Secondary Mortgage Market
The first player in the secondary mortgage market.
What is Fannie Mae?
3.5% of the sales prices.
What is the minimum required down payment?
Three
How many VA-backed loan products are there?
They use their own funds to make loans.
Who are mortgage bankers?
Willingness, ability & collateral.
What are the three tenets of lending?
The only government agency that is not a GSE.
What is Ginnie Mae?
580
What is the minimum credit score usually required with a 3.5% down payment?
NADL
What is the Native American Direct Loan?
RMLO, but some folks just call them mortgage brokers.
What are Residential Mortgage Loan Originators (RMLO)?
Identifying information, credit inquiries & public records for judgments and liens.
What kinds of things appear on a credit report?
Why did the primary market issue loans to subprime borrowers?
203(b)
What is the most used/most popular FHA loan?
90%
What is the number of VA-backed loans made with no down payment?
Sometimes "jumbo," they don't necessarily conform to certain requirements of the secondary mortgage market.
What are conventional loans?
This form of title means I own the house.
What is Legal Title?
FHLMC
What is Freddie Mac?
31/43
What is the typical debt-to-income ratio for FHA loans?
Funding fee, no down payment, no PMI.
What are three features of VA loans that make them attractive?
It's not pie, but it is a "slice" of something.
What is a tranche?
When homeowners default, this title product allows me to take the home back and without going to court.
What is Equitable Title?
Fannie Mae & Freddie Mac
What are the two GSEs of the secondary mortgage market?
A requirement for loans with a 3.5% down payment.
What is Private Mortgage Insurance (PMI)?
Conventional, FHA, VA.
What kinds of loans work with the Housing Assistance Program offered by the Texas Veterans Land Board?
We mind our P's & Q's so that we're accepted and backed by Fannie and her friends.
What are conforming loans?
When this type of loan is used, the private lender issues my deed when the loan terms are complete.
What is Contract for Deed?