Modern Real Estate Practice 19th Edition Unit 15 Study Guide Matching B

Blanket Loan
Type of mortgage used by developers, securing the loan with several parcels.

Office of Comptroller of the Currency
Fiduciary lenders are subject to the standards and regulations established by this office.

Buydown
A method of financing the purchase of property that temporarily (or permanently) lowers the interest rate through the payment of a lump sum of cash to the lender.

Certificate of Eligibility
The document that determines the maximum VA loan guarantee to which a veteran is entitled.

Equal Credit Opportunity Act
Lending law prohibiting discrimination based on marital status or sex.

Package Loan
A loan that finances the purchase of both real and personal property.

Conventional Loan
The type of loan viewed as most secure because of its low loan to value ratio.

Purchase Money Mortgage
A form of seller financing whereby the buyer gives the seller note and mortgage.

Truth in Lending Act
Law that requires lenders to reveal the true cost of borrowing money.

Real Estate Settlement Procedures Act
Law that is designed to ensure that buyer and seller are both fully informed of all closing costs.