Chapter 1 ( continue) Flashcards
Deposit Insurance Fund (DIF)
Fund which oversees the BIF and SAIF funds.
Bank Insurance Fund (BIF)
Savings Association Insurance Fund (SAIF)
FEDERAL HOUSING FINANCING BOARD
FIRREA created, 12 district federal home loan bank
Federal Reserve System
The central bank of the United States established in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system.
Finance commission of TEXAS
Ensure that Banks, saving institutions, consumer credit grantors operate as sounds & responsible institution to enhance the well-being of the citizen of texas.
Hypothecation
The process of securing a loan by pledging a property without giving up ownership of the property.
Lien Theory
- Title Theory
The mortgage is a lien held by the mortgagee against a property owned by the mortgagor.
- The mortgage document is the conveyance of ownership from the mortgagor to the mortgagee.
Maker
PAYER, who execute the promissory note.
mortgage financing
borrower gives a Note promising to repay the money & execute the mortgage on real estate
Negotiable instrument
Note assignee is signed to the third party who would then receive borrowers payment.
Office of Thrift Supervision (OTS)
Bureau in the US Treasury which is chief regulator of all savings banks with federally insured deposits.
Payee
The lender in a promissory note.
quitclaim deed
No warranties, interest, title ,right of the grantor
SML
Department of Savings and Mortgage Lending Department responsible for licensure and regulation of the state’s mortgage and thrift industries.
TALCB
Texas appraiser licensing and certification board, 1991/ license, certify and regulate real estate appraiser.
Texas Department of Banking (TXDOB)
Department that examines and supervises all regulated and foreign entities to ensure the safety of depositors’, beneficiaries’, and shareholders’ money in banking and trust systems.
