| Federal National Mortgage Association. Fair Isaac (FICO) - One of the three main credit bureaus. A FICO score of 600 would be similar home lending a "C" in public school grading or a "C-" in private school grading. FHLB Advances - Funding provided by Federal Home Loan Banks. Freddie Mac - Federal Home Loan Mortgage Corporation. Government Sponsored Entity (GSE) - Private organizations home lending government charters whose function is to provide liquidity for the residential loan market. GSEs purchase loans from lenders and assume risk for the asset, thereby protecting the investors in home lending MBS. Home Equity Loan (HEL) Homeowners Insurance - Package policy that combines (1) coverage against the insured’s property being destroyed or damaged and (2) coverage for liability exposure of the insured. Jumbo mortgages - Loans with high risk of default ab initio. "They see something on TV or they contact the lender and they find out, my goodness, I can borrow all this money," says Dr. Patrick McMurry, and economics professor at Missouri Western State University. "It`s kind of like cha-ching, look at all the things home lending can do, but now that`s an asset they`ve paid for." In the USA, the process by which a mortgage is secured by a borrower is called home lending This involves the borrower submitting an application and documentation related to his/her financial history to the underwriter. Many banks now offer "no-doc" or "low-doc" loans in which the borrower is required to submit only minimal financial information. These loans carry a slightly higher interest rate (perhaps 0.25% to 0.50% higher) and are available only to borrowers with excellent home lending Sometimes, a third party is involved, such as a mortgage broker. This entity takes the borrower's information home lending reviews a number of lenders, selecting the ones that will best meet the needs of the consumer. Loans are often sold on the open market to larger investors by the originating mortgage company. Many of the guidelines that they follow are | bank foreign exchange rate best bank mortgage rate **
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