Activity 1. 1 The Mortgage Process
Non-owner occupied
Second home
Condominium
Owner-occupied
Condominium
Multi-unit residence
Single-family residence
Townhouse
417,000
450,00
208,500
472,000
Fannie Mae
Freddie Mac
Sallie Mae
Ginnie Mae
Fannie Mae
Freddie Mac
Secondary Market
Federal Housing Administration
Securitization
Underwriting
Servicing
Processing
Secondary mortgage market entities
Primary mortgage market lenders
Government-sponsored entities
Commercial lenders
FHA, Fannie Mae and Ginnie Mae
Freddie Mac, Fannie Mae and HUD
Commercial Banks, S&L and Freddie Mac
Fannie Mae, Freddie Mac and Ginnie Mae
RHS mortgage
Conventional mortgage
FHA Mortgage
VA Mortgage
Processing
Underwriting
Brokering
Servicing
Originator
Processor
Underwriter
Broker
Condition approval
Final approval
Mortgage note
Lock-in agreement
Originating
Processing
Underwriting
Servicing
Owner occupied
Non-owner occupied
Rental property
Investment property
Manufactured home
Land
Mobile home
Single-family residence