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UNDERSTANDING RESIDENTIAL REAL ESTATE FINANCE It is estimated that 35% of sub-prime residential loans, more than a trillion dollars worth, originated between 2002 and 2007 could have or should have been originated as conforming, qualifying loans. During that period millions of borrowers received loans with inferior terms relative to their credit profiles. Financial literacy on the parts of the borrowing public and the lending community has all too often been absent. In Understanding Residential Real Estate Finance, author Patrick Mansell explains in simple terms those areas with which the public should be familiar in order to achieve the best results in a mortgage transaction. A consumer familiar with these concepts can expect to save many thousands of dollars and avoid costly errors when looking to finance or refinance a residential mortgage loan. Author Patrick Mansell entered the Mortgage Banking business in 1969. He has been involved in residential loan originations and the structuring of mortgage servicing transfers since co-founding his own mortgage banking firm in 1978. Mr. Mansell is a graduate of the University of Miami and holds the Mortgage Bankers of America’s highest designation, Certified Mortgage Banker (CMB). |
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MORTGAGE BANKING AND RESIDENTIAL REAL ESTATE FINANCEBy the Masters of the IndustryMortgage Banking and Residential Real Estate Finance is a compilation of 21 chapter articles written by 19 different contributors each a specialist in his own field related to mortgage finance. In a growing industry where the annual volume of sales measures in the trillions of dollars, it is virtually impossible for any one person to grasp all of the knowledge of the various professions that go into making up a real estate mortgage closing. Today Mortgage Banking organizations are so vast that the job descriptions at the working level become extremely narrow. With so many specialties involved in the business, cross training among the professions becomes problematic. These vast firms have entire departments to handle, for example, collections. Within the collections department there might be a dozen specialists that handle only loans more than sixty days past due. How broad will the scope of knowledge normally be for a person in such a position? How could it be possible for this person to have a working understanding of perhaps automated underwriting, loan closings, credit scoring or real estate valuation. But wouldn't it be better if that person in the sixty day past due department had a broader knowledge of the industry in which he or she works? Wouldn't it even be better if that person only had a better understanding of the workings of the mortgage servicing department of which he or she is a part? In addition to its appeal as a tool for mortgage related organizations to educate and cross train their people, the contributors have made every effort to write at a level that a lay person can understand. To the majority of the general public the purchase of a home is the single largest financial transaction they will ever make. Due to the intricacies and complicated nature of mortgage finance it is not difficult to make an expensive mistake when entering into a home financing transaction. This book discusses every part of the loan transaction including closings, conforming versus non-conforming loans, title insurance, loan amortization, and a myriad of other related subjects. A homeowner or homebuyer can use this book as a guide to working his way through the financing transaction and learning the difference between adjustable rate loans, fixed rates, balloons, and home equity loans. In fact, it goes farther than just the financing transaction by explaining in great detail home inspections, real estate valuations, title insurance and hazard insurance. These are all items of great importance on which a prospective home buyer will spend a great deal of money. As opposed to making them mere expense hurdles a person must jump through in order to close on their purchase, this book makes them living topics which can provide critical information worth fortunes if used correctly. Mortgage Bankers, Real Estate professionals, homeowners and home buyers will profit by learning the lessons in Mortgage Banking and Residential Real Estate Finance. Nowhere else in literature today is this much practical knowledge about the industry, written by such knowledgeable and experienced professionals, available in one place. |
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