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Mortgage pipeline risk |
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Mortgage pipeline riskThe risk associated with taking applications from prospective mortgage borrowers who may opt to decline to accept a quoted mortgage rate within a certain grace period.Mortgage pipeline risk Similar MatchesFirst mortgageFirst mortgageA mortgage which carries priority over any subsequent mortgages if the borrower goes into default and his/her assets have to be sold to pay creditors. Federal National Mortgage AssociationFederal National Mortgage AssociationIn the US, a government-backed corporation which purchases mortgages from lenders and resells them to investors. It is financed by the issue of debt securities. Equity shares, known as Fannie Maes, are traded on the New York Stock Exchange. Blanket MortgageBlanket Mortgage(1) A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning it is also called a "general mortgage". Renegotiable Rate MortgageRenegotiable Rate MortgageA real property loan calling for an adjustment in the interest rate at a given time. Example: A loan with a 15 year amortization is adjusted to current interest rates after 2 years. The lender agrees to make the adjusted loan at the new rate as long as the old loan is not in default. The Federal Reserve Board allows the original loan to be treated either as a balloon payment loan or a variable rate loan. However, points must be figured into the A.P.R. based on the time or renegotiation (2 years rather than 15). Mortgage InsuranceMortgage InsuranceInsurance written by a private mortgage insurance company (referred to as an 'PIC') protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price. The Federal Government writes this form of insurance through the FHA and the VA. Further SuggestionsFlexible mortgageMortgage term Cap & collar mortgage endowment mortgage Wholesale mortgage banking interest only mortgage Mortgage deed Index tracker mortgage Secondary Mortgage Market Freddie Mac (Federal Home Loan Mortgage Corporation) Mortgage broker Mortgage Bonds Federal National Mortgage Association (FannieMae) Shared appreciation mortgage Equity linked mortgage Portable mortgage discounted rate mortgage General Mortgage Bond Private Mortgage Insurance (PMI) Private Mortgage Insurance graduated payment mortgage Veterans Administration (VA) mortgage Junior mortgage Strip mortgage participation certificate (strip PC) Mortgage Banker |
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