Flashcards in 2.2 Deck (24):
A _______, or note shows the terms and obligations of the mortgage loan.
A ________ is another name for "loan originator".
A ________ banker is a lender large enough to originate loans and create loan pools that can be resold.
______ loans are kept by lenders instead of selling them to a secondary market.
Lenders who sell their loan funds to mortgage brokers at a lower cost than what the broker charges to the general public are known as _________ lenders.
The __________ is a document from lending sources that lists the interest rates being offered to loan originators.
The _________ premium is a fee that the lender will pay the mortgage broker for originating the loan.
The ______ pays the yield spread premium to the mortgage broker.
A _________ is a computerized evaluation of credit worthiness.
A loan _______ is a title that loan originators commonly use.
A portfolio loan is when a lender keeps a loan instead of _______ it.
Mortgage broker companies _______ loans for wholesale lending institutions.
Wholesale _______ work with mortgage brokers.
The _______ pays the yield spread premium to the mortgage broker.
Another name for a loan contract is a _______.
A _______ rate mortgage has the same interest rate for the entire length of specific term.
A/an _________ rate mortgage has an interest rate that is tied to a financial market index, and it changes based on the state of the economy.
A ______ mortgage carries a fixed interest rate for a specified portion of the term, and an adjustable rate for the remainder.
There are three main types of real estate mortgage lender: mortgage bankers, mortgage brokers and ________ lenders.
Another name for a mortgage note is a ________.
YSP is an acronym for _______.
yield spread premium
When YSP points are shown in parenthesis, it means that the corresponding interest rate is _______ par.
Explain to your buyers that they are not paying the YSP fee to the mortgage company; the _____ is paying it.