Thomson/South-Western©2008 Chapter 12 Sources of Financing _______________________________________.

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Presentation transcript:

Thomson/South-Western©2008 Chapter 12 Sources of Financing _______________________________________

Thomson/South-Western©2008 Financing Primary Market – where lenders originate loans. Secondary Market – provides a way for lenders to sell a loan.

Thomson/South-Western©2008 Primary Loan Sources Savings and loan Associations Commercial Banks Life Insurance Companies Mortgage Companies Mortgage Brokers Computerized Loan Origination Municipal Bonds Other Lenders

Thomson/South-Western©2008 Texas Loan Programs Texas Veterans Land Fund Veterans’ Housing Assistance Program (VHAP) Texas Department of Housing and Community Affairs Housing Finance Corporation Fannie Mae Realtor® Programs Texas State Affordable Housing Corporation

Thomson/South-Western©2008 Secondary MarketPrimary Market Mortgage Lenders Borrowers Financial Intermediaries Mortgage Investors The Secondary Mortgage Market

Thomson/South-Western©2008 Mortgage Loan Delivery Systems

Thomson/South-Western©2008 Secondary Loan Sources FNMA - Fannie Mae GNMA - Ginnie Mae FHLMC - Freddie Mac FAMC - Farmer Mac

Thomson/South-Western©2008 Automated Underwriting Systems The computer age has introduced a whole new system in underwriting procedures as they apply to the relationship between the loan originator and the investor.

Thomson/South-Western©2008 Usury State legislation that imposes an interest rate ceiling on loans. U.S. Congress passed legislation that exempts from state usury limits most first lien home loans made by institutional lenders.

Thomson/South-Western©2008 Price to the Borrower The rate of interest the borrower must pay to obtain a loan is dependent on the cost of money to the lender,

Thomson/South-Western©2008 Other Financing Conditions Due-on-Sale – call clause. Prepayment- penalty for the right to repay a loan early.

Thomson/South-Western©2008 Key Terms Alienation clause Automated underwriting system Computerized loan origination Disintermediation Fannie Mac Federal National Mortgage Association Freddie Mac Mortgage broker Mortgage company Participation certificates Primary market Secondary mortgage market Usury

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