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9780324142907

Real Estate Finance

by
  • ISBN13:

    9780324142907

  • ISBN10:

    0324142900

  • Edition: 8th
  • Format: Paperback
  • Copyright: 2000-02-01
  • Publisher: Cengage Learning
  • View Upgraded Edition

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Supplemental Materials

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Summary

Featuring an easy-to-read narrative format and contemporary focus, this text provides cutting-edge coverage of specialized mortgage lending procedures--including sources of mortgage money, constraints on those sources, loan qualifications, and laws and regulations that guide practices.

Table of Contents

Preface ix
Acknowledgments xi
History and Background
1(8)
Key Words and Phrases
1(1)
Introduction
1(1)
Landownership
1(1)
Background of Financing
2(1)
Financing Real Property Loans
2(1)
The Mortgage Loan Market
3(4)
A Look at the Future
7(1)
Questions for Discussion
7(2)
Money and Interest Rates
9(12)
Key Words and Phrases
9(1)
Introduction
9(1)
Federal Reserve Bank System
10(5)
The United States Treasury
15(1)
Interest Rates
16(4)
Usury
20(1)
Questions for Discussion
20(1)
Mortgage Money: Regulated Lenders
21(17)
Key Words and Phrases
21(1)
Introduction
21(1)
The Mortgage Credit Market
22(1)
The Mortgage Money Market
23(1)
The Primary Market
24(7)
Reserve Requirements for Depository Institutions
31(1)
Deposit Insurance
32(1)
Community Reinvestment Act (CRA)
33(2)
Life Insurance Companies
35(1)
Additional Federal Regulation of Home Mortgage Lending
36(1)
Questions for Discussion
37(1)
Other Primary Market Lenders
38(16)
Key Words and Phrases
38(1)
Introduction
38(1)
Mortgage Companies
39(8)
Automated Loan Underwriting
47(1)
Government Loan Programs
47(3)
Other Primary Market Lenders
50(2)
Miscellaneous Other Sources
52(1)
Questions for Discussion
53(1)
Mortgage Money: The Secondary Market
54(21)
Key Words and Phrases
54(1)
Introduction
54(1)
Expansion of the Secondary Market
55(1)
Selling Mortgage Loans
56(3)
Points
59(1)
Loan Purchasers
59(4)
Federal Underwriting of Mortgage Pools
63(5)
Loan Pools
68(1)
Tax-Exempt Bonds
69(1)
Mortgage-Backed Securities (MBS)
70(3)
Real Estate Mortgage Investment Conduits (REMIC)
73(1)
Mortgage Partnership Finance Program (MPF)
73(1)
Questions for Discussion
74(1)
The Mortgage Documents
75(23)
Key Words and Phrases
75(1)
Introduction
75(1)
History and Development
75(2)
State Laws Control Property Rights
77(1)
Conforming Loans
78(8)
Mortgage Variations
86(7)
Mortgage Procedures
93(2)
Standardizing Loan Documentation
95(1)
Questions for Discussion
96(2)
Mortgage Repayment Plans
98(19)
Key Words and Phrases
98(1)
Introduction
98(1)
Fixed-Interest, Constant-Level Plan
99(1)
Adjustable Rate Mortgage (ARM)
99(6)
Graduated Payment Mortgage (GPM)
105(2)
Pledged-Account Mortgage
107(1)
Buy-Down Mortgage
107(2)
Balloon Payment Note
109(1)
Straight Note
110(1)
Shorter Term Loans
110(2)
Home Equity Revolving Loans
112(1)
Other Alternative Plans
113(1)
Reverse Annuity Mortgage (RAM)
114(2)
Questions for Discussion
116(1)
Federal Government Underwriting Programs
117(33)
Key Words and Phrases
117(1)
Introduction
117(1)
Federal Housing Administration (HUD/FHA)
118(4)
Assumption of an FHA Loan
122(2)
Investor Mortgage Eliminated
124(1)
Loan Default and Foreclosure
124(2)
Interest Rate
126(1)
Limitations on Loan Amounts
126(2)
Secondary Financing with HUD/FHA-Insured Commitments
128(1)
HUD/FHA Program Details
128(6)
HUD/FHA Qualification Procedures
134(1)
Analyzing the Loan Application
135(3)
Department of Veterans Affairs (VA)
138(11)
Questions for Discussion
149(1)
Borrower Qualification
150(29)
Key Words and Phrases
150(1)
Introduction
150(1)
Equal Credit Opportunity Act
151(1)
The Loan Application
152(1)
Financial Evaluation of the Borrower
153(8)
Qualifying the Applicant
161(11)
Commercial Loans
172(2)
Private Mortgage Insurance
174(4)
Questions for Discussion
178(1)
Property Analysis
179(25)
Key Words and Phrases
179(1)
Introduction
179(1)
Property Appraisal
180(4)
Types of Appraisals
184(3)
Three Approaches to Property Value
187(5)
Property Characteristics
192(4)
Condominiums
196(2)
Cooperative Apartments
198(1)
Manufactured Housing/Mobile Homes
199(1)
Surveys
199(1)
Legal Descriptions
200(2)
Questions for Discussion
202(2)
Commercial Loans: Construction and Land Loans
204(15)
Key Words and Phrases
204(1)
Introduction
204(1)
Information Sources
205(1)
The Loan Application
205(4)
Preparation of Financial Statements
209(1)
Property Evaluation
210(1)
Land Purchase Loans
211(1)
Land Development Loans
212(1)
Construction Loans
213(5)
Questions for Discussion
218(1)
Commercial Building and Farm Loans
219(17)
Key Words and Phrases
219(1)
Introduction
219(1)
Special-Purpose Buildings
220(1)
Apartment Buildings
221(3)
Retail Store Buildings
224(1)
Shopping Centers
225(4)
Office Buildings
229(2)
Warehouse Buildings
231(2)
Farm and Ranch Loans
233(1)
Questions for Discussion
234(2)
Other Financing Practices
236(20)
Key Words and Phrases
236(1)
Introduction
236(1)
Home Builder Commitments
236(1)
Loan-to-Value Ratio (LTVR)
237(1)
Dollar Amount of Loan
238(2)
Land Leases
240(2)
Sale of Equity Interests
242(2)
SEC Regulations for Real Estate Transactions
244(1)
Supplier Financing
244(1)
Seller-Financed Home Mortgages
245(1)
Refinancing
246(2)
Title Protection
248(3)
Foreclosure
251(1)
Deficiency Judgments
252(1)
Obligations Involved with Default Insurance--Indemnity
253(1)
Questions for Discussion
254(2)
Technology Advances in Mortgage Lending
256(9)
Key Words and Phrases
256(1)
Introduction
256(1)
Computerized Loan Origination (CLO)
256(2)
Automated Underwriting Systems
258(2)
Credit Scoring
260(1)
Subprime Loans
261(1)
Mortgages on the Internet
262(1)
Online Real Estate Service
263(1)
Using Computerized Information in the Future
264(1)
Questions for Discussion
264(1)
Environmental Issues
265(22)
Key Words and Phrases
265(1)
Introduction
265(1)
Environmental Assessments for Home Loans
266(1)
Environmental Assessments for Commercial Loans
266(1)
Environmental Requirements of the Secondary Market
267(1)
Principal Environmental Problems
267(1)
Toxic Waste Sites
268(6)
Indoor Air Pollution
274(3)
Lead Poisoning
277(2)
Wetlands Protection
279(2)
Endangered Species Act
281(2)
Underground Storage Tanks
283(1)
Electromagnetic Forces
284(1)
Conclusions
285(1)
Questions for Discussion
286(1)
Settlement Procedures
287(22)
Key Words and Phrases
287(1)
Introduction
287(1)
Preliminary Information
288(1)
RESPA Requirements
289(4)
Truth-in-Lending Act
293(2)
Settlement Practices and Costs
295(10)
Final Closing Instructions
305(1)
Disbursement of Funds
306(2)
Questions for Discussion
308(1)
Glossary 309(10)
Appendices 319(22)
Index 341

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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