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Real Estate Finance (Specific loans and Payment (Fixed rate, Adjustable…
Real Estate Finance
Mortgage
Create a lien
Owner retains the usual rights of ownership
Mortgagee has the right to pursue mortgagor's real estate to satisfy debt
Bond/note
Secures the repayment of a promissory note
Principal, Interest, Taxes, and Insurance (PITI)
Foreclosure
Deficiency judgment
Discount points
Duties of a mortgagor
Keep the property in good repair
To insure the property
To pay all taxes and assessments
To pay the debt insured by the mortgage
Sale of Property that has a mortgage
Sale free and clear
Sale subject to the mortgage
Sale subj to the mortgage with the buyer assuming the mortgage debt
Recording of the Mortgage
Secondary Markets
Fannie Mae (FINMA)
Ginnie Mae (GNMA)
Federal Home Loan Mortgage Corporation
General Types of Mortgages
Conventional
Government-insured or -guaranteed
Specific loans and Payment
Fixed rate
Adjustable rate
Balloon
Graduated payment
Open-end
Blanket
Wraparound
Swing/Bridge loan
Purchase money
Construction
Land contract
Equity loan
Reverse mortgage
Government-Backed Loans
FHA
VA
Farmers Home
Sonyma
Truth in Lending (Regulation Z)
Consumer Credit Protection Act
Disclosure
Right to rescind
Advertising
Effect on RE licensees
PMI
Lender's Criteria for Granting a Loan
Investment quality of property
Borrower's ability to repay loan
Predatory Lending
Sub-prime loans
High interest loans and closing costs
Hidden fees
Balloon payments
Unqualified buyers
Refinancing (flipping)
Debt consolidation
Home equity loans
Fraud
Foreclosures due to predatory lending practices
Predatory Lending Laws