Real Estate Notes For Test 3

488 words - 2 pages

Ch. 9 Mortgage Theory & Law
Key Terms
1 mortgage
2mortgagor (borrower)
3mortgagee
4trustee
5Deed of Trust
 title
*regular, 2
 Lien
*Deed of trust, 3
*promissory
• release of lien, deed of trust
• default
• trustee, lender
*21
*acceleration
*alienation
*property taxes
*deficiency
• 7
2. deed in lieu of foreclosure
• deliquent
 judicial
 3rd party trustee
Non- Judicial
1. Use trustees
2. less expensive
3. trustee system
4. more common in TX
5. Less expensive to lenders
6. should result in lower rates
the last two blanks are to be kept blank

Ch 10 Lending Practices







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*

*

*
*



***
• Taxible Income
• Income, Higher

Ch 11 The Loan & The Consumer

• Federal Housing, National Housing
 Lender, Insurer
• Construction, Lender
• 97%, 3%
• 1.5, 2.25%, ...view middle of the document...

APR
5. Total amount payment
*** All other charges related to the loan
• Approve lonas that will be paid back in full and on time.
• Underwriter (Underwater?)
• VA, FHA, Conventional
• Down payment
• Borrowed
• Purchase (money), Refinance, Home Equity & Home Improvements
• Owner- occupied, investment
• 25%
2 main reasons: Rent property value depreciates faster, Values goes up and down with rental rate (Makes more of a risk)
• Race, Age, Gender
• Job Security
• Net Worth
• Credit
• Employer Stability
• Job Skills
*
• Amount, Source
• No Documentation, low documentation
• 2
*** 1. Cash economy- unreported income 2. Your loan application may not reflect your true income
• current, anticipated
• PITI
• Fixed Monthly
6.
• net
• liquidity
• personal
• credit
 risk, LTV
 Red Lining
 Subprime
* higher, lower
* lower
 Jumbo

Ch 13 Types of Financing
1. Fixed Rate
2. Adjustable Rate Mortgage
3. Hybrid
• Maturity
• Opportunity
• 40%
• Rise
• 1/2 , 5/8, Maturity
• One Year
• +1-3.5%
1. 1-2%
2. 7%
3. 7%
 Negative Amortization
• Under water
 Graduated Payment (AKA Buydown Mortgage)
• Negative
 Shared Appreciation (SAM)
 Equity Sharing
 Package
 Blanket
 Reverse
• Equity
• 80%
 Interim
• Draws
 Home Equity
• 80% (LTV)
• Second, Higher
1. Credit Line
2. Contributed to mortgage problems
4 Traveling

Ch 12 Sources of Financing








*



• Loan Officer, Mortgage Processor
• Originating, Servicing
• ½ to 1, ½ to 1
• Collecting the monthly payment (PITI) (cross our and) from the borrower and deducting their fee. As well as tax and insurance escrow amounts. Then forward the balance to the investor.
• 2nd lien
 Secondary Mortgage Market
1. Depositor, and borrowers
2. Disintermediation
3. Timing
1 Private Investors
2 Mortgage Backed Securities
• 1-500 Million
• Fractional
• HUD
• FHA, VA, Conventional
• 1-4
• Sub-Prime
• Sub-Prime
• Government Sponsored Entitiy
• Federal Government
• FHA VA
• Conventional
• Government Sponsored Entity
 Mortgage Brokers
 Desktop Underwriting

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