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Legislation enacted in 1982 that provided the thrift industry more flexibility in managing assets and liabilities. As a result, the thrifts were authorized to: (1) invest up to 50% of assets in construction and development loans; (2) invest up to 30% of assets in consumer loans, commercial paper, and corporate debt; (3) own real estate development companies; (4) use land and other noncash assets in the capitalization of new charters, instead of the previously required cash; and (5) offer money market deposit accounts.
- Browse Related Terms: American Recovery and Reinvestment Act of 2009, Conservatorship, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), Emergency Economic Stabilization Act (EESA), Garn-St. Germain Depository Institutions Act, Housing and Economic Recovery Act (HERA), Inspector General Act, Inspector General Reform Act, Interest Rate Risk
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Geocode refers to the combination of applicable codes for the metropolitan area, state, county and census tract. These codes indicate the location of the property to which a loan relates.
Beginning with calendar year 2004 data, the combination is MSA-MD/state/county/census tract.
- Browse Related Terms: Activity Year, Census Tract, County Code, Geocode, Metropolitan Division (MD), Metropolitan Statistical Area (MSA), Metropolitan Statistical Area (MSA) / Metropolitan Division (MD), Quality Edits, State Code, Syntactical Edits, Validity Edits
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An estimated breakdown of the costs of a mortgage loan. The Real Estate Settlement Procedures Act (RESPA) requires your mortgage lender to give you a good faith estimate of all your closing costs within 3 business days of submitting your application for a loan, whether you are purchasing or refinancing a home. The actual expenses at closing may be somewhat different from the good faith estimate.
- Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio
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A document which tells borrowers the approximate costs they will pay at or before settlement, based on common practice in the locality. Under requirements of the Real Estate Settlement Procedures Act (RESPA), the mortgage banker or mortgage broker, if any, must deliver or mail the GFE to the applicant within three business days after the application is received.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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A government-owned corporation within HUD. Ginnie Mae guarantees investors the timely payment of principal and interest on privately issued MBS backed by pools of government issued and guaranteed mortgages.
- Browse Related Terms: Conventional Conforming Mortgage Loans, Emergency Home Finance Act of 1970, Federal Housing Enterprises Financial Safety and Soundness Act of 1992, Federal National Mortgage Association Charter Act of 1954 (Charter Act), Government National Mortgage Association (Ginnie Mae), Government-Sponsored Enterprise (GSE), Housing and Urban Development Act, Implied Guarantee, Loan Type, Private-Label Mortgage-Backed Securities (Private-label MBS), Private-Label Mortgages, Senior Preferred Stock Purchase Agreement (PSPA)
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Business organizations chartered and sponsored by the federal government, which include Fannie Mae, Freddie Mac, and the FHLBanks.
private corporations created by the U.S. Government to reduce borrowing costs. They are chartered by the U.S. Government but are not considered to be direct obligations. For example, Fannie Mae and Freddie Mac are GSEs.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Conventional Conforming Mortgage Loans, Emergency Home Finance Act of 1970, Federal Housing Enterprises Financial Safety and Soundness Act of 1992, Federal National Mortgage Association Charter Act of 1954 (Charter Act), Government National Mortgage Association (Ginnie Mae), Government-Sponsored Enterprise (GSE), Housing and Urban Development Act, Implied Guarantee, Loan Type, Private-Label Mortgage-Backed Securities (Private-label MBS), Private-Label Mortgages, Senior Preferred Stock Purchase Agreement (PSPA)
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The person conveying real property by a trust deed as security for the performance of an obligation.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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The income reported is the total gross annual income an institution relied upon in making the credit decision.
"NA" is used 1) when an institution does not ask for the applicant's income or rely on it in the credit decision, 2) the loan application is for a multifamily dwelling, 3) the applicant is not a natural person (a business, corporation or partnership, for example), or 4) the applicant information is unavailable because the loan was purchased by your institution. "NA" is also used for loans to an institution's employees to protect their privacy.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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A pledge to investors that the issuing company will bear the default risk on the collateral pool of loans, thereby ensuring the timely payment of principal and interest owed to investors.
- Browse Related Terms: First Mortgage, Guarantee, Hazard Insurance, Lender-Placed Insurance, Lien, mortgage, Mortgage Insurance (MI), second mortgage, Suspension