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Lesson9_Origination

Lesson9_Origination - Real Estate Fundamentals Dr Eriksen...

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Real ± Estate ± Fundamentals Dr. ± Eriksen Lesson ± 9: ± Origination ± and ± Sec. ± Markets Texas ± Tech ± University 1 LESSON ± 9: ± LOAN ± ORIGINATION ± AND ± SECONDARY ± MARKETS FIN ± 3332: ± Real ± Estate ± Fundamentals LESSON ± OJBECTIVES 2 Comprehend ± How ± Mortgage ± Lending ± and ± Foreclosure ± Laws ± Differ ± Between ± States Understand ± How ± Lenders ± Attempt ± to ± Minimize ± their ± Exposure ± to ± Default ± Risk Role ± of ± Underwriting ± and ± Two ± Types ± of ± Insurance ± Describe ± Key ± Components ± of ± Secondary ± Mortgage ± Market Origins ± and ± Motivations ± of ± Secondary ± Market FORECLOSURE ± (Put ± Option) ± 3 DEFAULT: ± Failure ± to ± meet ± Reqs of ± Note Foreclosure: ± Ultimate ± Recourse ± of ± Lender
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Real ± Estate ± Fundamentals Dr. ± Eriksen Lesson ± 9: ± Origination ± and ± Sec. ± Markets Texas ± Tech ± University 2 DIFFERENCES ± ACROSS ± STATES 4 Main ± Difference Judicial ± Foreclosure ± (e.g., ± Kansas ± and ± Florida) Power ± of ± Sale ± (e.g., ± Texas ± & ± Georgia) Other ± Differences Rights ± of ± Redemption Deficiency ± Judgments FORECLOSURE ± IN ± TEXAS 5 Home ± Loans ± Secured ± by ± Deed ± of ± Trust 3 rd Party ± Holds ± Property ± Deed ± until ± Loan ± Repaid Loans ± Are ± Non Ͳ Recourse ± (Lender ± Can’t ± Sue ± for ± Loss) Equitable ± by ± Not ± Statutory ± Rights ± to ± Redemption Three ± Step ± Process ± after ± Default Notice ± of ± Default ± / ± Demand ± Letter ± by ± Lender ± Notice ± of ± Sale ± Filed ± After ± 20 ± Days ± of ± Demand ± Letter Auction ± by ± Lender ± on ± Courthouse ± Steps ± (1 st Tuesday) More ± Details ± @ ± KeepMyTexasHome.org ± FORECLOSURE ± ALTERNATIVES 6 Forbearance ± & ± Principal ± Write ± Downs Deed Ͳ in Ͳ Lieu ± of ± Foreclosure Short ± Sales
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Real ± Estate ± Fundamentals Dr. ± Eriksen Lesson ± 9: ± Origination ± and ± Sec. ± Markets Texas ± Tech ± University 3 UPFRONT ± PREVENTION ± OF ± DEFAULT ± 7 Two ± Main ± Options ± by ± Lender Carefully ± select ± who ± gets ± a ± loan ± (underwriting) Purchase ± Insurance ± in ± case ± borrower ± defaults Underwriting ± Process Verify ± the ± 3 ± C’s ± of ± Mortgage ± Lending Conventional ± v. ± Conforming ± Mortgage ± Loans Two ± Types ± of ± Mortgage ± Insurance ± Against Private ± Mortgage ± Insurance ± (PMI) Gov’t ± Sponsored ± Mortgage ± Programs ± (FHA/VA) Conforming ± Loans ± Eligible ± for
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