Transcription of INSTITUTIONAL LENDERS - Cengage Learning
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INSTITUTIONAL LENDERS - Cengage Learning
TM 31. Thomson Learning CHAPTER 2. INSTITUTIONAL LENDERS . PREVIEW. An INSTITUTIONAL lender , also known as a financial intermediary, is any depository that pools funds of clients and depositors and invests them into real estate loans. The lending policies of these institutions have a profound impact on the real estate market. In California, INSTITUTIONAL LENDERS include savings banks (former savings and loan associations), commercial banks, and life insurance companies. They are differentiated from noninstitutional LENDERS , such as individual or private LENDERS , in the following important ways: INSTITUTIONAL LENDERS are highly regulated and closely supervised by federal and state agencies, whereas private LENDERS are relatively free of regulations. Private LENDERS invest their own funds directly, or through mortgage brokers, into real estate loans, rather than through a financial intermediary. Regulated INSTITUTIONAL LENDERS are not subject to usury laws and may charge any rate of interest.
• Many institutional lenders qualify to make Department of Veterans Affairs (DVA) and Federal Housing Administration (FHA) loans. • There is an active secondary market for institutional loans, as
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