The American Bankers Association (ABA) is a trade organization representing officers of commercial banks in the United States. It provides a range of services, advocacy, and publications to support the banking industry.
A commercial bank is a financial institution that offers a broad range of financial services such as business loans, consumer loans, checking and savings accounts, and credit cards. Most deposits at these banks are insured by the Federal Deposit Insurance Corporation (FDIC).
A Credit Union is a nonprofit financial institution that is federally regulated and owned by the members or people who use its services. Credit unions serve groups with a common interest, and only members may use the available services.
Government-Sponsored Enterprises (GSEs) are financial services corporations created by the United States Congress to enhance the flow of credit to specific sectors of the economy, particularly the housing sector.
A mortgage broker acts as an intermediary between borrowers and lenders. For a fee, typically paid by the lender, a mortgage broker connects borrowers to loan products without servicing the loans themselves.
A mortgage correspondent services loans for a fee, managing various aspects such as collecting payments, paying real estate taxes, ensuring property insurance, and others.
Mortgage servicing involves the management of a mortgage loan, from collecting payments to ensuring that taxes and insurance are paid. It includes administrative tasks completed by a mortgage banker or a third-party servicer.
