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Definitions Flashcards

1
Q

close loans in their own name using their own funds

A

Mortgage Banker

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2
Q

facilitate loan origination for financial institutions for a fee
Commercial Banks

A

Mortgage Broker

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3
Q

Government-Sponsored Enterprise (GSE)

Largest mortgage investor

A

Fannie Mae (FNMA)

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4
Q

Part of Department of Housing and Urban Development (HUD)

Does not purchase or sell loans

A

Ginnie Mae (GNMA)

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5
Q

2nd largest GSE created to provide a secondary market for mortgages from S&L
associations.

A

Freddie Mac (FHLMC)

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6
Q

LAWS REGULATED BY THE CFPB

A

CFPB NO HVXY (HMDA, FAIR DEBT, PRIVACY, ECOA, MAP, MARS, SAFE, FCRA, RESPA, TILA)

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7
Q

Rate that is used to amortize the mortgage loan and determine the monthly loan payments

A

Note Rate

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8
Q

The receiver of the deed

A

Grantee

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9
Q

A measurement of the total cost of the credit, expressed as an annual rate.

A

APR

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10
Q

Assess the adequacy of collateral for a mortgage transaction

A

Property Appraisal

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11
Q

the process of releasing a lien on a property

A

Reconveyance

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12
Q

A document that conveys ownership of real property from the grantor to the grantee

A

A deed

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13
Q

Covers boundary disputes, previous owners judgement liens/and or mortgage

A

Owner title policy

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14
Q

A fixture, such as a fence, that crosses the boundary line of ones property onto another

A

Encroachment

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15
Q

A document that evidences the borrower’s obligation to repay the debt to the lender.

A

Promissory Note

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16
Q

Pledging of property as collateral for a loan

A

Hypothecation

17
Q

The accounting method used to determine the adequacy of the funds held in an escrow account

A

Escrow Analysis

18
Q

Individual responsible for reviewing an application (often in conjunction with findings from an automated underwriting system) and issuing a credit decision

A

Underwriter

19
Q

A loan in which the borrower represents too high of risk for it to be sold to Fannie and Freddie

A

Subprime loan

20
Q

Any mortgage or other lien that has priority lower than that of the first mortgage. Such a lien is also referred to as a junior lien

A

Subordinate Lien

21
Q

The pooling of multiple loans into single investment vehicles

A

Securization

22
Q

Firm or individual that, for a commission, matches borrowers and lenders. Does not retain servicing, or use own funds

A

Mortgage Broker

23
Q

Formal right to use real property without ownership or possession.

A

Easement

24
Q

Method of identifying illegal discrimination., 2 groups treated differently based on protected class

A

Disparate treatment

25
Q

Method of identifying discrimination through statistical analysis

A

Disparate Impact

26
Q

Compensates a borrower for closing a loan at interest rate above the par rate

A

Yield Spread Premium

27
Q

A claim or liability on the title to a property, such as a lien or a mortgage.

A

Encumbrances

28
Q

The transfer of ownership of real estate from one owner to another

A

Conveyance

29
Q

An arrangement by which the borrower actually conveys title to the secured property to a 3rd party trustee for the life of the loan.

A

Deed of Trust

30
Q

A portion of a lending agreement that requires the lender to execute a release of a lien or satisfaction of mortgage document upon full repayment of the debt.

A

Defeasance Clause

31
Q

Funds used by the lender to pay the property tax bill and hazard insurance premiums

A

Escrow Payments

32
Q

A type of insurance coverage that protects against defects in title that were not listed in a title report

A

Title Insurance

33
Q

A document typically prepared by an attorney setting forth the condition of title

A

Title Report

Definitions (4 decks)

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