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Two Theories of Financing
Types of financing sources
Financial Institutions Reform, Recovery, & Enforcement Act (FIRREA)
Three parties to the deed of trust instrument
Conventional Loan
FHA Loan
VA Loan
Adjustable-Rate Loans
These are the 3 major secondary lenders
Annual Percentage Rate (APR)
Maker
Lender
Mortgage Broker
Mortgagor
Mortgagee
Straight Loan
Balloon Mortgage
Amortized Loan
Federal Truth in Lending Act (TILA)
Home Ownership and Equity Protection Act (HOEPA)
Good Faith Estimate (GFE)
Real Estate Settlement Procedures Act (RESPA)
