Transcription of 12. Real Estate Finance
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12. Real Estate Finance
12 Real Estate Finance BACKGROUND Finance is the lifeblood of the real Estate industry. Developers, contractors, real Estate brokers (REBs) and mortgage loan brokers (MLBs) should each understand how real Estate is financed. Traditional sources of loan funds are the financial depository institutions (depository institutions), including savings and loan associations, savings banks, commercial banks, thrift and loans and credit unions. Other non-institutional sources characterized as non-banks include mortgage bankers, Finance lenders, private individuals and entities, pension funds, mortgage trusts, investment trusts, and hedge funds. Insurance companies are neither depository institutions nor non-banks. These entities collect premiums from policyholders/the insured and invest some of the premium dollars in interests in real property, including equities and mortgage loans.
The secondary mortgage market (investors purchasing real estate loans originated by other lenders through mortgage backed securities) surpassed loan sources which dominated real estate lending prior to the 1990’s. The significant financial collapse and consolidation of the savings and loan and savings bank industry that
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