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September 6, 2007=
Residential Mortgage Lenders - Finance - Rooks <= /span>
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SrLAAgzcduCKLA5WwoslOoJWOGtBtNkM1+CAw4UA9IDJNEuFUwBAoL0ngQQxRuKAAxEQ2OKTUE4U UwtOMvIgLTxhBBQjcg2kww4YafLDIsAsBB11HQRWpSMRTDDBmlHGKWc5YSXJSI2fvBWOULN4dg1S PAIQhCeG9BWOAg9t1ZqdkGhgAaNzRiqpMY3VwOhOtPx0TZfTJLdIJiAR4BwjZ37yAAQLZqdiJRts AOeksMbKSk1V6lkcjoZ4diF91yxFaCP5/xmCaDhHHkRBIwBC6sgFgcrq7LOu2CQZRz1pBkNcOxqS 4UDLLbKXELQkEN0iIy70wQcgPFKBIyeuSgkG7kIr77yhPAhhJCg8IlQ4OnxmCH31GcIJENecFo5D UhVLy3UUfIKALww4oCwjGYxE78UYh7KWPI98NBINONCC1IabEDyoh6SKe025A50LAhGuMVLBfwEi sMBIETS5HQbwNsIBBxZnLPTQj7g13JYjxbfDIj5yyIhewQAQLAD7AdDAAwBAIAE3jTBMi80oMsCA eW5qoMF2GWTwswdsB03020MTcWMjAU33CDR2j1tIuUQcSXckdjuyZOB3W8K2B5+8Cvfik00WGWGR RPZHJN2G+O143RC9R7nmkzjO+Oeg75JmvKGXbvpUrTV7+uqsl5Sddq3HLjtFAA6o+Oy45/4K2BPr 7vvvqUgO/PDEt2L37fkEAgA7 ------=_NextPart_01C7F094.DE564410 Content-Location: file:///C:/27744CD3/3ResidentialMortgageLendersChapter3_files/slide0002.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Slide 1
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Introduction
pChapter 2 explained the relatio= nship between the;
p● Primary Market
and the
● Secondary Market 
In Chapter 3, we= will take a closer look at the Primary Market.
p 1. Look at different types of residential mortgage lenders <= /div>
- 2. Then 2 Historic Events <= /span>
- a. The Great Depression
b. Savings and Loan Crises of 1990
-● Concluding with recent trends in the mortgage industry
- a. The dominance of giant nationwide lenders
b. The growth of Sub-Prime mortgage lending.
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Types of Mortgage Lenders
pThere are five main sources of residential mortgage = financing in the primary market.  These are:
= p
= p ● = Commercial Banks
= p ● = Savings Banks
= p ● = Savings and Loans Associations
= p ● = Credit Unions
p ● Mortgage Companies

The le= nding practices of these five have the greatest = impact on real estate transactions
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Commercial Banks
pCommercial banks main functions at the beginning was <= span style=3D'position:absolute;top:30.75%;left:5.99%;width:99.25%;height:6.0%'= >to make loans to commercial entities, merchants, and other businesses. Initially they were simply a safe place to keep money.  Evolving into ba= nks that paid interest on their deposits and made loans.  Still later, they began offering checking accounts to facilitate the transfer of funds in commercial transactions.
pCommercial banks have always been involved in c= ommercial lending, making funds available for business ventures and construction.
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Commercial Banks ~ 2
pDevelopments in banking dur= ing the twentieth century, and massive regulatory changes in the 1980’s, along with the expansion of the secondary market, made residential lending more attractive to commerci= al banks.
<= span style=3D'mso-special-format:nobullet;display:none;color:#666600;mso-color-= index: 2;font-family:Wingdings;font-size:75%'>pThough the commercial banks= did evolve into residential lending it is still a very small par= t of their loan business, approximately 15% of their total loans.
= pIn the United States commer= cial banks are either federally chartered as national banks, or state chartered banks. &nbs= p;
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Commercial Banks ~ 3
pCommercial banks are distinguished from investment banks. Investment b= anks are securities firms.  They <= /span>create and arrange the sale of government and corporate bonds, manage corporate finances, as well as handling mergers and acquisitions.  Investment ban= king does not involve handling deposits, paying interest on deposits, or making loans.
pThe financial services Modernization Act of 1999 changed many of the old rules making it legal for a company to have a bank, a securities firm, and an= = insurance company as subsidiaries.
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Savings= Banks (Mutual Savings Banks)
pSavings banks started out as Mutual Savings Banks whose function was to make loans to their depositors.  These banks targeted small depositors, especially immigrants i= n the early part of the 19= th=  Century.  Savings banks make home mortgage = loans, consumer loans fro the purchas= e of furniture, as well as automo= biles. These banks were state chartered originally, but were involved in only 16 states.
pThat was changed with the Garn-St. Germain Act in 1982.  This gave savings banks the option of state or federal charters allowing the fede= rally chartered Savings Banks to be either mutual companies or stock companies.  Additionally this act permitted checking accounts, savings accounts, and credit cars as = well as consumer loans and home mortgages.<= /span>
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Savings & Loan Association
<= span style=3D'position:absolute;top:24.5%;left:5.99%;width:99.43%;height:6.0%'>= pSavings and Loan Associatio= ns also began in the 19th century.  They were originally known as bui= lding and loan associations, formed in and for local communities = to finance the construction of homes.  These were designed to serve only its members who would poo= l = their assets, taking turns to build houses for themselves.  After all of the members = had solved their financial real estate needs the association would be dissolved.  
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Savings & Loan Association ~ 2
= pOver the years savings and loans associations began making loans to nonmembers.  They began to solicit savings accounts from depositors, paying interest, while servicing the accounts.  Eventually they became permanent institutions.  Their lending activities remained, primarily, in sing= le family homes.
pRegulatory changes in the 1970’s and 80’s allowed savings and loans to become more like banks.  They were allowed to offer checking accounts and make other t= ypes of loans.
pSavings and loans are also known as thrifts.=
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Credit Unions
pCredit unions began in the U.S. in the early 20th century.  They are nonprofit organizations designed to serve the members of a particu= lar group.
pCredit unions originally specialized in small, personal loans that = were often unsecured. These small unsecured loans = to small investors were n= ot offered by other institutions, consumers had to = turn to pawn shops and loan sharks.  They also offered equity <= /span>loans, loans in the equity of a property already owned.  These <= span style=3D'position:absolute;top:58.5%;left:5.99%;width:88.2%;height:5.25%'>= were normally short term loans. =
pDeregulation of lending institutions in the early 1980’s made long = term home loans available to their members.  This is still a = relatively small part of the home loan market .= 3;
pCredit Unions being nonprofit organizations are normally exempt from taxes.  This advantage, among others, allows credit unions to loan money to members a slightly less than mark= et rates.
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Mortgage Companies
pMortgage companies, also called mortgage banking companies or mortgage bankers. Mortgage companies are not depositories institutions and their business is completely focused on mortga= ge loans.
pMortgage companies make loans to borrowers in much the same way as a bank or savings and loan would. Since mortgage companies are not depository institutions they have to raise capi= tal for loans in other ways.
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How Mortgage Banking Works
= pIn most cases the mortgage company borrows funds from institutional lenders, make the loans, sell the loans on the secondary market, and realize= a profit in the up front points that borrowers pay.  They can then loan the proceeds from the sale of the loan, or pay the borrowed funds to the source= of their loan, in total, or in part.
= pMortgage companies can also= act as loan correspondents.    A loan correspondent makes l= oans to home buyers from funds received from investors.  The investors then pay the mortgage company to service the loans.  This can be a substantial source = of income.
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Mortgage Bankers
pLoan correspondents work wi= th sources of capital, such as insurance companies, and retirement funds. 
= pWhether they are acting as = loan correspondents or acting on their own, mortgage companies keep few = = loans in their portfolio.
pMortgage companies then loan the funds of others, who they call investors, in one instance= the borrow funds and loan the borrowed funds to home buyers, in the second instance they place the funds of large investors, and get p= aid for servicing the loans.
pThe key to the Mortgage Ban= ker is the secondary market and selling the loans.
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Independent Mortgage Companies
<= span style=3D'position:absolute;top:24.5%;left:5.99%;width:99.62%;height:6.0%'>= pMortgage companies without institutional affiliations are called independent mortgage companies.  These independent mortgage companies have very few regulations, certainly less than institutional lenders.  = = Most lending institutions are subject to regular inspections, these mortgage companies are audited only when complaints are filed with the Federal Trade Commission.
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Mortga= ge Bankers vs. Mortgage Brokers
pThe term mortgage banker is often confused with = “Mortgage Broker”.
pThe mortgage banker originates loans in its own name <= span style=3D'position:absolute;top:44.25%;left:5.99%;width:89.13%;height:6.0%'= >or on behalf of investors.  The mor= tgage banker processes the borrower’s application, makes the = underwriting decision, and finds the loan.  It then sells the  loan or delivers it to the investor.  After selling or delivering the loan the mortgage banker often acts as the servicer, process= ing the payments for the borrower on behalf of the purchaser or = the investor.
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Mortgage Broker
<= span style=3D'position:absolute;top:24.5%;left:5.99%;width:100.74%;height:6.0%'= >pA mortgage broker is not a lender but an intermediary who brings a borrower together with a lender in exchange for a commission.  Borrowers go to the mortgage broker for help to find a loan.  The mortgage broker then contacts all the banks and regular institutional lenders that they deal with and finds who = can arrange the loan.  Once the l= oan is arranged, the mortgage broker’s role or involvement is comes to an end.  In California most mortgage brokers are real estate b= rokers.
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Mortga= ge Bankers & Mortgage Brokers
pMortgage Banker =
p● A type of lender
p● Takes buyer’s application, makes underwriting decision, and funds loan&= #13;p● May service loan after selling loan.
pMortgage Broker
p● An intermediary not a lender. =
p● Helps buyer choose and apply for a loan
p● Doesn’t underwrite, fund, or service a loan
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Private Lenders
=
pPrivate investor grou= ps put large amounts of money into real estate transactions.  These groups a= re formed by individuals, using different forms of ownership, to take advantage of the <= span style=3D'font-size:93%'>generous returns to investors. <= /div>
pReal estate limited partnerships, real estate investment trusts (REIT’s) corporations, small groups holding discounted notes as tenants-in-common, like to invest in real estate loans.  These groups are more active in commercial loans.
pFor home buyers the m= ost important private investor is the former owner of the property who carries all of the financing or a smaller part in the way of a 2nd=  trus= t deed or mortgage.
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Comparing Types of Lenders
pIt is terribly important for th= e real estate professional to know who the likely lender is on a transaction.  Today = lenders still prefer certain loans and there is a = better chance that the lender w= ill make a loan in an area that they prefer.
pIn yesteryear it was critical t= hat the real estate professional knew who would make the loan.  In = the past lenders were only al= lowed to make certain loans, that become their expertise.  In the latter part of the 20th cent= ury government regulations tended = to group most lenders into one huge category.  Still you need to know who the pl= ayers are that will likely welco= me your request and process your needs in a timely fashion.
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Government Intervention
pGovernment intervention has occurred in the lending = industry from time to time.  The creat= ion of the secondary mortgage market was a huge, and positive, government intervention.  There are two = other areas that you need to be aware of because of their long las= ting effects on the lending industry and ultimately you as = = real estate professionals.
pThese two interventions occurred in the great depression = of the 1930’s and again in the savings and loan collapse = of the 1980’s.
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Foreclosure Epidemic of the 1930R= 17;s
pDuring the great depression= the impact was so great that at one time about half the mortgage = debt of the United States was in default.  This represented thousands of = homeowners.
pIn 1933 government estimates tell us that about 1,000 homes were being foreclosed on everyday.  Some states passed legislation forcing a moratorium on home foreclosures.
pMortgage lending came to a standstill, financial institutions failed, the construction industry came to a standstill.
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New Deal Initiatives
pMany agencies, programs instituted during the “New Deal” of the 1930’s exist today.  The new deal was an attempt to put the United States bac= k on its “economic feet”, mortgage lending was part= of that effort.
pFHA was born during this period offering insured loans to help protect the lending institutions.&nb= sp; The Federal Home Loan Bank Board (FHLBB), which assisted savings and loans, the Federal National Mortgage Association (Fannie Mae), provided a secondary market for FHA lending.
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The Fed Caused the following:
= pStandard Loans 1930
p● Five-year term
p● Renewable at lender’s discretion, interest rate= may increase p● Interest only payments; full = principal amount still ow= ed at end of term
pStandard Loans 1940&= #13;
p● Thirty-year term
p● Fixed interest rate
p● Amortized so that regular payments pay off all principal and interest by end of term
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Transforming Home Mortgages
pThe introduction of longer-term, fixed rate mortgages, amortized over 20 or 30 ye= ars came into being.  These fixed rate, amortized loans, allowed for each payment to cover the interest on the loan, as it gradually depleted = the principal.
pThese loans made it much ea= sier for the homeowners to avoid defaulting on their loans and suffering from subsequent foreclosure.
pBy the 1940’s these l= oans became standard.  After the <= /span>2nd=  World War they became very commonplace.  This t= ype of loan is not available in many countries.
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The Savings & Loan Crises
pIn the housing boom that followed World War II, savings and loan associations began to expand their mortgage business aggressively.  They became the nations largest s= ource of funds for financing sing= le family residences.
pLong terms loans are associated with interest rate risk, with most = loans being 5 years or less that risk isn’t = as prominent.  Additionally, Commercial banks who had far greater assets than S&L’s = were limited by the federal government’s banking laws as to the amount of assets they could venture into lo= ng term home loans, S&L&#= 8217;s did not have the same limitations.  Regardless this led to the fact that the S&L’s had the greatest number of volume of residential real estate loans.
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Savings & Loans ~ Commercial Banks
pSavings and Loans held savings and time deposits while = the commercial banks held demand deposits, such as checking accounts, these had no restrictions on depositing and withdrawing of funds.<= span style=3D'mso-spacerun:yes'>  With savings deposits and time deposits there are usually restrictions, = plus by their very nature people tend to leave them in = the bank for longer periods of time.
pSo savings and loans held deposits that were expected to s= tay in the institution for a longer period than commercial banks with their demand deposits.
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Demand Deposits ~ Time Deposits Savings Deposits
pDifferent deposits have a different life expectancy as far as the consumer and the banking industry is concerned, an= d from a point of economics= this life expectancy can allow different lending times and interest rate earnings.
pDemand Deposits – such as checking accounts, are used for bill paying, and are normally in the bank for short periods of time. =
pTime Deposits – can only be with= drawn as agreed upon.  Examples of these are 5 year “T” Bills, withdrawal has interest rate penalties.  Lending instituti= ons know that they will have these funds for a longer period of time.
pSavings Deposits – may be withdrawn without notice, but are generally intended to remain on deposit for a long time.
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Deregulation & Disaster
pInterest rates, which had b= een traditionally stable, or at least predicable, sky rocketed at the end of the 1970’s and early 1980’s.  The loan term loans of Savings an= d loans, made at rates from 4% to 10% over the years, were putting ser= ious economic pressures on the S&L’s as they were borrowing mon= ey for the higher rate, 10% even more.
pS&L regulations from a decade before limited the interest that the S&L’s could pay a depositor.  This = made it very difficult for the S&L’s to attract new = accounts and maintain existing ones.
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New Legislation
pCongress passed  the Depository Institutions  Deregulation an= d Monetary Control Acts of 1980, and again in the Ga= rn-St. Germain Act of 1982.
pThese acts allowed S&L’s to pay higher interest rates to attract depositors.  It preempted state usury laws so that the S&L’s could charge higher interferes rates on their loans.  Additionally these = acts allowed the S&L’s to make more cons= umer loans and non-resid= ential loans.  Some S&L’s = tried new loans with much greater risk.  The end result was a wounded industry.  S&L’s be= came the victim’s of= their own lack of experience.  Hund= reds of insured S&L’s b= ecame insolvent, private mortgage insurance was bankrupted ultimately costing tax payers $124 Billion.  The <= span style=3D'position:absolute;top:82.5%;left:5.99%;width:88.2%;height:5.25%'>= federal government stepped in.
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Reform
pCongress passed the Financial Institutions Reform, Recovery, and Enforcement Act, or FIRREA, in 1989.  The= act imposed new rules on the lend= ing activities of savings and loans to prevent high risk transactions, an it reorganized the fede= ral agencies that supervi= se and insure financial institutions.
pThe Federal Home Loan Board was replaced by Federal Housing Finance Board and Office of Thrift Supervision.&n= bsp; The Federal Savin= gs and Loan Insurance Corporation was eliminated, and the Federal Deposit Insurance Corporation (FDIC) was reorganized to cover S&L deposits as well as bank deposits.
pFIRREA also formed the Resoluti= on Trust Corporation to manage insolvent S&L’s selling them or closing them and <= span style=3D'position:absolute;top:84.75%;left:5.99%;width:88.2%;height:5.25%'= >disposing of their assets.
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Changing Market Shares
pThe savings and loan industry recovered from its crisis.  Due to insolvency, merger= s,, and acquisitions there are far fewer savings and loans today. = ;
pFrom the 1930’s through the 1970’s mortgage = companies had grown into significant forces in the residential lending business.  As the S&LR= 17;s crashed the mortgage companies boomed.  This dramatic increase = continued through the end of the 20th century.
= p
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Technological Changes
pComputer technology has pla= yed an increasing role in mortgage lending since 1990.
pLoan origination software, automatic underwriting systems, and credit scoring have red= uced the amount of time it takes to process mortgage loan applications.  Some buyers can be qualified for a loan in minutes.  Transactions that took wee= ks can now be handled in hours.  The cost of loan processing has a= lso been reduced, which has helped lower closing costs to borrowers.  This new technology is also thoug= ht to have increased the accuracy of lending decisions.
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Internet Lending
pIt is now possible to apply for a mortgage online, over = the internet.  A few major mortga= ge companies exist only in cyberspace, most successful Internet lenders are divisions of well established, brick and mortar <= /span>companies.  Internet lending has gained groun= d more slowly than initially expected, and currently represents only a small portion of the market. Consumers are becoming more comfortable making purchases and carrying out other transactions online, it is possible that most mortgages of the futu= re will be made entirely online.
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Nationwide Lending
pInitially residential mortgage lending was very localized.  This began changing in the 1970&#= 8217;s with the expansion of the nationwide secondary market.  The centralization, and uniform underwriting standards, of Fannie Mae, Freddie Mac, and Ginnie Mae’s lending practices made a national market for banks to invest in.
pThis transformation of the primary mortgage market accelerated in the 1980’s and 90’s as bank regulations were softened to allow interstate banking.&nbs= p; Banks were now allowed to have offices in several states.
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Wholesale Lending
pWholesale lending, and retail lending has become important with the existence of large nationwide mortgage lenders.
pIn retail lending the lender works directly with the <= span style=3D'position:absolute;top:42.75%;left:5.99%;width:88.2%;height:6.0%'>= borrower.
pIn wholesale lending the lender works behind the = scenes.
pA lender might be involved in only wholesale, only retail, or both.  The can be banks, thrifts, or mortgage companies.  Larger lenders tend to be involve= d in wholesale lending, but there is no “cut in rock” rule.
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Wholesale Originations
pIn retail transactions, the lender handles the entire = organizational process, from loan origination to the closing of the escrow. =
pIn wholesale lending the lender makes the loan through a= loan correspondent, or a mortgage broker.
pCorrespondent originations. A loan correspondent is <= /span>often called an originator, or a third party originator.  This could be a mortgage company, bank, or thrift that makes and services mortga= ge loans for large investors.
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Loan Originators
pToday, the investor is usually a wholesale lender.  The correspondent is typically a smaller local lender = that is knowledgeable abo= ut the real estate market in its community.
pTo the home buyer, a correspond= ent origination will usually seem jest like a retail origination;
the correspondent processes th= e loan application, decides whether to make the loan, and funds the loan, often their own name.
pThe correspondent is arranging = the loan with the underwriting standards of a particular wholesale lender, who has already = arranged to purchases the loan on agreed upon term= s.
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Broker Originations
= = pWhen a wholesale lender mak= es a loan through a mortgage broker, the broker isn’t actually= the originator of the loan.&nb= sp; As explained earlier, mortgage brokers don’t fund l= oans with their own money.  The br= oker finds the borrower, helps he borrower choose a loan, takes the application, and submits the application to the wholesaler.  It is the lender, or wholesaler w= ho makes the underwriting decision and funds the loan.
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The Growth of Wholesale Lending
pIn the 1980’s retail lend= ing accounted for  the majority o= f = mortgage originations. With the growth of wholesal= e = lending the majority of loans are now originated i= n the = wholesale side of the business.  Currently the loan = = origination spectrum nationwide is 60% wholesale a= nd 40% retail.
pThis shift from a retail majori= ty in the 1980’s to a wholesale majority in 2007, has led to the fact that mortgage brokers have taken on a more significant role in the mortg= age = industry.  Currently, in California, approximately 67% of mortgages are originated by mortgage brokers, who usually represent the whole= sale side of the loan industry.
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Warehouse Lenders
p“Warehouse lenders”= are not the same as “wholesale lenders.”  A warehouse lender provides a ret= ail lender or a correspondent wit= h a line of credit.  They can the= n use this line of credit to borrow money on a short term basis, from the warehouse lender.
pThe way this works is the retail lender borrows money from the warehouse lender, using a promissory note as security. The retail lender then makes a loan to a borrower.= When the loan is finalized= the retail lender, or correspondent, sells the loan on the secondary market, when they receive the funds they receive from= the sale they pay the warehouse lender the money they borrowed.
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Subprime Lending
pSubprime lending involves making riskier loans than are made in the prime loan market.  Th= is subprime market as of 2003, has grown more than 9 times in volum= e since 1994.  From $35 Billion in 19= 94 to $332 Billion in 2003.
pMortgage paper has been rated as A paper or B paper = and so on. Prime paper is sometimes referred to as “A” credit, hence “A” paper and subprime as “-A” credit to &= #8220;B”, “C”, and even “D”.
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Sub-Prime 2
pSubprime lenders can be identified by the wording in their ads.  Subprime lenders are aimed at home buyers, loan consolidators, who wo= uld normally be turned down in the prime market.  These loans can help consumers who;
pCan’t meet inco= me and/or documentation requirements.
pHave good credit but = too much debt.
pWant to purchase nonstandard properties that lenders won’t loan on.
pNeed “Jumbo Loans” to purchase more expensive homes.
pWhile the subprime lender applies more flexible underwriting standards, they normally charge higher fees in the= way of the interest rate on t= he loans and the upfront loan points.
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Subprime Example
pYour book uses the “Gunderson Example”;
pThe Gundersons want to buy a home.  Because of recent credit problems they are unable to qualify for a prime loan. Their subpr= ime lender identifies them as a B-risk borrower and charges them 9% interest in a market where prime loans are 6%. <= /div>
= pIf the Gundersons had been classified as a C-risk borrower because of an even poorer credit history, their loan would cost them 10.5% interest, = and if a D-risk borrower, then 12% maybe more.
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Subprime Loans continued
pBecause of the greater cost with servicing borrowers who are normally a problem, because the risk is greater, subprime lenders expect = higher interest rates and fees.
pSubprime loans are more likely to have features such as = prepayment penalties, balloon payments, and negati= ve amortization.&nbs= p; While these help the subprime lender cover losses = they can create problems for borrowers.
pPredatory lending problems are generally associated with the subprime market.
pThe majority of subprime lenders are legitimate but there are some who profit by deliberately making loans on burdensome terms to home buy= ers who are likely to have great difficulty repaying the loans.
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Subprime & The Secondary Market<= /div>
= pThe secondary market for subprime loans grew in the 1990’s, this helped fuel the subprime boom.  Some Wall = Street firms and large mortgage banking companies  buy subprime loans and use them as the basis for issuing private label mortgage-backed securities.
pFannie Mae and Freddie Mac didn’t participate in the subprime area, you could s= ay that these two set the standard for prime paper. <= /div>
pHUD encouraged Fannie Mae a= nd Freddie Mac to participate in this subprime area to help meet t= heir affordable housing goals.
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Subpri= me & Secondary Market continued
= pIn the past years both GSE’s (Government Sponsored Entities) have start= ed buying more subprime loans.
pThis has drawn protests from the entities that were already involved in the subprime market.  The GSE’s = are usually only purchasing the very top layer of the = subprime market, A-minus loans, leaving other investors with the riskier subprime loans.
pThis expansion of the GSE’s into the A-minus paper has had a tendency to blur the line between prime and subprime lending.
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3D"Key Terms Chapter
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= pCommercial Bank: A t= ype of financial institution that has traditionally emphasized  commercial lendin= g, but which also makes residential mortgage loans.
pSavings Bank: A type= of financial institution that has traditionally emphasized  consumer loans and accounts for small depositors, and which also makes mortgage loans.  Also called a Mutual Savings Bank= .
pSavings and Loan Associa= tion: A type of financial institution that has traditionally specialized in home mortgage loans; also called a Savings Association or a Thrift.
pThrift Industry: Sav= ings Banks and Savings and Loan Associations.
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= pCredit Union: A type= of financial institution that serves only the members of a particular group, such as a professional organization or labor union.  Credit unions = have traditionally emphasized consumer loans, and now = also make residential mortgage loans.
<= span style=3D'mso-special-format:nobullet;display:none;color:#666600;mso-color-= index: 2;font-family:Wingdings;font-size:75%'>pMortgage Company: A = type of real estate company that originates and services loans on behalf of large investors (acting as a mortgage banker) or for = immediate resale on the secondary market;  not a depository financial institution.
pMortgage Banker: An intermediary who originates and services real estate loans= on behalf of investors.
pMortgage Broker: An intermediary who arranges loans of an investor’s mon= ey to borrowers and then services the loans.
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= pLoan Correspondent: = An intermediary who arranges loans of an investor’s money to borrowers and then services the loans.
= pFederal Housing Administration (FHA):  An agency within the Department of Housing and Urban Development that provides mortgage insurance to encourage lenders to make more affordable home loans.
pTime Deposit: A depo= sit in a financial institution that is not supposed to be withdr= awn until a certain period has elapsed, unless the depositor pays a penalty.
pDemand Deposit:  A deposit in a financial institut= ion that a depositor can withdraw at any time, without notice, such as a deposit in a checking account.
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pFinancial Institutions Reform, Recovery and Enforcement Act (FIRREA): A federal law enacted in 1989 in response to the sav= ings and loan crisis;  it <= span style=3D'position:absolute;top:28.74%;left:5.99%;width:101.31%;height:6.0%= '>reorganized the federal agencies that oversee financial institutions.
pWholesale Lending:&nb= sp; Lending by a large investor through a loan correspondent who originates and services loans.
pSubprime Lending: Making riskier loans to persons = who might otherwise be unable to qualify for a loan, often requiring higher interest rates and fees to make up f= or the increased risk of default.
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3D"Chapter
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= 1.At one, time five-year home purchase mortgages were common.  Today, however, the standard mortgage is a 30-year fully amortized loan.  This change:
= p a. was brought about in the Financial Institutions  Reform, Recovery and Enforcement Act (FIRREA) in 1989 =
p b. Was imposed on lenders by the Garn-Germain Act in 1982
p c. occurred as a response to the large numbers of foreclosures that took place during the depression
<= span style=3D'mso-special-format:nobullet;display:none;color:#666600;mso-color-= index: 2;font-family:Wingdings;font-size:75%'>p d. happened as a result of the deregulation  of financial institutions
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=
2.As a general rule, mortgage companies do not:
p
p a. Keep any loans in portfolio
p b. Sell their loans on the secondary market
p c. Service loans
<= span style=3D'position:absolute;top:49.75%;left:7.3%;width:103.55%;height:6.75%= '>p d. Accept any type of deposits except demand  deposits
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<= span style=3D'mso-special-format:"numbullet3\,3";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>3. <= /div>
<= span style=3D'mso-special-format:"numbullet3\,3";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>3. <= /div>
3.FIRREA:
<= span style=3D'mso-special-format:"numbullet3\,3";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>4. <= /div>
p a. deregulated financial institutions
p b. established the secondary market
p c. abolished the Federal Reserve System
p d. was enacted in response to the S&L crises.
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4.A depository institution that limits its membership to members of a particular group, such as employe= es of a large company, is a:
<= span style=3D'mso-special-format:"numbullet3\,4";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>5. <= /div>
p a. commercial bank
p b. credit union
p c. savings and loan association=
p d. savings bank
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5.An intermediary that brings together lend= ers and borrowers and arranges loans for a commission is a:
<= span style=3D'mso-special-format:"numbullet3\,5";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>6. <= /div>
p a. mortgage banker
p b. mortgage broker
p c. loan correspondent
p d. subprime lender
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6.In the 21st century, the majority of residenti= al loans are made by:
<= span style=3D'mso-special-format:"numbullet3\,6";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>7. <= /div>
p a. commercial banks
p b. credit unions
p c. mortgage companies
p d. savings and loan association= s
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7.A wholesale lender:
<= span style=3D'mso-special-format:"numbullet3\,7";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>8. <= /div>
p a. originates and services loan= s
p b. issues loans to high-risk individuals
p c. issues short-term lines of c= redit to retail lenders
p d. makes loans through a loan correspondent
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8.Which of the following borrowers would NOT use the services of a sub= prime lender?
p a. A person with a low credit rating
p b. A developer needing financing to build a subdivision
p c. A buyer of a nonstandard pro= perty that may not provide acceptable collateral
p d. A buyer of an expensive hous= e that needs a “jumbo” loan
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9.A subprime lender is likely to:
<= span style=3D'mso-special-format:"numbullet3\,9";color:#666600;mso-color-index:= 2; position:absolute;left:-7.04%;font-size:75%'>10. =
p a. charge higher interest rates because of the higher risk
p b. charge higher interest rates because of the = lower risk
p c. charge lower interest rates because of the = lower risk
p d. charge lower interest rates because of the = lower risk
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10.Which type of lender is orientated towar= d short-term deposits and shor= t-term loans to big business clients, although it may have = significant investments in residential mortgages?
p a. Commercial banks
p b. Savings bank
p c. Credit union
p d. Savings and loan association=
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3D"End
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padding=3D0; if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6 cltWidth=3Ddocument.body.clientWidth-padding cltHeight=3Ddocument.body.clientHeight-padding factor=3D(1.0*cltWidth)/g_origW if( cltHeight < g_origH*factor ) factor=3D(1.0*cltHeight)/g_origH newSize =3D g_origSz * factor if( newSize < 1 ) newSize=3D1 s=3DSlideObj.style s.fontSize=3DnewSize+"px" s.posWidth=3Dg_origW*factor s.posHeight=3Dg_origH*factor s.posLeft=3D(cltWidth-s.posWidth+padding)/2 s.posTop=3D(cltHeight-s.posHeight+padding)/2 if( g_scaleHyperlinks ) ScaleHyperlinks( factor ) } function _InitAnimations() { animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined'; isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode(); g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc= reen && parent.IsSldVisited()); if( g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx 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g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"End of slide show, click to exit.", SCREEN_MODE=3D"Fram= es", gIsEndShow=3D0, NUM_VIS_SLDS=3D65, SCRIPT_HREF=3D"script.js", FULLSCR_= HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D 0, gNtsOpen =3D gHasNts =3D gO= tlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var g_fBaseHyperlink =3D false; var gMainDoc=3Dnew Array(new hrefList("slide0001.htm",1,-1,1),new hrefList(= "slide0002.htm",1,-1,1),new hrefList("slide0003.htm",1,-1,1),new hrefList("= slide0004.htm",1,-1,1),new hrefList("slide0078.htm",1,-1,1),new hrefList("s= lide0079.htm",1,-1,1),new hrefList("slide0005.htm",1,-1,1),new hrefList("sl= ide0006.htm",1,-1,1),new hrefList("slide0080.htm",1,-1,1),new hrefList("sli= de0007.htm",1,-1,1),new hrefList("slide0008.htm",1,-1,1),new hrefList("slid= e0081.htm",1,-1,1),new hrefList("slide0009.htm",1,-1,1),new hrefList("slide= 0011.htm",1,-1,1),new hrefList("slide0012.htm",1,-1,1),new hrefList("slide0= 014.htm",1,-1,1),new hrefList("slide0082.htm",1,-1,1),new hrefList("slide00= 15.htm",1,-1,1),new hrefList("slide0016.htm",1,-1,1),new hrefList("slide001= 7.htm",1,-1,1),new hrefList("slide0018.htm",1,-1,1),new hrefList("slide0019= .htm",1,-1,1),new hrefList("slide0020.htm",1,-1,1),new hrefList("slide0021.= htm",1,-1,1),new hrefList("slide0022.htm",1,-1,1),new hrefList("slide0023.h= tm",1,-1,1),new hrefList("slide0024.htm",1,-1,1),new hrefList("slide0083.ht= m",1,-1,1),new hrefList("slide0084.htm",1,-1,1),new hrefList("slide0085.htm= ",1,-1,1),new hrefList("slide0086.htm",1,-1,1),new hrefList("slide0087.htm"= ,1,-1,1),new hrefList("slide0088.htm",1,-1,1),new hrefList("slide0089.htm",= 1,-1,1),new hrefList("slide0090.htm",1,-1,1),new hrefList("slide0091.htm",1= ,-1,1),new hrefList("slide0092.htm",1,-1,1),new hrefList("slide0093.htm",1,= -1,1),new hrefList("slide0094.htm",1,-1,1),new hrefList("slide0095.htm",1,-= 1,1),new hrefList("slide0096.htm",1,-1,1),new hrefList("slide0097.htm",1,-1= ,1),new hrefList("slide0098.htm",1,-1,1),new hrefList("slide0099.htm",1,-1,= 1),new hrefList("slide0100.htm",1,-1,1),new hrefList("slide0101.htm",1,-1,1= ),new hrefList("slide0025.htm",1,-1,1),new hrefList("slide0026.htm",1,-1,1)= ,new hrefList("slide0031.htm",1,-1,1),new hrefList("slide0032.htm",1,-1,1),= new hrefList("slide0077.htm",1,-1,1),new hrefList("slide0073.htm",1,-1,1),n= ew hrefList("slide0034.htm",1,-1,1),new hrefList("slide0035.htm",1,-1,1),ne= w hrefList("slide0036.htm",1,-1,1),new hrefList("slide0037.htm",1,-1,1),new= hrefList("slide0028.htm",1,-1,1),new hrefList("slide0063.htm",1,-1,1),new = hrefList("slide0064.htm",1,-1,1),new hrefList("slide0065.htm",1,-1,1),new h= refList("slide0066.htm",1,-1,1),new hrefList("slide0067.htm",1,-1,1),new hr= efList("slide0068.htm",1,-1,1),new hrefList("slide0069.htm",1,-1,1),new hre= fList("slide0030.htm",1,-1,1)); /********************************************* Frameset functions These functions control slide navigation and state of the frameset. **********************************************/ function RemoveFilePrefixFromHref(href) { var regExp =3D /^file:\/\/\//i; return href.replace(regExp, "") } function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) {=09 var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix();=20 function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') {=20 href=3Dnew String(document.location.href)=20 Start=3Dhref.indexOf('!')+1=20 End=3Dhref.lastIndexOf('/')+1=20 if (End < Start)=20 return href.substring(0, Start)=20 else=20 return href.substring(0, End)=20 } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ClearMedia() { // Clear any sounds playing before launching another browser window. Other= wise, // in fullscreen mode, you'll continue to hear the sound in the frames mod= e. if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() {=20 if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if (MHTMLPrefix !=3D "") href =3D RemoveFilePrefixFromHref(href) if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { =20 obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else =20 return gCurSld } function GetNumSlds() { =20 if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; =09 if (MHTMLPrefix !=3D "") PPTSld.location.replace(MHTMLPrefix+RemoveFilePrefixFromHref(obj.mSldHref= )) else PPTSld.location.replace(obj.mSldHref) =09 if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 if (MHTMLPrefix !=3D "") PPTSld.location.replace(MHTMLPrefix+RemoveFilePrefixFromHref(href)) else PPTSld.location.replace(href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; =09 var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document var dir =3D doc.body.dir if( dir !=3D "rtl" ) dir =3D "ltr"; doc.open() doc.writeln('


' + ENDSHOW_MESG + '

') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); /********************************************* Navigation button implementation There are 2 types of buttons: ImgBtn, TxtBtn implemented as function objects. They share a similiar interface so the event handlers can call SetActive, for example, on a button=20 object without needing to know exactly=20 what type of button it is. **********************************************/ //---------------------------------- function ImgBtn( oId,bId,w,action ) //---------------------------------- { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0=20 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { =20 obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0=20 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } =20 } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } //----------------------------------------- function TxtBtn( oId,oeId,action,chkState ) //----------------------------------------- { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { =20 this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) {=20 if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } =20 } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1=20 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etPressed() } function _BSetA_BorderImg() {=20 b =3D gBtnArr[this.mBorderId]=20 if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _BSetI_BorderImg() {=20 b =3D gBtnArr[this.mBorderId] if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN= tsPane ) gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg; gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg; gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.= ToggleNtsPane,GetNtsState ) gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To= ggleNtsPane,GetNtsState ) gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n= b_prevBorder",30,parent.GoToPrevSld ) gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n= b_nextBorder",30,parent.GoToNextSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice= ","nb_voiceBorder",18,parent.ToggleVNarration ) gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT= xt","nb_otlTxtBorder",23,parent.ToggleOtlText ) gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts" gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState /********************************************* Context menu implementation _CM() is the function that's hooked up to the oncontextmenu event. Once we're asked to show the menu, we first build it by creating DIVs on-the-fly. Then we position it=20 within the screen area so it doesn't get clipped. Creating the DIVs using createElement() means we don't have to write out any extra HTML into the slide HTML files. **********************************************/ var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr= row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) =09 CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();= PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var elem=3DPPTSld.document.createElement("DIV") node.insertBefore( elem ) return elem } function SetCMBorder( o,ltClr,rbClr ) { var s=3Do.style s.backgroundColor=3D"menu" s.borderStyle=3D"solid" s.borderWidth=3D1 s.borderColor=3DltClr+" "+rbClr+" "+rbClr+" "+ltClr } ------=_NextPart_01C7F094.DE564410 Content-Location: file:///C:/27744CD3/3ResidentialMortgageLendersChapter3_files/fullscreen.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" ------=_NextPart_01C7F094.DE564410 Content-Location: file:///C:/27744CD3/3ResidentialMortgageLendersChapter3_files/buttons.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhWAESAPf4AAAAAIAAAACAAICAAAAAgIAAgACAgICAgAQEBISEBASEBISEhAQEhMTExAQE /KTM9Pz8/ERERPz8BAT8/KSkpGRkhMTcxCRkxAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAMDAwP8AAAD/AP//AAAA//8A/wD//////yH5BAEAAPgALAAAAABYARIA QAj/APEJHEiwoMGDCBMqXMiwocOHECNKnEixosWLGCEiQKCRo8YDIEHig2DxAD4LKD1avDDhgUuV GUOGbHBR5QGYFBG4fHAB58EKECJEwCfUYAWPFGAygLCRKQIIUKM6WAohKUGgCikcFWh1INWoYKVS 7SrQ41GbIhGYLAuVQVOoC+IyXUuUAkG1HE3KFDhAwkgJc5/qDZmxsOHDiBMrXsy4sePDGyP7lChT 5MULmDPnlDw5YmW6FTNrfgi0aNGEZPEtbfo2bNTUpYeeRph69dPWrqvCNFuBIGG1A59CYPAVQtwF cw0OxWdTIOiBCQAjaAB17fOFII8voGmRc+eOkilm/z9OvTtnjN4hYk1YoT3H2rnBOphPAB9skgq3 2lcaX/5YnJVt9BloAar12UEIRGCZdQghMABI1Tn32IQUVthYexhmqGGGMBHAgIfEhSiiiATAtOGJ GnYI4ogsEldicAYOGNJGZaml3Y0L3NTZUBz1xlB0PUoUI0jlVWRSVN89xBKSGB1YU1TMoRfVBEle hR9HQs1GEHxQ3RZZbveZthxt/LEmXHyp5XWABSCpaRJwbM13gAACPHVccgJFgF+NEhqUAEkQSCfc ddhVhh5dVTaEAEsTUNlkZUWKN9BNGDE6QU8OrSdbllzpxyVTTrU21Uj3scfhp7nNpyoDaTIEJ3P9 If8J2kbLNYegg9JRBwGhFvbq66+ZUiDssMQWK2yHxiZLrInKNotss8l+B5yBrr5p2UIJvortANoC 6+234IbLla/elRtZjeamh5CC3Sb0YLvixivvYkDFGlZqBNh7r4n6goVvv6/ZlCicN+kL71ALTnpQ dCIZp7CihkLA3UQmoWRBogyxtBPGCTnZncVR1rSTo5nuydC/Eo8kUH+lOoTyyvjoCuZu+PjYIKLD rZybtrM1d10C0QXKEVz48GrQkEeWdFJKlbb0UmEeV0SzyC6RvNB646LWIVjUNeC1zAFb+RDKXksM 9r531bwmpQW9+hQDDsx5pqwDRWBXcFES2hc+gEn/wJGdEEWdE6LoWcoxQweaTNmkhydkKaYMYY2Q p1unbLl/pPKbn3v7EZRvrKvqlja2ONvrtoIw9tn2g32/tQBlhtYkU+MNikZ7QYlPDPuMldpOmuJX nVo5VF3HjI+q89mteX5IDd/fVFClma5kiE4f2XUJhlz09gj2NbTDRifkmu7zXjR++RVJ/lPznuvr QH2iD6S+UewP9Dnon6d2NLwN8n90BB6hC68cFMCHoe+ACASP9c4DowUyEF0OPFcDI0ij/VXPaAKC UfhS95AKGoQ7IBRICI1HwhGaUIQoLGEKT6jCFrLwhSuMoQtlCMMZ2rCGOKShDm+4wxzy8Ic+DGIP B4cIRCKGMCAAOy== ------=_NextPart_01C7F094.DE564410 Content-Location: file:///C:/27744CD3/3ResidentialMortgageLendersChapter3_files/frame.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Slide 1 ------=_NextPart_01C7F094.DE564410 Content-Location: file:///C:/27744CD3/3ResidentialMortgageLendersChapter3_files/outline.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
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Outline
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