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Real Estate > NCh7 Sources Of Financing > Flashcards

NCh7 Sources Of Financing Flashcards

1
Q

Where do consumers go to borrow money?

A

Primary market

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2
Q

What business entities are included in the primary market?

A

Mortgage bankers, mortgage, brokers, Banks, credit unions and seller financing

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3
Q

Where do lenders go for money?

A

Secondary market

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4
Q

What are loans qualified to be purchased in the secondary market called?

A

Conforming loans

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5
Q

What is a standardized loan written on uniform documents that meets the purchase requirements of Fannie Mae and Freddie Mac called

A

Conforming loan

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6
Q

What factors determine whether a loan is conforming or non-conforming?

A

Loan amount and borrower characteristics

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7
Q

What is a non-conforming loan?

A

A loan that does not meet secondary market guidelines

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8
Q

Give an example of a non-conforming loan

A

A subprime loan

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9
Q

What are the secondary market warehousing agencies?

A

Fannie Mae, Freddie Mac, and Ginnie Mae

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10
Q

What forms are used by lenders to insure that loans can be sold in the secondary market?

A

Freddie Mac forms

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Real Estate (78 decks)

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