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7 Cards in this Set

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  • Back
Savings and loans associations/savings banks will finance....
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.
Commercial banks will finance....
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)
Mutual savings banks will finance...
Highly active in mortgage market prefer FHA and VA loans to others
Regulated by depositor owners.
Issue not stock and are owned by investors.
Life insurance companies will finance...
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
Mortgage banking companies will finance...
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. -
Credit unions will finance...
Home improvements, but have become involved in long term first and second mortgages but require membership before obtaining loans.
Mortgage brokers will finance...
They act as intermediaries; process loan applications; submit applications to lenders for approval; do not service loan after placement; take no deposits.