It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. A security that is issued by a federal agency, such as the Federal Home Loan Mortgage Corporation, or the Federal National Mortgage Association, that is backed by mortgages.
Payments to investors are received out of the interest and principal of the underlying mortgages. A non-profit, community advocacy and homeownership organization with the goal of building strong, healthy neighborhoods nationwide through affordable homeownership. A feature in some types of mortgages where the remaining scheduled principal and interest payments are recalculated based on a new amortization table.
Most often, a recast is associated with a negative amortization mortgage which must recast at some point so that the mortgage will be paid off by the end of its scheduled term. An institution with the capacity of a master servicer and the ability to originate mortgage loans and to provide administrative support for a residential mortgage lending program. The term is generally used to encompass the segment of real estate properties that are either in foreclosure and have not yet been sold as well as homes that owners are delaying putting on the market until prices improve.
Shadow inventory causes reported data on housing inventory to understate the actual amount of inventory in the market. A situation in which people in the labor force are employed at less than full-time or jobs or positions compensated below their level of skill and experience.
A similar definition, based on counties, is employed for nonmetropolitan areas. Borrowers at or below percent average median income in California, or properties located in underserved areas.
A secondary mortgage market term which refers to an investment in an original mortgage loan, versus a loan which participates in a secured pass-through security. Skip to main content.
Glossary of acronyms used in this report. A ALT-A A category of mortgages which have a risk potential that is greater than prime but less than subprime. B Basis Point One hundredth of one percent;. Benchmark An index that is used as the standard for comparison in measuring the performance of a given portfolio. Start on. Show related SlideShares at end. WordPress Shortcode. Share Email. Top clipped slide. Download Now Download Download to read offline. Scott Schang Follow. Centri Logic Press Release.
Blogging For Business. Skip to main content. HARP must be through your existing loan servicer. Where can I learn more? How does that work? Do I have to pay back my second loan? Any employee of a California public school or community college Can work in any capacity Can work in school district Pay check stub from public school system If you are eligible for CalSTRS pension benefits Provide certificate of eligibility Do not have to be currently employed Any eligible borrower makes family eligible 7.
Loan Purchase Eligibility Guidelines 2. CalSTRS stmt example.
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