Finance

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Financing

Bankruptcy

Gambling debts are dis-chargeable

discharges debts at date of filing

Miscellaneous

does not need two rails for stairways

compensating balances

require borrower to maintain a minimum balance

'non disturbance-clause = lender will not terminate tenant leases

GDP

when GDP increase then personal income, home sales rise

CPI

pricing index

measures the purchasing power of the US dollar

Rent adjustment

commercial leases

housing is one of the largest expenses

Financing Credit Laws

Federal; Equal Credit Opportunity

Penalty

$5000 in punitive damages Max

damages including attorney and court cost

everyone is measured against the same stick

Mortgage loan disclosure Statement

must be give within 3 days of broker originated application

exclusive loan listing

not more the 45

Hard Money loan

$3,000 due in 3 years

max. commission is 15%

$8000 due 2years

max commission is 5%

2nd TD

under 20k are regulated

1st TD

under 30k are regulated

RESPA

seller cannot specify title insurer

limits the amount of impounds

kick-backs are illegal

lender requirements

Good Faith Estimate

within 3 days of taking the application

HUD 'settlement costs' booklet

reliable way to view costs

allows client to comparison shop

passed in 1974; federal loan disclosure law which helps protect buyers or borrowers who obtain federally related loans

Truth in Lending; Regulation Z

rescission

3 business days at midnight

Ad must disclose APR if interest rate is mentioned

Disclosure Statement

Finance charge

does not include CR or appraisal

Name of lender

APR

used for comparison shopping

all real estate loans not for business

AITD

Trust-or in the AITD does not assume existing liens

used with land contracts

wraparound

Blanket Loan

property tax cannot be a blanket encumbrance

when builder pays to have several lot released his equity in the remain lots increase

Cal Vet

No discount points

VA

owner occupied

will not loan on a rental property

sells home to a non-vet, subject to; seller is still liable

CRV

appraisal

FHA

lender deciding to originate FHA loans are least concerned with mortgage insurance costs

junior loans are not permitted

will loan on a rental property when owner occupied

MIP or PMI

point

no alienation clause or prepayment penalty is allowed

'Or more' clause = no prpr-prepayment

alienation = due on sale when transferring ownership

close the gap between market rates and fixed rates

seller usually pays 1% loan fee

enables buyers to by with low-down payment

created National Housing Act

miscellaneous

more then one buyer

lender will include 'jointly and severally'

down payment = buyer's equity

Impound account; benefits

tustor

lender

Federal Reserve Board

money supply

Federal Open Market Committee

discount rate

Financing sources

Secondary Mortgage Market

Freddie Mac works with

HUD

GNMA

Mortgage Company would by pass-through in a volatile market

guarantees interest payment on pass-through securities

FNMA

buys conventional, VA and FHA loans

Mortgage Companies

warehousing

collection of loans prior to sale

often lend their own money

originate conventional and sub-prime

Private lenders main source of junior loans

Institutional Lenders

commercial banks

short term loans

construction loans = interim loan

interest computed when proceed are placed in escrow

Maturity Date is the date of the note

Savings bank

greatest percent of assets in residential property

Main source of 1- 4 units

Savings of individual depositories

Insurance companies

prefer long-term loans on existing commercial property

do not make construction loans

Use loan correspondents

Land contracts

Cal-vet

California Veterans Farm and Home Purchase Plan

financed by Department of Veterans Affairs

vendor

cannot use impound accounts

must use income to make payments against his mortgage

vendee = vendor; has equitable title

seller retains legal title

Foreclosure

Notice of Default warns owner's of junior liens

lender notifies borrower and trustee Notice of Default

3 month Trustee Sale

Ad once a week for 21 days Notice of Sale

Trustee hold Sale