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7 Cards in this Set
- Front
- Back
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Savings and loans associations/savings banks will finance....
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Active in long-term residential loans; chartered natinoally by Federal Home Lona Band (FHLB). Deposits insured by Savings Association Insurance Fund (SAIF) up to $100,000 per deposit.
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Commercial banks will finance....
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Prefer short-term commercial loans; primarily handle construction, home improvement, and mobile home loans; federally regulated by Federal Reserve (FED); deposits insured up to $100.000 by Bank Insurance Fund (BIF)
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Mutual savings banks will finance...
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Highly active in mortgage market prefer FHA and VA loans to others
Regulated by depositor owners. Issue not stock and are owned by investors. |
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Life insurance companies will finance...
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Large commercial loans; buy blocks of loans from FNMA and other agencies; seek equity position in projects they finance, known as participation mortgage; regulated by state in which they are incorporated
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Mortgage banking companies will finance...
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Originate loans with onw funds or borrowed funds; receive fees for managing loans they originate; subject to few lending restrictions and limitation than other agencies; take no deposits. -
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Credit unions will finance...
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Home improvements, but have become involved in long term first and second mortgages but require membership before obtaining loans.
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Mortgage brokers will finance...
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They act as intermediaries; process loan applications; submit applications to lenders for approval; do not service loan after placement; take no deposits.
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