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NE Real Estate

NE Real Estate Unit 13

TermDefinition
regulation z (TILA) requiring credit intuitions to inform borrowers of the true cost of obtaining cost
sale-and-leaseback owner sells improved property signs a long-term lease to remain in possession of the premises
blanket loan mortgage covering more than one parcel or RE
buydown funds in form of discount
certificate of reasonable value (CRV) a form indicating the appraised value of a property being financed w/a VA loan
community reinvestment act of 1977 (CRA) financial institutions are expected to meet the deposit and credit needs of their communities
construction loan short-term loan made during the construction phase
conventional loan loan requires no federally sponsored insurance or guarantee
equal credit opportunity act (ECOA) federal law that prohibits discrimination in the extension of credit
fannie mae gov't supervised enterprise established to purchase and kind of mortgage loans in the secondary mortgage market from the primary lenders
farmer mac federal agricultural mortgage corporation; 2nd market for agricultural mortgage & rural utlities loans & the portions of agricul & and rural development loans quaranteed by the U.S. Dept of Agric. (USDA)
federal deposit insurance corp (FDIC) examine & supervise financial institutions, manage receiverships, and insure deposits
federal reserve system (FED) country's central banking system, established the nation's monetary policy by regulating the supply of money & interest rates
FHA-insured loan loan insured by federal housing administration in accordance w/FHA regualtions
freddie mac gov't supervised enterprise established to purchase primarily conventional mortgage loans in the 2nd mortgage market
ginnie mae guarantees mortgage-backed securities using FHA-insured & VA guaranteed loans as collateral
gov't-sponsored enterprises (GSEs) organizations created by the federal gov't to help increase loan opportunities for homebuyers
secondary mortgage market purchase & sale of existing mortgages
home equity loan the property as collateral and can than draw funds
mortgage insurance premium (MIP) FHA insurance; charged as a premium
office of the comptroller of the currency (OCC) gov't agency which sets standard and regulations for fiduciary lenders
open-end loan full loan being secured by the same original mortgage
package loan purchase of both RP & PP
primary mortgage market loans are originated consisting of lenders
private mortgage insurance (PMI) protects a lender against a loss
real estate settlement procedures act (RESPA) certain disclosures to consumers about mortgage loan settlements
VA-guaranteed loan mortgage loan on approved property made to a qualified veteran by an authorized lender
triggering terms specific credit terms
truth in lending act (TILA) federal gov't regulates the lending practices of mortgage lenders through this act
Created by: SevitaM
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