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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.
Virginia Housing is a quasi-government agency. The governor appoints an 11-member Board of Commissioners. [2] However, the authority is self-supporting and does not use tax dollars to fund its lending programs. Tammy Neale, its Chief Executive Officer since 2024, heads a leadership team of twelve divisional managers. [1]
A mortgage loan is a loan in which property or real estate is used as collateral. During this process, borrowers must submit various types of financial information and documentation to a mortgage lender, including tax returns, payment history, credit card information and bank balances.
What is a mortgage servicer? A mortgage servicer is the company that handles your mortgage statements and all day-to-day tasks related to managing your loan after it closes. For example, the ...
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing ...
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 ...
The government of Virginia combines the executive, legislative and judicial branches of authority in the Commonwealth of Virginia. The current governor of Virginia is Glenn Youngkin . The State Capitol building in Richmond was designed by Thomas Jefferson , and the cornerstone was laid by Governor Patrick Henry in 1785 .