Mortgage Loans Origination Activities Flashcards Preview

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Flashcards in Mortgage Loans Origination Activities Deck (6)
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1

Disclosures to the borrower

ALIENS:
A-address for subject property
L-loan amount
I-income of borrower
E-estimate of value for subject property
N-name of borrower
S-SSN of borrower

2

FNMA Form 1003

Uniform Residential Loan Application (URLA) also referred to the 1003. Standardized government/industry form

3

Fee Simple Estate

Property and house are owned. Owner has unconditional power of disposition (ability to sell the property) during his life and transfers to heirs if they die. Most common

4

Leasehold

"Ground Rent": land upon which the house is built is not owned, subject to a long term lease. May or may not pass to heirs if they die, lease must be longer than the mortgage

5

Life Estate

Borrower only owns the property while he is alive. When death occurs reverts back to the original Grantor (person who transferred title to borrower)

6

Estate

How is the property owned