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APR Annual percentage rate-a number that tells a borrower the total cost of a loan-not just interest, the sum of all charges associated with the loan
Trigger term An advertising term that tells a buyer financing is available without giving the cost of that financing-it triggers the need for additional information (montly payment, interest rate, down payment, term, ect)
Equal Credit Opportunity Act ECOA-a law prohibiting discrimination by lenders on the basis of sex, marital status, race, religition, age, or participation in public assistance programs
Fair Credit Reporting Act FCRA-a law allowing individuals to inspect their credit files, correct errors and attach explanatory statements
Community Reinvestment Act A law requiring lenders to meet the needs of the communtiy in which they are chartered to do business
Redlining The refusal to lend in a particular geographic area-prohibited by the Community Reinvestment Act
Mortgage Broker An individual who brings a borrower and lender for a fee-an intermediary between the borrower and the lender
Mortgage Banker A person or firm not otherwise in banking, who provides independent funds for mortgage financing as opposed to banks that rely on deposits of funds to originate loans
Leverage Using borrowed funds for investment-low down payment
Equity The market value of a property less the outstanding debt
Seller's Equity Cash price minus loan balance
Buyer's Equity The down payment amount at closing
Usury Charging an interest rate higher than the legal limit
Usury Laws Laws passed to protect consumers from excessive interest charges
Predatory Lending An unscrupulous lender taking advatage of a consumers lack of knowledge lending practices
Created by: Shirilyn