Foundations of the Mortgage Industry (Part II)
There are two markets that structure the mortgage industry.
- The primary market: Where loans are originated. This consists of Brokers, Mortgage Loan Officers, Banks, Credit Unions and Thrifts.
- The secondary market: Where loans are sold. This consists of Fannie Mae (FNMA), Freddie Mac (FHLMC), Ginnie Mae (GNMA), Wall Street, and wholesale line of credit accounts. Interesting to note, FHA, VA, and USDA are in neither market. Read the rest of this entry
What Is Your Credit All About?
Understanding how your credit works is vital in today’s world. Nowadays, it seems that your credit matters more than how much cash you have in the bank. So here is a summary of what it’s all about. The three big credit agencies are Experian, Equifax, and TransUnion, also known as repositories. Each agency uses a scoring system from the information reported to them about consumers. TransUnion’s uses what is called a Vantage Score, while Experian and Equifax is FICO or Beacon. Within these agencies there are three types of credit reports that can be pulled. Read the rest of this entry