Two Theories of Financing

Types of financing sources

Financial Institutions Reform, Recovery, & Enforcement Act (FIRREA)

Three parties to the deed of trust instrument

Conventional Loan

FHA Loan

VA Loan

Adjustable-Rate Loans

These are the 3 major secondary lenders

Annual Percentage Rate (APR)

Maker

Lender

Mortgage Broker

Mortgagor

Mortgagee

Straight Loan

Balloon Mortgage

Amortized Loan

Federal Truth in Lending Act (TILA)

Home Ownership and Equity Protection Act (HOEPA)

Good Faith Estimate (GFE)

Real Estate Settlement Procedures Act (RESPA)