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Real Estate Principles Tenth Edition

Real Estate Principles Tenth Edition. Real Estate: An Introduction to the Profession Tenth Edition. Chapter 13 Sources of Financing. ____________________________. Financing. Primary Market – where lenders originate loans. Secondary Market – provides a way for lenders to sell a loan.

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Real Estate Principles Tenth Edition

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  1. Real Estate PrinciplesTenthEdition Real Estate: An Introduction to the Profession Tenth Edition

  2. Chapter 13Sources of Financing ____________________________

  3. Financing • Primary Market – where lenders originate loans. • Secondary Market – provides a way for lenders to sell a loan.

  4. Primary Loan Sources • Savings and Loan Associations • Commercial Banks • Life Insurance Companies • Mortgage Companies • Mortgage Brokers • Computerized Loan Origination (CLO) • Municipal Bonds

  5. Secondary Loan Sources • FNMA • GNMA • FHLMC • Farmer Mac

  6. Financial Intermediaries Mortgage Lenders The Secondary Mortgage Market Primary Market Secondary Market Mortgage Investors Borrowers

  7. Mortgage Loan Delivery Systems

  8. 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.

  9. Other Financing Conditions • Due-on-Sale – call clause. • Prepayment - penalty for the right to repay a loan early.

  10. Alienation clause Automated underwriting system Computerized loan origination Disintermediation Fannie Mac Freddie Mac Mortgage broker Mortgage company Participation certificates Primary market Secondary market Usury Key Terms

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