Fabozzi : Mortgage market
4 important questions on Fabozzi : Mortgage market
What is lien status
It dictates the seniority of the loan in the event of a forced property liquidation.
First lien: the lender has first call on the proceeds of the liquidation of the property
Second lien: the lender has only acces when the first-lien balance is extinguished.
What is a combined LTV (CLTV)
includes second liens
Define front ratio and back ratio (both income ratios)
front ratio = sum of all monthly payments / monthly pretax income
back ratio = sum of all monthly payments + other debt payments / monthly pretax income
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negative amortization ARM loans
In this case the borrower has the ability to pay only a minimum payment so that the principal balance will increase. For example; 2% interest for the first two months and 6% interest rate thereafter.
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