Dabney, now a mortgage loan officer with Wells Fargo Bank, described Jordan as a hard-working competitor.
What's the ripple effect from record mortgage loan defaults and a lowered interest rate?
Prosecutors accused Frenkel of fraud for providing Citigroup with false information so First Republic could obtain the mortgage loan.
Not the mortgage, the note, which is the actual IOU that people sign, promising to pay back the mortgage loan.
The FHA considers these increases to be marginal and affordable for nearly all homebuyers who would qualify for a new mortgage loan.
FORBES: How The Payroll Tax Cut Is Costing Low Income Borrowers
And "underwater"(having, relating to, or being a mortgage loan for which more is owed than the property securing the loan is worth).
CNN: Adding 'f-bomb' to dictionary makes for an 'aha moment'
This is where mortgage loan files impatiently wait their turn to be reviewed and formally approved by an underwriter, a loan approver.
Exacerbating the problem is that as home prices have decreased, many lenders have increased the down-payment amount required to obtain a mortgage loan.
FORBES: Down Payment on Home Out of Reach for Half of U.S., Poll Finds
Enter the age of the double and triple checked, redundantly verified, every nook and cranny financial detail examined era of mortgage loan approval.
"Many credible people were public about their dissatisfaction with the mortgage loan market, " says Janet Tavakoli, a structured finance expert with her own Chicago consulting firm.
The housing affordability index (HAI) measures whether a family earning a median income could qualify for a mortgage loan on a median-priced, single-family home.
So, in 2015 when you are buying a Mercedes on eBay, don't be surprised if it's also where you meet your wife and get a mortgage loan.
For insurance purposes, the replacement cost of a home is NOT the market value of the home, its purchase price or the outstanding amount of any mortgage loan.
For example, a renter who lashes out on electronics will currently have a lower rate whereas an owner-occupier with a big mortgage loan will have a higher one.
That is, the person who took out the mortgage loan to pay for the house no longer owes the loan, because he no longer knows whom to pay.
If a lender makes a mortgage loan, he or she can repackage that obligation with other loans and sell it on the secondary market to reduce the risk.
They have hunted and gathered, photocopied and surrendered every income, asset and credit document that might even remotely testify to their ability to repay the mortgage loan they seek.
But the bank is potentially under reserved in the event Fannie Mae ( NYSE:FNM), Freddie Mac (NYSE:FRE), and the Federal Home Loan Banks prevail in forcing significant mortgage loan repurchases.
Even a seven-month low for 30-year mortgage loan rates failed to stimulate buyers with the purchase index falling by 1.4%, although some home owners took advantage by refinancing at lower rates.
FORBES: Gap Chief Spins Yarn Investors Find Hard to Swallow, Beazer Junk Sells Off
Kenneth Kaiser, FBI assistant director for the Criminal Investigative Division, said the FBI has developed an initiative focused on subprime mortgage loan fraud and is working with investigators from other federal agencies.
Borrowers must read the terms of the note, outside of the initial monthly payment, to gain a full understanding on how much they can expect to pay throughout the life of their mortgage loan.
Others responding to the survey indicated that their mortgage loan would either have to require a much lower down-payment (20 percent), or they would have to borrow the down-payment regardless of how much it was (18 percent).
FORBES: Down Payment on Home Out of Reach for Half of U.S., Poll Finds
Loan officers source and originate mortgage loans, they collect your information and your documents and submit your mortgage loan to a team of processors and underwriters, loan officers do not have the authority to approve your loan.
The amount of the reverse mortgage loan is also determined by the youngest person who owns the home, so a 70-year-old person who is co-owner of a home would lower the amount her 75-year-old spouse would otherwise get.
Papers were signed, documents were gathered and photocopied, the appraisal was done, more documents were gathered and photocopied, verifications were made and the completed loan file has now been submitted to the underwriting queue for the coveted mortgage loan commitment.
According to the MBA, as of the week ending June 3, 2011, mortgage loan applications, as measured by the seasonally adjusted Purchase Index, decreased by 4.4% over the course of the previous week and by 3% over the month of May.
FORBES: Mortgage Demand Wanes Despite Historically Low Interest Rates
"If a mortgage loan can be modified during bankruptcy, it will be far more difficult to originate or sell mortgages in the secondary market, " says a Dec. 4 letter from the Securities Industry and Financial Markets Association to the Senate's Judiciary Committee.
At the end of the day, your mortgage loan will be originated, processed, approved and closed by people, software and institutions will be the platforms that allow individuals to do their jobs, but you are choosing people to help with the single biggest financial decision most people will make.
FORBES: A Look Behind The Curtain: How To Choose A Mortgage Lender
应用推荐