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Residential Mortgage Lender > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Home financing reflects the ____, ____ and ____ or our what

A

Taste, desires and Values of our Nation

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2
Q

Residential Mortgage lending is, and always has been, a constantly changing part of our ________ and _________.

A

Ecomomic Life and Social History

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3
Q

What does RFC stand for

A

Reconstruction Finance Corporation

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4
Q

What does FHLB stand for

A

Federal Home Loan Bank

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5
Q

What does (HOLC) stand for

A

Home Owners Loan corporation

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6
Q

What did the National housing Act of 1934 create

A

Federal housing administation ( FHA) and the Federal Savings and Loan Insurance Corporation (FSLIC) Federal Depository Insurance Company (FDIC)

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7
Q

What does FHA stand for

A

Federal Housing Administration

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8
Q

What does FSLIC stand for

A

Federal Saving and Loan Insurance Company

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9
Q

What does FDIC stand for

A

Federal Deposit Insurance Corporation

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10
Q

The FHA either initated or make popular many innovations in mortgage lending, such as _______ and the ________________.

A

Mortgage Insurance (MI) and Long term, self - amortizing mortgage

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11
Q

The underlying product in all real estate activities is What

A

Land

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12
Q

During the 1920 How nuch did real estate price appreciate during that decade

A

25 to 50 percent

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13
Q

During the 1920 what did many lenders think and believe?

A

That inflating prices would bail out bad loans

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14
Q

What are some determing factors that would indicate that the market and economy are changing?

A

Large scale unemployment, market collapse, slow down. in ecomomic vitality

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15
Q

What was the purpose of the reconstruction finance corporation and when was it created?

A

It was created in 1932 and its purpose was to provided liquity to commerical banks.

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16
Q

what does RFC stand for?

A

Reconstruction Finance Corporation

17
Q

What does FHLB stand for?

A

Federal Home Loan Bank

18
Q

What was the purpose of the federal Home loan bank

A

To provided a central credit facility to home finance institutions primarily savings and loans institutions.

19
Q

What does HOLA stand for?

A

Home Owner loan act

20
Q

What was the purpose of the Homeowners Loan act and when was it created?

A

It was created in 1933 and it provided federal charters for savings and loan institutions.

21
Q

What does HOLC stand for?

A

Home owners Loan corporation

22
Q

What was the purpose of the Home owners loan corporation?

A

To provided emergency relief to homeowners by refinancing or purchasing defaulted mortgages.

23
Q

Why was the National Housing act of 1934 Created?

A

It created the Federal housing adminstration (FHA) and the federal savings and loan Insurance corpration

24
Q

Upon there creation What was FHA and FSLIC instrumental in creating?

A

The initiated or made popular many innovations in mortgage lending, such as mortgage insurance (MI) and the long term self amortizing mortage.

25
Q

The greast Boom in housing Construction in the history of this country, and possibly the world occured in what years?

A

between 1945 and 1955

26
Q

What two government housing programs built up the demand for housing?

A

FHA and the VA

27
Q

What does FSLIC stand for?

A

Federal Savings and Loan Insurance Company

28
Q

What was the FHA and the FSLIC Instrumental in doing?

A

Encouraging depositors to return desperately needed deposits to financial institutions

29
Q

What is the most distinguishing characteristic of the VA program

A

No downpayment requirements for eligiable veterans and no mortgage insurance premium

30
Q

Since the end of world war two what has been the longest user of long term debt?

A

Mortgage

31
Q

what was so important about the housing act of 1949?

A

It contained a National commitment to provided a decent home and suitable living enviorment for every american family

32
Q

What year was the Housing and Urban development act enacted?

A

1968

33
Q

What did the housing and community development act of 1974 formalize and change

A

Section 8 program

34
Q

What was some of the ways that the goverment provided shelter and housing for people who could not afford it?

A
  1. Rent assistance
  2. Mortgage assistance
  3. Temporary housing shelter and other transistional homes
  4. tax or other credits to construct low to moderate housing
35
Q

Why were laws and regulations implemented?

A

Because of excess and failure on the part of the lending community

36
Q
A

Residential Mortgage Lender (4 decks)

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