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Unit 15

TermDefinition
Aliens An acronym to remember 6 items that the lender must obtain before issuing a Loan Estimate (LE) Address of the subject property Loan amount Income Estimate of property value Name of borrower (s) Social Security number(s)
Blanket Mortgage A mortgage covering more than one parcel of land
Credit Union Cooperative organization for savers and borrowers
Fannie Mae Formerly Federal Home Loan Mortgage Corporation - sets standards and buys mortgages
Freddie Mac Federal Home Loan Mortgage Corporation - Warehouses packages of mortgages
Ginnie Mae Government National Mortgage Association - Pools mortgages for investors
Home Equity Loan Additional financing for homeowners ; type of second mortgage
Interim Financing Bridge or swing loan to cover the gap between purchase of a new home and sale of the old one
Jumbo Loan Loan for a higher amount than those generally bought by the secondary market
Loan Estimate (LE) A three page, TRID required document that itemizes important details of the mortgage loan; Lender must provide the borrower within 3 business days after receiving the borrowers intent to proceed
Mortgage Banker Institution set up to make mortgage loans
Open-End Mortgage A mortgage loan that is expandable back to its original amount after the principal has been reduced
Package Mortgage / Package Loan A method of financing in which the loan that finances the purchase of a home also finances the purchase of certain items of personal property, such as refrigerators, stoves, and other specified appliances
Portfolio Loan Loan not intended for sale in the secondary market
Primary Mortgage Market Lenders who make individual loans directly to borrowers
Purchase-Money Mortgage A note secured by a mortgage given by a buyer, as mortgagor, to a seller, as mortgagee. Also mortgage for purchase rather than refinancing
Qualifying Ratio Percentage of income a borrower is allowed to spend on mortgage payments
Regulation Z Implements the truth in lending act
Reverse Mortgage Mortgage through which an elderly homeowner can draw against equity, building up a gradual debt with no repayments until moving out
Sale-Leaseback A transaction in which an owner sells their property and as a part of the same transaction, signs a long term lease to remain in possession of the premises
Shared Equity Mortgage A Mortgage loan in which the lender, in exchange for a loan with a favorable interest rate, participates in the profits ( if any ) the mortgagor receives when the property is eventually sold.
TRID An acronym for the rule that combines the disclosure required by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA)
Triggering Terms Words in an advertisement that require disclosure of all financing conditions
Created by: MAK89
Popular Real Estate sets

 

 



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