Category A
The right of rescission in credit transactions for home refinancing is this amount of business days.
What is 3?
These funds are a very important factor in the overall investment market, as they make up the largest part of institutional investments.
What are Pension Funds?
The process of pledging property as security for the loan is known as this.
What is Hypothecation?
These type of banks are known as federally chartered financial institutions. (two words)
What are Full-Service Banks?
The Federal National Mortgage Association is known as this.
What is Fannie Mae?
Ginnie Mae does not buy or sell these. IT guarantees securities issued by the private institutions and backed by pools of federally insured or guaranteed loans.
What is Loans?
This is also known as a real estate lien note.(two words)
What is Promissory Note?
A market in which mortgage loans can be sold to investors is known as this mortgage market.
What is Secondary?
The regulations that implement the enforcement of the Truth-in-Lending Act are known as this.
What is Regulation Z?
This market deals directly with the public.
Who are Primary Market?
When this is done, the original borrower's name is removed from the contract and the new owner assumes total responsibility for the loan.
What is Novation?
Truth-in-Lending laws were created primarily to protect this group.
Who are Consumers?
This for the investor reviews the information submitted by the processor and relates it to the rules and guidelines of the product and program selected and ultimately is the decision-maker as to the approval of the loan.
Who is Underwriting/Underwriters?
This clause is a provision in leases and mortgages that cancels a specified right upon the occurrence of a certain condition.
What is Defeasance?
A borrower may want to be pre-qualified or this before making an offer on a house.
What is Pre-Approved?
These clauses are terms in loan agreements that require the borrower to pay off the loan immediately if certain conditions are met.
What is Acceleration?
This is when the loan is complete.
What is Funding?
There are two types of these loans which include conforming and non-conforming.
What are Conventional Loans?
What is PITI?
The practice of some lenders not making loans on properties in certain neighborhoods is known as this.
What is Redlining?
The standard mortgage is a two-party instrument which includes the this and the this. (two words)
What is the Lender and Borrower?
These are direct lenders. (two words)
What are Mortgage Bankers?
Laws that limit the amount of interest that can be charged to borrowers is known as this.
What is Usury laws?
Texas is this type of state. (two words)
What is Lien Theory?
These are the middlemen that are responsible for putting lenders and borrowers together. (two words)