Real Estate Finance Flashcards
Federal law that prohibits discrimination in granting credit to people based on sex, age, martial sttus, race color , religoin, national origin, or receipt of public assistane.
Equal Credit Opportunity (ECOA)
Relationship between the cost of borrowing and the total amount financed, represented as a percentage
Annual Percentage Rate (APR)
The body responsible for U.S. monetary policy maintaining economic stability, and regulating commercial banks. also referred to as the Board of Governors, but most commonly called the FED
Federal Reserve Board (the Fed)
Act that requires lenders to disclose credit costs in order to promote informed use of consumer credit.
Truth in Lending Act (TILA)
Federal law dealing with real estate closings that provides specific procedures and guideline for the disclosure of settlement costs.
Real Estate Settlement Procedures Act (RESPA)
Is one who, for a fee, places loans with investors, but typically does not service such loans.
Mortgage broker
A financial institutions that are a type of cooperative organization with members who share something in common (eg an employer), pool their deposits, pa members better interest rates, and loan money to fellow members.
Credit Unions
Are financial institutions that make real estate loans they retain and service instead of selling on the secondary markets
Portfolio lenders
Are institutions with large sums o stable, long-term investment capital looking for high-return investmetns.
Insurance companies
What three other real estate lenders are available for commercial loans?
Insurance companies, pension funds and real estate investment trusts
What are the steps for foreclosure?
- Default
- Acceleration and notice of default
- Foreclosure Action Filed
- Order of execution
- Advertisment of sale
- Public Action
- Confirmation of Sale
- Sheriff’s deed
What is possible during mortgage foreclosure time line up till confirmation of sale?
Equitable right of redemption (possible during this time period)
