Aceable Agent Principles of Real Estate II Level 3 Real Estate Financing Principles Summary Exam Questions and Answers

-Supervise financial institutions for safety and soundness -Make large financial institutions resolvable -Manage receiverships -Insures deposits up to $250k per depositor, per account. The Federal Reserve System - ANSWER-Is the nations central bank, and it operates to maintain sound credit conditions, help counteract inflationary and deflationary trends, and create a favorable economic climate. Can affect the economy by raising or lowering the fund reserve requirements or the discount rate. Real Estate Settlement Procedures Act (RESPA) - ANSWER-Protects consumers from abusive lending practices. Major Players in the Primary Mortgage Market - ANSWER--Savings Associations -Commercial Banks -State savings banks -Insurance companies -Mortgage banking companies -Mortgage Brokers -Credit Unions (The most recent entrant into mortgage loan lending) Major Players in the Secondary Mortgage Market - ANSWER--Fannie Mae: Federal National Mortgage Association (FNMA