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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.
The Government Accountability Office (GAO) defines an abandoned foreclosure as a mortgage that: has entered foreclosure, the servicer decides to not continue pursuing its interest in a mortgage loan (has stopped the foreclosure proceedings), the servicer has charged off the loan (considers it worthless), and; the home is vacant.
REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
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 ...
A warehouse bank account is a bank account at a regular commercial bank in which all clients’ funds are commingled or pooled, for the purpose of concealing the client's ownership of the funds. [ 1 ] [ 2 ]
For example, a bank may originate a loan but sell it in the secondary market while retaining the right to service the mortgage. As a loan originator, the bank underwrites, processes, funds and ...
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Location of the territories for the 11 (previously 12) FHLBanks, post-merger of the Seattle and Des Moines banks in 2015. The Federal Home Loan Banks (FHLBanks, or FHLBank System) are 11 U.S. government-sponsored banks that provide liquidity to financial institutions to support housing finance and community investment. [1]