|dc.description.abstract||I began my SIP project on September 9, 1992, working for ES
Financial Corporation (ESF) in Grand Rapids, Michigan. ESF is a
mortgage servicing company for timeshare loans. They have been in
this business for about ten years and are one of only seven in the
United States. ESF services mortgages for resorts all over the country,
but its main target market centers on resorts east of the Mississippi
river. I served as an intern for ESF for one month of my SIP quarter
and for three months of my CD quarter in the fall of 1991. ESF has
been considering entering the mortgage market as a servicer for home
loans for about one year. As a result of the company's interest in this
area, I decided to do my SIP project on the home mortgage market.
Because of extenuating circumstances, I was unable to complete my
internship with ESF this fall, but I was able to continue with my
My paper divides the mortgage market into eight separate parts
and discusses each in depth. I will give a brief description of my
paper and what you will find in each section.
• HISTORY--A discussion of the mortgage market since its birth
in the 1930's. It includes the development of the secondary
market and the growth of the primary market.
• FINANCIAL TERMINOLOGY--A discussion of the participants in
a loan, the mortgagor and the mortgagee. It includes the
paperwork and the fees that the borrower can expect when
applying for a loan.
• TYPES OF LOANS--A discussion of the ''basic" loans that are
offered by lenders in the primary market. Includes
comparisons between similar loans along with the advantages
and disadvantages of each loan.
• TYPE OF PROPERTY--A discussion of single family. two to
four family. second home. and timeshare properties. Includes
the mortgage and lender which is best for each type.
• PRIMARY MORTGAGE MARKET--A discussion of each member
within the primary mortgage market including savings and
loans, commercial banks. mutual savings banks. credit
unions, mortgage bankers, and mortgage brokers.
• SECONDARY MORTGAGE MARKET--A discussion of the largest
members within the secondary market including the Federal
National Mortgage Association, the Government National
Mortgage Association, the Federal Home Loan Mortgage
Corporation, the Federal Housing Administration, the
Veteran's Administration, and the Farmer's Home
• REQUIREMENTS--A discussion of the federal and state
regulations of becoming a mortgage company along with
regulations regarding mortgage servicers.
• FUTURE--A brief discussion of the future of regulation, federal
deposit insurance, and mortgage foreclosure laws.||en_US