Mortgagee
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Lender
Discount Rate
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Set by the board of directors of the Federal Reserve Banks, subject to
approval by the Board of Governors.
Loan Processing
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The process of collecting information about a borrower in order to build a
loan file that will be used to make an underwriting decision.
Mortgage Brokers
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Typically specialize as middlemen between borrowers and lenders
Character
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A measure of the willingness of a borrower to make on-time payments.
Credit character is resealed in the borrowers credit report.
Foreclosure:
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If a borrower is in default, the mortgage servicer may start the foreclosure
process.
Deficiency Judgments -
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when a property is foreclosed, it is typically sold at auction. This can result
in an unpaid balance, or deficiency, on the original mortgage, as the
amount the property sold for may not be sufficient to pay the balance in
full. In these cases, lenders may seek a deficiency judgment on the
foreclosure, through a motion filed with the courts.
Servicing
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Sending monthly payment statements and collecting monthly payments,
maintaining payment records and following up on delinquencies.
Federal National Mortgage Association (FNMA)
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Fannie Mae
Disintermediation
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The act of moving funds from one investment arena to another.
, Judicial Foreclosure -
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The lender files suit with the judicial system, and the borrower will receive a
note in the mail demanding payment.
Balloon Loan
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partially-amoratized loan with a substantially larger final payment
Gross Rent Multiplier
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GRM = Sales Price ÷ Monthly Rent
REMIC
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Holds mortgages in trust for the benefit of investors.
Give this one a try later!
Lender
Discount Rate
Give this one a try later!
Set by the board of directors of the Federal Reserve Banks, subject to
approval by the Board of Governors.
Loan Processing
,Give this one a try later!
The process of collecting information about a borrower in order to build a
loan file that will be used to make an underwriting decision.
Mortgage Brokers
Give this one a try later!
Typically specialize as middlemen between borrowers and lenders
Character
Give this one a try later!
A measure of the willingness of a borrower to make on-time payments.
Credit character is resealed in the borrowers credit report.
Foreclosure:
Give this one a try later!
If a borrower is in default, the mortgage servicer may start the foreclosure
process.
Deficiency Judgments -
,Give this one a try later!
when a property is foreclosed, it is typically sold at auction. This can result
in an unpaid balance, or deficiency, on the original mortgage, as the
amount the property sold for may not be sufficient to pay the balance in
full. In these cases, lenders may seek a deficiency judgment on the
foreclosure, through a motion filed with the courts.
Servicing
Give this one a try later!
Sending monthly payment statements and collecting monthly payments,
maintaining payment records and following up on delinquencies.
Federal National Mortgage Association (FNMA)
Give this one a try later!
Fannie Mae
Disintermediation
Give this one a try later!
The act of moving funds from one investment arena to another.
, Judicial Foreclosure -
Give this one a try later!
The lender files suit with the judicial system, and the borrower will receive a
note in the mail demanding payment.
Balloon Loan
Give this one a try later!
partially-amoratized loan with a substantially larger final payment
Gross Rent Multiplier
Give this one a try later!
GRM = Sales Price ÷ Monthly Rent
REMIC
Give this one a try later!
Holds mortgages in trust for the benefit of investors.
