Real Estate Finance Champion School Study Guide Graded A+

Conventional loan {Ans: Refers to a loan made with real estate as security and which does not involve government participation in the form of ensuring are guaranteeing the loan}Line of credit {Ans: Unscheduled payments or installments at times and in an amount of your choosing until the line of credit is exhausted}Home affordable foreclosure alternative (HAFA) {Ans: Design for borrowers who cannot afford their current mortgage and have a pressing need to transition to more inexpensive housing}Correspondent lender {Ans: Someone who processes under rights closes and funds their own files in their name and then sells a loan to other mortgage lenders}Real estate mortgage trusts (REMT) {Ans: A special form of REIT that invest in mortgages or mortgage backed securities distributes the bulk of their income to investors as dividends paid from the income on mortgages in the sale of mortgages}Home Mortgage Disclosure Act (HMDA) {Ans: To provide the public with information that will help show whether financial institutions are serving the house in credit needs of their neighborhoods and communities and the aid public officials and targeting public investments from the private sector two areas where they are needed}