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 ± Process ± that ± Terminates ± Ownership ± of ± Mortgagor ± ± VERY ± Expensive ± for ± Lender Worried ± about ± Superior ± and ± Other ± Unknown ± Liens Usually ± Recover ± between ± 25 ± to ± 75% ± of ± Debt ± Owed ± Foreclosure ± Process ± Varies ± Significant ± Between ± States
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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., ± ± & ± 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 ±
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Lesson9_Origination - Real Estate Fundamentals Dr Eriksen...

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