An 80-10-10 mortgage is a piggyback mortgage where the first mortgage covers 80% of the home's value, the second mortgage covers 10%, and the remaining 10% is a cash down payment. This structure helps homeowners avoid mortgage insurance.
Institutional lenders are financial intermediaries that provide loans and other financial products, primarily funding these activities through deposits or customer investments and operating under regulatory guidelines to minimize risk.
The primary mortgage market is where borrowers and lenders come together to originate mortgages. This market includes various institutional lenders such as savings and loan associations, banks, and mortgage bankers and brokers.
Third-Party Mortgage Origination involves the process of using an intermediary, generally a mortgage broker, between the borrower and the lending institution. The intermediary performs all tasks and duties required to originate the loan according to the requirements of the lending institution.
