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20 Cards in this Set
- Front
- Back
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Prepayment penalty limit |
3 years after origination |
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Voluntary payoffs |
The mortgage holder is not permitted to include the penalty when the property is redeemed or bid on at the trustee's sale |
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Secular stagnation |
A protracted period of lackluster economic growth, huge increases in disability, retirement, and early social security benefits and a business demand for lower wages |
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Nationwide Mortgage Licensing System I.D. Mortgage Loan originator endorsement |
California department of real estate licenses are required to obtain ? When they take an application for or negotiate a residential mortgage loan for free |
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Diametrically opposed Adversarial |
The goals, anticipations and positions of lenders and owners of real estate are . . . |
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Allonge |
A written modification agreement attached to a note |
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Promissory note Or note |
Is evidence of the existence of a debt created by an underlying agreement to pay money |
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Consumer Financial Protection Bureau |
In the wake of the 2000s boom, Dodd-Frank created this and placed the CFPB in charge of implementing and regulating all consumer protection laws |
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Novation |
An agreement entered I to in which the buyer assumes the existing mortgage and mortgage holder release the seller from further liability |
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Secure and fair enforcement for mortgage licensing act (S.A.F.E. act) |
A federal consumer protection law which created uniform national licensing and registration scheme for mortgage loan originators |
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Exculpatory clause |
In a note . . . Converts a mortgage holders recourse paper into a nonrecourse paper |
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Mortgage backed bond |
An asset backed security representing a claim on the cash flows from payments received on a mortgage |
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Qualified mortgages |
General Temporary Small lender Balloon payment |
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Prepayment penalty provision |
In a note... Gives the mortgage holder the right to levy a charge against the property owner who pays off the outstanding principal balance on a mortgage prior to maturity |
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Subprime |
Unregulated money gave Wall Street bankers the impetus to provide mortgage funds to as many borrowers as possible... Results was aggressive mortgage lending which evolved into |
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Graduated payment mortgage |
Payments increase periodically by predetermined amounts until the payment fully amortizes the principal |
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Installment note |
Calls for periodic payments of principal and interest, or interest only, until the principal is paid in full by amortization or a balloon payment |
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Restraint on alienation |
A limit placed on a property owner's ability to sell, lease for a period exceeding 3 years or further encumbers a property, as permitted by federal mortgage policy |
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Subordination |
To avoid loss of priority on significant modification, a junior mortgage holder needs to agree to take on a greater risk of loss |
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Garn-st. Germain Federal Depository Institution of 1982 |
Was intended to settle this due-on inbalance and impending widespread mortgage holder insolvency brought on by the 1980s recession |
