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3 Cards in this Set
- Front
- Back
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Primary Mortgage Lender:
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Referred to as the PRIMARY MARKET.
They originate the loan and provide funds to the borrower. |
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Name the types of institutional Lenders
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Savings and loan (LONG TERM LOANS-Residential & Commercial)
Credit Unions - provide services to their members Commercial Banks - Covered by the FDIC - prefer short term loans Insurance Companies - Prefer long term commercial and industrial loans |
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Name the types of Non Institutional lenders
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Mortgage companies: Originate loans, sell the loans in the secondary market
MTG Broker: Originate loans with other's money and sell to investors but dont service the loan. (Middlemen) Private investors: will make decisions based on an individual basis Seller Financing: Usually charges a higher rate than commercial lenders |
