Secondary Mortgage Market Sets the Standards and Practices for Mortgage Lending
?>
Download eBooks and Software
 Fully Verified Winning System Since 1999 & Vip Club Picks!
Winning Sports Picks & Predictions By Zcodesystem.com - Nhl, Nfl, Mlb And Nba Predictions And Picks From The Best Experts In The Industry + Fully Automated System Proven Since 1999 Awesome Conversion 5.26% And Recurring 60% Commission!
The Lotto Black Book
This Radical Approach To An Online Sales Letter Converts In The 3-5%... We've Never Seen Something Like This Since The Early Days Of 2004-2005 And I'm Sure You Haven't Either... We Convert More Than Our Competition And We Pay Out More... Try It!
Paleo Recipe Book - Brand New Paleo Cookbook
Brand New Paleo Diet Cookbook With Over 370 Recipes. Pays 70% Commission On This High-quality, Easy To Sell Product. Get Banners And Promotional Material At Http://paleorecipebook.com/affiliates.html
Articles > Business and FinanceSecondary Mortgage Market Sets the Standards and Practices for Mortgage Lending
by: Syd Johnson
The Secondary Mortgage Market is responsible for the setting many of the rules and common practices that determines who gets a home loan. The secondary market includes Fannie Mae (Federal National Mortgage Association or FNMA), Freddie Mac (Federal Home Loan Corporation or FHLMC), Ginnie Mae (Government National Mortgage Association or GNMA) and a variety of other investment oriented institutions.
These institutions set the standards because they are the ones that will often buy and service your home loan after you have purchased your property. Although your lender handles all of your initial paperwork, there are several well established steps to take your Mortgage out of their hands and into the secondary market where additional fees, manpower and time that will be invested in servicing your home loan for a typical period of 15 to 30 years.
They Lend Money to Your Lender
Once your lender sells you home loan on the secondary market, it frees up the money to make another loan to another consumer looking to purchase their own property. It’s an intricate revolving system that was set up after the depression and refined after the massive Savings and Loans scandals in the 1980’s. It prevents your Mortgage Lender from running out of available cash when they approve lots of loans and assures you that each loan application gets a fair review regardless of the type, size and geographic location of your lender.
How does this all affect you?
Since your loan will spend the majority of its lifetime floating in the secondary market, they institutions involved have setup strict guidelines and requirements that determine what type of information is needed from you before they can work with your loan. All of the guidelines are based to some extent on the systems set up by Fannie Mae and Freddie Mac.
As each lender determines the type of risk they can absorb in the marketing they may work strictly within the guidelines of Fannie Mae and Freddie Mac or they may take a more flexible approach to approving their loans. The guidelines of these Mortgage giants are constantly changing, therefore, it is to your advantage to seek out a reputable company and Mortgage Broker that will fully comprehend them and know how they apply to your particular mortgage file.
Even better, get to know the players and rules on your own. Never be at mercy of a banker or Mortgage Broker again. For information visit the home pages of the following organizations:
Fannie Mae – http://www.fanniemae.com
Freddie Mac – http://www.freddiemac.com
Ginnie Mae – http://www.ginniemae.gov
?>
News on Business and Finance
The Business Finance Store Discusses the Effects of Business Credit on Personal Credit
The Business Finance Store discusses some of the potential repercussions of business credit on a business owner’s personal credit.Santa Ana, CA (PRWEB) May 22, 2012 A recent study by Pepperdine University and Dun & Bradstreet Credibility Corp. showed that most small businesses tend to get funding through traditional channels, the Washington Post reported. Seventy-one percent of small business ... The Business Finance Store Discusses Small Business Debt Collection
The Business Finance Store discusses some strategies for small business debt collection.Santa Ana, CA (PRWEB) May 23, 2012 Wonga, a high profile UK-based short-term lender, is being criticized by the British Office of Fair Trading for its debt collection practices, the BBC reported. One such debt collection tactic included suggestion that the debtor committed fraud and would be reported to the ... The Business Finance Store Discusses Business Incubators
The Business Finance Store discusses business incubators and how entrepreneurs can find the right one to develop their ideas into a successful business.Santa Ana, CA (PRWEB) May 20, 2012 Pinterest, the online virtual pin board, raised $100 million in a round of financing this week, The Wall Street Journal reported. The venture-capital funded tech startup is reportedly valued at $1.5 billion ... Canadian Business Eyeing Asia, Mexico, Brazil Like Never Before
Yet mood for expansion rests on stable economic growth at homeMISSISSAUGA, ON, May 23, 2012 /CNW/ - Federal Finance Minister Jim Flaherty's persistent coaxing of Canadian business to diversify international ... Equipment Leasing and Finance Association’s Survey of Economic Activity: Monthly Leasing and Finance Index
The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index , which reports economic activity for the $628 billion equipment finance sector, showed overall new business volume for April was $6.1 billion, up 20 percent from volume of $5.1 billion in the same period in 2011.
|
