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A warehouse line of credit is a credit line used by mortgage bankers. It is a short-term revolving credit facility extended by a financial institution to a mortgage loan originator for the funding of mortgage loans. The cycle starts with the mortgage banker taking a loan application from the property buyer.
A mortgage bank is not regulated as a federal or state bank and does not take deposits from consumers or businesses. To support their operations, a mortgage bank acquires a certain amount of equity, which is then used to secure the warehouse line. The primary source of funds, however, comes from the warehouse lender. A mortgage bank can vary in ...
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex.The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
Search for lenders: Check first with any banks you already have accounts at, personal or business, to see if they can give you a good deal for being an existing customer. You can also check with a ...
Mortgage insurance – Your monthly payment might also include a fee for private mortgage insurance (PMI). For a conventional loan, this type of insurance is required when a buyer makes a down ...
Ginnie Mae is a government corporation within the U.S. Department of Housing and Urban Development that buys government-insured or -guaranteed mortgages typically designed to serve low- and ...
There are a variety of situations in which this distinction is important. For example, a non-depository mortgage lender may fund their operations with a warehouse line of credit, while a distressed loan workout specialist may obtain a line of credit. The first makes loans for the purchase of real property; the second will acquire nonperforming ...
Ginnie Mae is similar to Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) with the difference being that Ginnie Mae is a wholly owned government corporation whereas Fannie Mae and Freddie Mac are "government-sponsored enterprises" (GSEs), which are federally chartered corporations ...
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related to: mortgage warehousing definition government site searchHighest Satisfaction for Mortgage Origination, 2010-2017 - J.D. Power