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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 blanket mortgage can be refinanced just like any other mortgage. It also allows the borrower to sell one property from the group but retain the loan for the others.
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.
An FNMA loan, aka a conforming loan or Fannie Mae-backed mortgage, is a loan or mortgage that has been sold to the Federal National Mortgage Association (FNMA, or Fannie Mae) — or one that meets ...
Warehouse lenders Just like a wholesale lender, warehouse lenders don’t interact with consumers. Instead, they offer the funding other borrower-facing institutions need to originate the loan.
Map of regions covered by the 122 Weather Forecast Offices. The National Weather Service operates 122 weather forecast offices. [1] [2] Each weather forecast office (WFO or NWSFO) has a geographic area of responsibility, also known as a county warning area, for issuing local public, marine, aviation, fire, and hydrology forecasts.
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 ...