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A mortgage which provides for securing the amount of the initial loan together with any sums later loaned to the mortgagor is known as a (n) ____
Hypothecate means ____
to give a thing as security without giving possession.
The phrase “the secondary mortgage market” refers to ____
a resale marketplace for existing trust deed loans.
A clause in a trust deed calling for an assignment of rents most benefits the ____
In real estate financing, the acronym “PMI” means ____
private mortgage insurance.
When a borrower defaults on a loan and the lender initiates judicial foreclosure, the right of possession to the property is held by the ____ during the redemption period.
In real estate loans, the term “impounds” most nearly means ____
If a lender accepts a deed-in-lieu of foreclosure, the lender ____
assumes any junior liens.
Which of the following entity does not buy loans in the secondary mortgage market?
Federal Housing Administration (FHA).
The mortgage insurance premium (MIP) paid on a Federal Housing Administration (FHA) loan protects ____