Section 876 IAC 2-14-3 - Secondary mortgage marketAuthority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 3.
(a) The competency and instructional level for subdivisions (1) through (4) is Level 2. The following are basic concepts of the secondary mortgage market operation: (2) Procedures (in general).(3) "Discounting" to adjust yield; "points".(4) Advantages to investors, lenders, and borrowers.(b) The competency and instructional level for subdivisions (1) through (3) is Level 2. The following are concepts of major participants in the secondary mortgage market (Explain the role of each and how each operates.): (1) Federal National Mortgage Association (FNMA or "Fannie Mae").(2) Government National Mortgage Association (GNMA or "Ginnie Mae").(3) Federal Home Loan Mortgages Corporation (FHLMC or "Freddie Mac").(c) The competency and instructional level for subdivisions (1) through (3) is Level 3. The following are concepts of private mortgage insurance: (2) Typical coverages and conditions.(3) Mortgage Guaranty Insurance Corporation (MGIC).Indiana Real Estate Commission; 876 IAC 2-14-3; filed Dec 1, 1989, 5:00 p.m.: 13 IR 668; errata filed Jun 2, 1998, 11:33 a.m.: 21 IR 3940; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA