CHAPTER 14 - FINANCE I. INTRODUCTION FINANCING INSTRUMENTS A. THE DEMAND FOR LOANS. BORROWERS INCLUDE: B. THE SUPPLY OF MONEY FOR LOANS.
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1 CHAPTER 14 - FINANCE I. INTRODUCTION A. THE DEMAND FOR LOANS. BORROWERS INCLUDE: B. THE SUPPLY OF MONEY FOR LOANS. C. THE FEDERAL RESERVE BOARD. II. FINANCING INSTRUMENTS A. THE USE OF PROPERTY AS SECURITY FOR A LOAN. B. LIEN THEORY AND TITLE THEORY.
2 1. TITLE THEORY STATES. 2. LIEN THEORY STATES. C. INSTRUMENTS USED IN A MORTGAGE LOAN AGREEMENT. 1. PROMISSORY NOTE (DEBT INSTRUMENT). 2. SECURITY INSTRUMENTS: THE CHATTEL MORTGAGE OR SECURITY AGREEMENT. 3. SECURITY INSTRUMENTS: THE MORTGAGE. 4. SECURITY INSTRUMENTS: THE TRUST DEED. 5. SECURITY INSTRUMENTS: SECURITY DEED OR DEED TO SECURE DEBT. D. LENDER S REMEDIES UPON DEFAULT.
3 1. JUDICIAL FORECLOSURE. 2. NON-JUDICIAL FORECLOSURE (FORECLOSURE BY POWER OF SALE). 3. STRICT FORECLOSURE. 4. DEED IN LIEU OF FORECLOSURE (FRIENDLY FORECLOSURE). E. TYPICAL PROVISIONS IN A LOAN AGREEMENT. 1. MORTGAGING OR GRANTING CLAUSE. 2. DEFEASANCE CLAUSE. 3. BORROWER S COVENANTS (PROMISES)
4 SERVE TO PROTECT THE LENDER S INTERST. a. Covenant to pay indebtedness. b. Covenant to pay taxes. c. Covenant to pay insurance. d. Covenant of good repair. e. Covenant against removal. f. Covenant of property inspection. g. Covenant to acknowledge indebtedness. h. Covenant to pay legal expenses.
5 4. CLAUSES THAT PROTECT THE LENDER IN A DEFAULT. a. Acceleration (due on default) clause. b. Receiver clause. c. Owner s rent clause. 5. ALIENATION (DUE ON SALE) CLAUSE. 6. ESCALATION CLAUSE. 7. PREPAYMENT CLAUSE. 8. CONDEMNATION CLAUSE. 9. EXCULPATORY CLAUSE.
6 10. SUBORDINATION CLAUSE. III. MORTGAGE LOANS AND OTHER FINANCING TECHNIQUES A. CLASSIFICATION BY METHOD OF PAYMENT. 1. STRAIGHT-TERM MORTGAGE (TERM LOAN). 2. AMORTIZED MORTGAGE LOANS. a. Fully amortized loan. b. Partially amortized loan. 3. ADJUSTABLE RATE MORTGAGE LOAN (ARM). 4. GRADUATED PAYMENT MORTGAGE LOAN (GPM).
7 5. INTEREST ONLY LOAN 6. BUYDOWNS. 7. BUDGET MORTGAGE LOAN. B. CLASSIFICATION OF MORTGAGE LOANS BY SPECIAL PROVISIONS. 1. PURCHASE MONEY MORTGAGE LOAN. 2. WRAPAROUND MORTGAGE LOAN. 3. REVERSE ANNUITY MORTGAGE (RAM). 4. OPEN-END MORTGAGE LOAN. 5. CONSTRUCTION LOAN.
8 6. BLANKET MORTGAGE LOAN. 7. PACKAGE MORTGAGE LOAN. IV. FHA, VA MORTGAGE LOANS AND PRIVATE MORTGAGE INSURANCE A. PRIVATE MORTGAGE INSURANCE (PMI). B. FHA INSURED MORTGAGE LOANS. 1. LOAN TO VALUE RATIO. 2. MAXIMUM INSURABLE LOAN. 3. INTEREST RATES. 4. QUALIFYING RATIOS.
9 5. ASSUMPTION. 6. PREPAYMENT PENALTY. 7. MORTGAGE INSURANCE PREMIUM (MIP). 8. SECOND MORTGAGES. 9. SELLER CONTRIBUTIONS. C. VA GUARANTEED MORTGAGES. 1. ELIGIBILITY. 2. INTEREST RATE AND POINTS. 3. QUALIFYING RATIOS.
10 4. LOAN LIMITS. 5. LOAN GUARANTEE. 6. DOWN PAYMENT. 7. ENTITLEMENT. 8. RE-USING THE ENTITLEMENT. 9. ORIGINATION FEE. 10. VA FUNDING FEE. 11. ASSUMPTIONS. 12. PREPAYMENT PENALTY
11 V. ALTERNATIVE FINANCING TECHNIQUES A. ASSUMING OR TAKING SUBJECT TO AN EXISTING LOAN. 1. ASSUMPTIONS. 2. ASSUME AND AGREE TO PAY 3. SELLING SUBJECT TO AN EXISTING LOAN. B. LAND CONTRACT. C. SALE AND LEASEBACK. VI. THE MORTGAGE MARKET A. PRIMARY SOURCES OF LOANS. 1. SAVINGS AND LOAN ASSOCIATIONS (S & L S).
12 2. COMMERCIAL BANKS. 3. MUTUAL SAVINGS BANKS. 4. MORTGAGE BANKING COMPANIES. 5. MORTGAGE BROKERS. 6. U.S. DEPARTMENT OF AGRICULTURE. 7. LIFE INSURANCE COMPANIES. 8. CREDIT UNIONS. 9. INDIVIDUAL LENDERS. B. THE SECONDARY MORTGAGE MARKET.
13 1. FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA OR FANNIE MAE). 2. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA OR GINNIE MAE). 3. FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC OR FREDDIE MAC). 4. OTHER SECONDARY MARKETS. VII. LENDING PRACTICES A. THE LOAN APPLICATION. B. APPRAISAL. C. VERIFICATIONS AND CREDIT REPORT. D. CLOSING COSTS.
14 VIII. FEDERAL REGULATIONS A. FEDERAL EQUAL CREDIT OPPORTUNITY ACT. B. FEDERAL TRUTH-IN-LENDING LAW. 1. COMPLIANCE WITH REGULATION Z TOTAL FINANCE CHARGE AND ANNUAL PERCENTAGE RATE. 3. ADDITIONAL DISCLOSURES. 4. THE RIGHT OF RESCISSION. 5. ADVERTISING.
15 C. REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA). 1. GOOD FAITH ESTIMATE. 2. SETTLEMENT COST BOOKLET. 3. UNIFORM SETTLEMENT STATEMENT (HUD-1 SETTLEMENT STATEMENT). 4. RESTRICTIONS. IX. MORTGAGE FRAUD A. POSSIBLE RED FLAGS. THE SALES CONTRACT
16 THE LOAN APPLICATION REQUIRED DISCLOSURES AT THE CLOSING9
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