Primary Mortgage Market - ANS The market where borrowers and mortgage originators come together to negotiate terms and effectuate mortgage transaction. Mortgage brokers, mortgage bankers, credit unions and banks are all part of the primary mortgage market.
Secondary Mortgage Market - ANS ...
,Primary Mortgage Market - ANS The market where borrowers and mortgage originators come
together to negotiate terms and effectuate mortgage transaction. Mortgage brokers, mortgage
bankers, credit unions and banks are all part of the primary mortgage market.
Secondary Mortgage Market - ANS A market for the purchase and sale of existing mortgages
designed to provide greater liquidity for selling mortgages.
Commercial Banks - ANS Working capital is primarily generated through deposits from its
clients
K
Private Lenders - ANS The least regulated category of lender, they can fulfill a space in the
marketplace for conventional loans.
C
Mortgage Companies - ANS Rely on commercial banks that grant "warehouse" lines of credit
to them.
LO
Federal Housing Finance Agency (FHFA) - ANS The Federal agency established to restore
Fannie Mae & Freddie Mac to a sound & solvent financial condition.
Government National Mortgage (GNMA) Association - ANS Guarantee that allows mortgage
lenders to obtain a better price for their loans in the capital markets.
YC
Pre-licensing education - ANS Includes topics on federal law and regulations, ethics, non
traditional mortgage products, and origination.
Unique Identifier - ANS a number that permanently identifies each mortgage loan originator,
whether he is licensed or merely registered.
D
S.A.F.E. Act - ANS Designed to enhance consumer protection & reduce fraud by encouraging
states to establish minimum standards for licensing and registration of MLOs.
U
State-licensed mortgage loan originator - ANS An MLO employed by a federally insured
depository institution is a federally supervised credit union.
ST
American Association of Residential Mortgage Regulators (AARMR) - ANS National
association of executives and employees of the various states charged with the responsibility for
administration & regulation of residential mortgage lending, servicing and brokering.
Nationwide Mortgage Licensing System & Registry (NMLSR) - ANS All loan originators must
be licensed through or registered with_____.
Federal Banking Agencies: - ANS 1.The Board of Governors of the Federal Reserve System
2. The Comptroller of the Currency
, 3. The National Credit Union Administraton
(NCUA)
4. The Federal Deposit Insurance Corporation
(FDIC)
Regulation G of the SAFE Act establishes - ANS A federal registration requirement for
mortgage loan originators.
K
Regulation "H" authorizes: - ANS The CFPB to implement the Secure and Fair Enforcement
for Mortgage Licensing Act of 2008. It also directs the states to adopt minimum uniform
standards for licensing & registration of residential mortgage loan originators.
C
All loan originators must be licensed through or registered with: - ANS NMLSR
LO
Nov. 1st through Dec. 31st of each year... - ANS Registered MLOs must renew their
registration during
Non-traditional Mortgage Product - ANS Any mortgage product other than a 30 year fixed rate
mortgage.
YC
Residential Mortgage Loan - ANS Any loan primarily for personal, family, or household use
that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on
a dwelling or residential real estate upon which a dwelling is constructed or intended to be
constructed.
D
Federally Registered Loan Originator - ANS Is an individual who meets the definition of a loan
originator and is an employee of a depository institution that is regulated by a federal banking
agency.
U
Mortgage Loan Originator - ANS Person who takes a residential mortgage loan application.
ST
Permanently Identifies Loan Originator - ANS Unique Identifier
Stable Income - ANS A borrower's gross monthly income from all verifiable sources that can
reasonably be expected to continue for at least 3 years.
Credit Score - ANS An overall assessment that predicts a borrower's credit risk.
Employee Income - ANS A borrower's base pay/regular wages.
Hard Inquiry - ANS Appears on a consumer's credit report and can influence their credit
score.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studyclock. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
