Underwriting and Financing Residential Properties 第八章 住宅地产的担保与融资 This chapter deals with the process of seeking long-term mortgage financing for owner occupied residential properties. Here we focus on two aspects of this process: loan underwriting and closing . When discussing the underwriting process, we consider borrower and property characteristics and how loan terms are established. We also consider the size of the loan relative to property value, loan payments relative to borrower income, and default risk undertaken by lenders. We discuss the use of mortgage insurance or guarantees that may be necessary to grant a given loan request in cases where the total risk of lending to a specific borrower is too great for a given lender to undertake. Insurance may be provided by private insurers, or, depending on the property and borrower characteristics, insurance or guarantees may be available from various government agencies. We look at the loan closing process in terms of the necessary accounting between the borrower, lender, seller, and other parties to a transaction in which transfer of title and a loan closing occur simultaneously, and we consider federal regulations that require certain practices from the lender regarding uniform disclosure of interest charges, closing statements, and collection of credit and other information about the borrower.
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