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Real Estate - A market comprising investors like GNMA, FHLMC and FNMA, who buy large numbers of mortgages from the primary lenders and resell them to other investors.
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: Fannie Mae, Fannie Mae-Seller/Servicer, Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Ginnie Mae, Government National Mortgage Association (Ginnie Mae), Government National Mortgage Association (GNMA or Ginnie Mae), mortgage banker, Secondary Mortgage Market
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Real Estate - The buying and selling of first mortgages or trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value (par) or above, but are usually sold at a discount. The secondary mortgage market should not be confused with second mortgages.
U.S. Census Bureau - Cite This Source - This Definition - The buying and selling of mortgage loans. Investors purchase residential mortgages originated by lenders, which in turn provides the lenders with capital for additional lending.
US Department of Housing and Urban Development - Cite This Source - This Definition - The market in which mortgage loan and mortgage-backed securities are bought and sold.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Fannie Mae, Fannie Mae-Seller/Servicer, Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Ginnie Mae, Government National Mortgage Association (Ginnie Mae), Government National Mortgage Association (GNMA or Ginnie Mae), mortgage banker, Secondary market
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Real Estate - The entity that performs mortgage servicing.
U.S. Census Bureau - Cite This Source - This Definition - A business that collects mortgage payments from borrowers and manages the borrower's escrow accounts.
US Department of Housing and Urban Development - Cite This Source - This Definition - A firm that performs servicing functions, including collecting mortgage payments, paying the borrower's taxes and insurance and generally managing borrower escrow accounts.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Buydown, Co-Signed Account, Escrow, Escrow Account, Escrow analysis, Impound account, Individual retirement account (IRA), inflation, Lease Purchase (Lease Option), Servicing, Trust account, Vested
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Real Estate - Same as "mortgage servicing." See also "mortgage servicing."
U.S. Census Bureau - Cite This Source - This Definition - The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
US Department of Housing and Urban Development - Cite This Source - This Definition - The responsibility of collecting monthly mortgage payments and properly crediting them to the principal, taxes and insurance, as well as keeping the borrower informed of any changes in the status of the loan.
Ginnie Mae - Cite This Source - This Definition - The tasks a lender performs to protect the mortgage investment, including the collection of mortgage payments, escrow administration, and delinquency management.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Buydown, Co-Signed Account, Escrow, Escrow Account, Escrow analysis, Impound account, Individual retirement account (IRA), inflation, Lease Purchase (Lease Option), Servicer, Trust account, Vested
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Real Estate - See: closing costs.
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: Bona fide, closing (or settlement) costs, Closing statement, Good faith estimate, HUD-1 Settlement Statement, HUD1 Statement, No Cost Loan, Real Estate Settlement Procedures Act (RESPA), RESPA, Settlement Statement, Uniform Settlement Statement
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Real Estate - A document required by the Real Estate Settlement Procedures Act (RESPA). It is an itemized statement of services and charges relating to the closing of a property transfer. The buyer has the right to examine the settlement statement 1 day before the closing. This is called the HUD 1 Settlement Statement.
US Department of Housing and Urban Development - Cite This Source - This Definition - A document that lists all closing costs on a real estate purchase or refinance transaction.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Bona fide, closing (or settlement) costs, Closing statement, Good faith estimate, HUD-1 Settlement Statement, HUD1 Statement, No Cost Loan, Real Estate Settlement Procedures Act (RESPA), RESPA, settlement costs, Uniform Settlement Statement