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Warehouse line of credit. A warehouse line of credit is a credit line used by mortgage bankers. It is a short-term revolving credit facility extended by a financial institution to a mortgage loan originator for the funding of mortgage loans. The cycle starts with the mortgage banker taking a loan application from the property buyer.
When you buy a home with a mortgage, that mortgage is the first or primary lien on the property. A second mortgage is an additional lien tied to your home. In the case of down payment assistance ...
e. Government policies and the subprime mortgage crisis covers the United States government policies and its impact on the subprime mortgage crisis of 2007-2009. The U.S. subprime mortgage crisis was a set of events and conditions that led to the 2007–2008 financial crisis and subsequent recession. It was characterized by a rise in subprime ...
In 2011, Bank of America, the second largest bank in the U.S. settled a lawsuit for $335 million. The lawsuit alleged that the bank charged higher fees and interest rates to African American and Hispanic borrowers compared to white borrowers with similar credit profiles. These citizens were completely taken advantage of.
A home equity line of credit, or HELOC ( /ˈhiːˌlɒk/ HEE-lok ), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term ), where the collateral is the borrower's property (akin to a second mortgage ). Because a home often is a consumer's most valuable asset, many ...
As a result, Norwest saw its non-performing loans increase 500 percent from 1983 to 1984, to more than $500 million. Further trouble came from the bank's mortgage unit, Norwest Mortgage Inc., which had been quickly built into the second largest holder of mortgages in the United States.
Mortgage insurance is a form of credit insurance, although the name "credit insurance" more often is used to refer to policies that cover other kinds of debt. Many credit cards offer payment protection plans which are a form of credit insurance. Trade credit insurance is business insurance over the accounts receivable of the insured. The policy ...
Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. [1] [2] Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage. [3] Whilst a standalone second mortgage is opened ...