> Underwriting
The process of analyzing a loan application to determine the amount of risk involved in making the loan it includes a review of the potential borrowers credit history and a judgment of the property value.
> Partial Claim
A loss mitigation option offered by the FHA that allows a borrower with help from a lender to get an interest-free loan from HUD to bring their mortgage payments up to date.
> Credit bureau score
A number representing the possibility a borrower may default it is based upon credit history and is used to determine ability to qualify for a mortgage loan.
Combat Unlawful Practices In Lending
The FTC sued First Alliance Brian Chisick and Sarah Chisick in October 2000. In May 2001 the federal district court consolidated the FTC's October 2000 complaint with complaints that were previously filed by the states AARP and the private parties against First Alliance Brian and Sarah Chisick and certain First Alliance employees. The complaints were filed as part of the FTC's states' and AARP's continuing effort to combat unlawful practices in the lending industry.
Brokers Urge New Scale For Jumbo Mortgages
Audio, RM, 48 Kbps, 2:58:00 AM, 8/19/2005
Reporter Scott Horsley reports on federally sponsored underwriters Fannie Mae and Freddie Mac back mortgages up to $369,000. Without federal underwriting, home buyers pay a higher interest rate. Source: National Public Radio
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