Posted by Paul2_FL on 5/17/05 11:58pm
Msg #38546

Various Loan Types Part 2

Here’s what I gleaned from your previous responses to my request to furnish Loan types. If I missed anything please just add it to this thread. As you look at this list, a number of these types can possibly be combined because of their similarity as far as the duties of the SA is concerned but let’s not get into that now. What would be helpful would be an example of each type. Does anyone have any ideas on how this could be accomplished?

Type 1 - Purchases - with buyers only, sellers only, both buyers and sellers:
Primary home
Secondary home
Investment property (house, building)

Type 2 - Refinance Loans - with borrower(s):
Standard 1st lien refinance
Add-on 2nd lien (2nd mortgage)

Type 3 - Construction Loans:
New property development
Remodeling or add-on construction
Construction loan conversion

Type 4 - Home equity line of credit (HELOC)
Open ended credit line
Fixed equity (fixed loan based on equity)

Type 5 Commercial Property Loans
> 4 family units
Storefronts
Land development
Rental properties (single family homes/duplexes)

Type 6 - Existing Loan Modifications

Type 7 - Timeshare loan

Type 8 - Mobile home loan

Type 9 - Travel home/trailer loan

Type 10 – Boat loan

Type 11 – Airplane loan

Type 12 – VA loan

Type 13 - VA Reduction loan

Type 14 - Reverse Mortgage loan

Type 15 – FHA loan