6 Questions
What is the primary role of the secondary mortgage market?
To purchase loans from lenders and package them into securities
Which of the following is NOT a government-sponsored enterprise (GSE) in the secondary mortgage market?
Federal Deposit Insurance Corporation (FDIC)
What is the primary purpose of private mortgage insurance (PMI)?
To protect lenders against borrower default
What is the purpose of the Equal Credit Opportunity Act (ECOA)?
To prohibit discrimination in lending practices
What is the purpose of the Real Estate Settlement Procedures Act (RESPA)?
To require disclosure of settlement costs and prohibit kickbacks
Which of the following is an example of a loan program that can be a fixed loan or a line of credit?
Home equity loan
Learn about the primary and secondary mortgage marketplaces, government influence, types of loan programs for real estate financing, and alternative special-purpose loan programs. Prepare to describe roles, impacts, and differences between conventional, government, and private loan programs.
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