (GNMA), or Ginnie Mae
,Give this one a try later!
Was established in the United States in 1968 to promote home ownership
wholly owned government association that operates the mortgage-backed
securities program designed to facilitate the flow of capital
lis pendens
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(pending lawsuits affecting the property),
Descendant
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An individual who inherits property by intestate succession acquires title by
descent
Warehouse line of credit
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Loans that are short term, collateralized by the mortgage notes they fund,
and are normally repaid through the sale of these notes to the secondary
market.
,package mortgage
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Includes both real and personal property ( fixtures and furnishings)
secondary mortgage market
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The market wherein loan originators, such as mortgage bankers and
brokers, can sell their loans and thus, recover cash for originating more
loans.
External obsolescence
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The loss in value of a property caused by factors outside of the property
itself. Such as the oversupply and consequent drop in demand for a
particular kind of property, government actions, such as zoning changes or
condemnation proceedings, and proximity to undesirable land uses, such
as highways or factories.
Consumer Financial Protection Bureau (CFPB) enforces what Acts?
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, TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act),
FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act)
Fully Indexed Rate
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Is equal to the margin plus the index and is usually to the nearest one-
eighth of a percent
Truth In Lending Act (TILA)
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U.S. federal law designed to protect consumers in credit transactions by
requiring clear disclosure of key terms of the lending arrangement and all
costs
PMI (Private Mortgage Insurance)
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A special form of insurance which is designed to allow lenders to increase
LTV ratio. It basically insures the difference between the borrower's down
payment and LTV. (needed when LTV is over 80%)
