Larson Unit 8

the federal department that oversees the secondary mortgage market, FHA, VA and fair housing laws

The government organization that provides mortgage default insurance on loans from approved lenders to qualified borrowers

The clause in both FHA and VA loans that allows the applicant to cancel the agreement if the loan cannot be obtained

the organization that guarantees loans up to 100% LTV to qualified veterans

The market where mortgages are purchased from primary lenders to supplement the mortgage and lending process

an agency of the government within HUD that buys FHA and VA mortgages

the process of loan correspondents collecting payments, disbursing taxes and insurance and keeping records on behalf of the mortgage holder

the law that requires disclosures of loan terms and costs, including APR

the law that created standardized closing practices on federally related residential loans

the closing statement required by the Real Estate Settlement Procedure Act

a formal estimate or opinion of value supported by an analysis of relevant property data

an informal estimate of market value performed by a real estate licensee to assist in arriving at an appropriate price

the highest price in terms of cash or its equivalent that a willing buyer would pay and a willing seller would accept

a uniform measure of the cost of credit that includes interest and finance charges

the approach to value in which similar properties that have recently sold are compared to the subject property

the most important method for appraising unique or special-purpose properties

the cost to build a replica with the same or highly similar materials

the method of estimating reproduction cost through information contained in a published cost manual

the cost to replace improvements with others of similar quality but that are not an exact replica

a loss in value due to wear and tear

reduction in value based upon factors related to the propertys location

a lead lender organizes multiple lenders to join in a large loan

a lender uses a short-term loan from a commercial bank to fund its loan commitments