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Georgia Real Estate

Chapter 13 & 14

TermDefinition
Primary Market The market in which the lenders originate loans and make funds available to borrowers
Disintermediation results when depositors take money out of their savings accounts and invest directly in government securities, corporate bonds and money market funds
Mortgage Company makes a mortgage loan and then sells it to a long-term investor.
Mortgage Broker One who brings together borrowers and lenders.
Computerized loan origination Originating loans through the use of a network computer system
Secondary Market A market in which mortgage loans can be sold to investors.
FNMA Federal National Mortgage Association better known as.. Fannie Mae The largest entity
GNMA Ginnie Mae: A federal agency that has some low-income housing functions but is best known for its mortgage-back securities program.
FHLMC Freddie Mac: A real estate industry nickname for the Federal Home Loan Mortgage Corporations.
Due-on-sale If a borrower sells the property to someone considered uncreditworthy by the lender could call the loan balance due.
Usuary laws were originally enacted to prohibit lenders from overcharging interest on loans to individuals
Regulation Z Federal regulations that implement the Truth in Lending Act.
APR the annual percentage rate as calculated under the federal Truth in Lending Act by combining the interest rate with other cost of the loan.
truth in lending Act Federal law requiring certain disclosures when extending or advertising credit. triggered by numbers
Liquid Assets An asset that is in cash or is readily convertible to cash
Redlining A lender’s refusal to make loans on a certain neighborhood
Created by: user-1812658
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