Champions - Real Estate Finance
Tax Free Capital Gain Limit
$250,000 for an individual or if you're married and filing separately. $500,000 for a couple. The home must have been the primary residence for 2 of the last 5 years.
Financial Impact of the Over 55 Population
1. Approximately 80% home ownership rate (Age 65+). Home ownership rate is 65% for the population under 65. 2. They hold approximately 77% of all U.S. personal assets 3. Approximately 60% of all savings accounts - 90% larger than average 4. Approximately 68% of money market accounts 5. Approximately 50% of corporate stock 6. 42% of after tax income 7. 80% larger financial assets than the U.S. average 8. Net worth is five times the average
Fed's Monetary Policy Tools
1. Open market operations 2. The discount rate 3. Reserve requirements
triggering terms for closed-end credit (mortgage loans) are:
1. The amount of the down payment (expressed as either a percentage or dollar amount), in a "credit sale" transaction. Ex: "10% down" 2. The amount of any payment (expressed as either a percentage or dollar amount). Ex: "Monthly payments less than $250 on all our loan plans" 3. The number of payments or the period of repayment. Ex: "Up to four years to pay" 4. The amount of any finance charge. Ex: "Financing costs less than $300 per year"
Troubled Asset Relief Program (TARP)
A 2008 Federal government program that authorized the U.S. Treasury to loan up to $700 billion to critical financial institutions and other U.S. firms that were in extreme financial trouble and therefore at high risk of failure.
IRS
A bureau of the Department of the Treasury.
Capacity
A measure of the willingness of a borrower to make on-time payments. Credit character is revealed in the borrower's credit report.
Character
A measure of the willingness of a borrower to make on-time payments. Credit character is revealed in the borrower's credit report.
Mortgage Banker
A person or firm that originates, sells and then services mortgage loans. Generally a person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans.
Mortgage Broker
A person who, for a fee, brings borrowers and lenders together but does not service the loans that have been arranged. Mortgage brokers provided consumers with assistance securing hard-to-place or niche sources of mortgage money. They were the link between the borrower/customer and the client/lender. Commercial loans have long been the preferred function of the mortgage broker.
Office of Public and Indian Housing (PIH)
Administers HUD's public housing programs and assists low-income households with rental subsidies in the private sector, primarily through Section 8 certificates and vouchers. Under the voucher program, tenants have greater freedom of choice to select housing where they want to live within a standard rent range. Under the Section 8 certificate program, rent subsidies are used to pay owners the difference between what tenants can pay and contract rents. Public and Indian Housing (PIH) also provides funds for the rental voucher, certificate and Moderate Rehabilitation programs that are managed by local public housing agencies (PHAs) created by state law and administered by local governments.
Fair and Accurate Credit Transaction Act of 2003 (FACTA)
Amends the federal Fair Credit Reporting Act (FCRA) and is intended to primarily help consumers fight the growing crime of identity theft. Accuracy, privacy, limits on information sharing, and new consumer rights to disclosure are included in FACTA. The FACT Act provides consumers, companies, consumer reporting agencies, and regulators with important tools to expand access to credit and other financial services for all Americans and enhance the accuracy of consumers' financial information, to help fight identity theft. The Act provides uniform national standards for the credit markets, and strong consumer protections.
Texas Department of Savings and Mortgage Lending (SML)
An agency of the State of Texas and is subject to the oversight and under the jurisdiction of the Finance Commission of Texas. The Department has two key areas of regulatory responsibility: • The chartering, regulation and supervision of the state's thrift industry (savings and loans) • The licensing/registration and regulation of the state's mortgage industry
Farm Service Agency (FSA)
An agency of the U.S. Department of Agriculture (USDA). Loans are available through FSA's Farm Loan Programs for a farmer or rancher who is unable to obtain credit elsewhere to start, purchase, sustain, or expand a family farm. Unlike loans from a commercial lender, FSA loans are temporary in nature, and the goal is to help the farmer or rancher graduate to commercial credit. Once he or she is able to obtain credit from a commercial lender, the FSA mission of providing temporary, supervised credit is complete.
Texas Department of Housing and Community Affairs (TDHCA)
An agency responsible for affordable housing, housing-related and community service programs, and the regulation of the state's manufactured housing industry.
Mortgage Rates
Are affected by events in the global financial market. Actions taken by the Federal Reserve have a fairly immediate effect on short-term rates, but their impact on mortgage rates is generally less direct.
FHA Loans
Are fully insured by the Federal Housing Administration, which is a part of the Department of Housing and Urban Development (HUD). Is a mortgage insurance program that protects the lender from loss in the event of default by the borrower by insuring the full amount of the loan.
USDA Loans
Are fully insured by the United States Department of Agriculture. The program offers 100% financing (no down payment) for qualified borrowers. First time and repeat home buyers qualify. The program is for primary residences only; no second homes or investor financing is available under this program. The program is for purchases and refinances only, and cash-out refinances are not allowed. The home must be located in an approved rural area. Also known as a USDA loan or Section 502 loan.
Discount Points
Are pre-paid interest. A fee charged by the lender at settlement that results in increasing the lender's effective yield on the money borrowed. One discount point equals one percent of the loan amount. The lower the rate offered the borrower, the higher the charge for discount points. A loan offered to the borrower at a higher rate may result in reduced fees because it will be sold to investors at a premium.
HOME Investment Partnerships Program
Block grants to develop and support affordable housing for low-income residents.
Open-market Operations
Buying or selling government securities by the federal reserve.
Reserve Requirements
By law, financial institutions, whether or not they are members of the Federal Reserve System, must set aside a percentage of deposits as reserves to be held either as cash on hand or as reserve account balances at a Reserve Bank. The Federal Reserve sets reserve requirements for all commercial banks, savings banks, savings and loans, credit unions, and U.S. branches and agencies of foreign banks.
Office of the Comptroller of the Currency (OCC)
Charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury, whose mission is to ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.
Department of Housing and Urban Development (HUD)
Created as part of President Lyndon B. Johnson's War on Poverty, it was established as a Cabinet Department by the Department of Housing and Urban Development Act, effective November 9, 1965. It consolidated a number of other older federal agencies. Its mission is to create strong, sustainable, inclusive communities and quality affordable homes. It works to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality, affordable rental homes; utilize housing as a platform for improving quality of life, and build inclusive and sustainable communities free from discrimination.
United States Mint
Created by Congress in 1792 and became part of the Department of the Treasury in 1873. Its primary mission is to serve the American people by manufacturing, distributing, and circulating precious metal coins, collectible coins and national medals.
Demand-pull Inflation
Created when there is more money in the market and less goods for sale.
Fiat Money
Currency that is not backed by any precious metals at all. It is the ultimate statement of faith because it has no intrinsic value.
M2
Defined as M1 plus savings deposits, small-denomination time deposits (those issued in amounts of less than $100,000), and retail money market mutual fund shares.
M1
Defined as the sum of currency held by the public and transaction deposits at depository institutions (which are financial institutions that obtain their funds mainly through deposits from the public, such as commercial banks, savings and loan associations, savings banks, and credit unions).
Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act)
Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry.
Home Mortgage Disclosure Act (HMDA)
Enacted by Congress in 1975 and was implemented by the Federal Reserve Board's Regulation C. It is a disclosure law that relies upon public scrutiny for its effectiveness. It does not prohibit any specific activity of lenders, and it does not establish a quota system of mortgage loans to be made in any metropolitan statistical area (MSA) or other geographic area as de ned by the Office of Management and Budget. It grew out of public concern over credit shortages in certain urban neighborhoods. Congress believed that some financial institutions had contributed to the decline of some geographic areas by failing to provide adequate home financing to qualified applicants on reasonable terms and conditions. One purpose of HMDA and Regulation C is to provide the public with information that will help show whether financial institutions are serving the housing credit needs of their neighborhoods and communities. A second purpose is to aid public officials in targeting public investments from the private sector to areas where they are needed.
Administrative Procedures Act (APA)
Enacted in 1946, it put into place standardized methods for the proposal of legislation from both executive departments and independent agencies under federal control. Its fundamental purposes are as follows: • Require agencies to keep the public informed of their organization, procedures and rules. • Provide for public participation in relation to the rule making process. • Establish standards for conduct of adjudication/formal rule making. • Define judicial review scope.
Federal Housing Administration (FHA)
Established in 1934 to improve the construction and financing of housing. A part of the United States Department of Housing and Urban Development (HUD), the FHA provides mortgage insurance on single-family, multifamily and manufactured homes throughout the United States and its territories. The FHA funds itself.
USDA Rural Development Guaranteed Housing Loan
For a property to qualify, the home must be located in an approved rural area. The USDA's definition of "rural" is very liberal. Many small towns meet the USDA requirements, including suburbs of major U.S. cities. Working farms and ranches are not eligible for the program.
Fair Housing Initiatives Program (FHIP)
Funds public agencies that have substantially equivalent fair housing laws and also private nonprofit organizations. These public and private organizations assist HUD in enforcement activities including testing, investigating, and resolving complaints. FHEO refers complaints arising in certified jurisdictions to those government agencies for investigation and prosecution. FHIP also funds public education and outreach programs conducted by fair housing organizations to make the public aware of what constitutes discrimination and to promote voluntary compliance in the housing industry.
TILA Required Disclosures
If an ad for closed-end credit uses a triggering term, Regulation Z requires it also must include: • the amount or percentage of the down-payment • the terms of repayment, and • the "annual percentage rate," using that term or the abbreviation "APR." If the annual percentage rate may be increased after consummation of the credit transaction, that fact also must be stated.
TILA Triggering Terms
If an advertisement contains any one of a list of terms specified in the regulation, the advertisement must also include a number of prescribed disclosures.
Fair Housing and Equal Opportunity (FHEO)
In addition to investigating and resolving housing discrimination complaints under the fair housing laws, it conducts compliance reviews of HUD funds recipients, ensures equal employment opportunity and affirmative action within HUD, and ensures that HUD programs provide equal opportunity. Under its Fair Housing Assistance Program (FHAP), FHEO assists state and local governments in becoming certified -- having substantially equivalent fair housing laws -- and processing complaints with technical assistance and training grants.
Lowering Reserve Requirements
Increases the availability of funds for lending, thereby accelerating economic activity.
IRRRLs
Interest rate reduction refinance loans.
FY 2014-2018 HUD STRATEGIC PLAN
Is designed to achieve a central goal: expanding opportunity for all Americans. • Strategic Goal 1: Strengthen the Nation's Housing Market to Bolster the Economy and Protect Consumers • Strategic Goal 2: Meet the Need for Quality Affordable Rental Homes • Strategic Goal 3: Use Housing as a Platform to Improve Quality of Life • Strategic Goal 4: Build Strong, Resilient, and Inclusive Communities • The set of 8 management objectives include establishing strategies and metrics for acquisitions, departmental clearance, equal employment opportunity, financial management, grants management, human capital, information management, and organizational structure.
Government Loans
Mortgages insured or guaranteed by the US Government. Includes FHA, VA, and USDA loans.
NADL
Native American Direct Loan program.
Cost-push Inflation
Occurs when the costs of production and offering services increase, thereby causing manufacturers and tradespeople/vendors to raise their prices accordingly. The costs are then passed on to the consumer.
Closed-End Loan
One that is funded in its entirety up front, with no additional advances anticipated.
Open-End Loan
One which has payments and advances that vary over time. A credit card would be an example
Equal Credit Opportunity Act (ECOA)
Originally passed in 1974, ensures that all consumers are given an equal chance to obtain credit. Prohibits discrimination in any aspect of a credit transaction on the basis of: • Race • Color • Religion • National Origin • Sex • Marital Status • Age (provided that the applicant has the capacity to enter into a binding contract) • Receipt of income from a public assistance program • The good faith exercise of any right under the Consumer Credit Protection Act
Aldrich-Vreeland Act of 1908
Passed as an immediate response to the panic of 1907, provided for emergency currency issue during crises. It also established the national Monetary Commission to search for a long-term solution to the nation's banking and financial problems. The 1912 election of Democrat Woodrow Wilson killed the Republican Aldrich plan, but the stage was set for the emergence of a decentralized central bank.
Interstate Land Sales Full Disclosure Act
Passed by Congress in 1968 to protect consumers from fraud in the sale or lease of land. Requires developers to register subdivisions of lots or condominium units sold in interstate commerce.
Monetary Policy
Policy that deals with interest rates and the supply of money in the US economy.
Federal Deposit Insurance Corporation (FDIC)
Policy that deals with interest rates and the supply of money in the US economy. It preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for up to $250,000; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails. Was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.
Housing and Economic Recovery Act of 2008 (HERA)
President Bush signed it into law on July 30th, 2008. is constitutes a major new housing law that is designed to assist with the recovery and the revitalization of America's residential housing market; from modernization of the Federal Housing Administration, to foreclosure prevention and enhancing consumer protections. The Safe and Secure Fair Enforcement for Mortgage Licensing Act SAFE Act (SAFE) is a key component of HERA.
United States Treasury
Primarily responsible for raising funds to nance the operations of the United States Government. It's primary mission is the management of fiscal policy.
Raising Reserve Requirements
Reduces the availability of funds for lending, thereby slowing the economy.
Conventional Loans
Refers to a loan made with real estate as security and which does not involve government participation in the form of insuring or guaranteeing the loan.
Fiscal Policy
Relates to federal government spending.
Consumer Financial Protection Bureau
Responsible for enforcing "federal consumer financial law" - essentially almost all existing federal laws regulating consumer financial products and service providers - including, but not limited to the following federal laws: • Truth In Lending Act (TILA) • Fair Credit Reporting Act (FCRA) • Real Estate Settlement Procedures Act (RESPA) • Equal Credit Opportunity Act (ECOA)
Consumer Financial Protection Bureau (CFPB)
Responsible for enforcing "federal consumer financial law" - essentially almost all existing federal laws regulating consumer financial products and service providers - including, but not limited to the following federal laws: • Truth In Lending Act (TILA) • Fair Credit Reporting Act (FCRA) • Real Estate Settlement Procedures Act (RESPA) • Equal Credit Opportunity Act (ECOA)
Servicing
Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies.
Discount Rate
Set by the board of directors of the Federal Reserve Banks, subject to approval by the Board of Governors. The interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis. This short-term borrowing is secured by the banks collateralizing their existing commercial paper, meaning that the banks are pledging the notes that are payable to them.
Dodd-Frank Act §1021
Sets forth the statutory mandate of the CFPB. It establishes fundamental CFPB policy, including: • Providing consumers with understandable disclosures. • Protecting consumers from unfair, deceptive or abusive acts and discrimination. • Reducing unnecessary regulatory burdens. • Enforcing the federal consumer laws in a manner that does not discriminate against depository institutions. • Promoting the maintenance of a competitive consumer marketplace.
Federal Open Market Committee (FOMC)
Sets the Fed's monetary policy, which is carried out through the trading desk of the Federal Reserve Bank of New York. If the FOMC decides that more money and credit should be available, it directs the trading desk in New York to buy securities from the open market. The Fed pays for these securities by crediting the reserve accounts of banks involved with the sale. With more money in these reserve accounts, banks have more money to lend, interest rates may fall, and consumer and business spending may increase, encouraging economic expansion. To tighten money and credit in the economy, the FOMC directs the New York trading desk to sell government securities, collecting payments from banks by reducing their reserve accounts. With less money in these reserve accounts, banks have less money to lend, interest rates may increase, consumer and business spending may decrease, and economic activity may slow down.
Correspondent Lender
Someone who processes, underwrites, closes and funds their files in their name. Once the loan is closed, the loan is sold to another lender with which the correspondent lender has a business relationship. Correspondent lenders are usually small lenders who have the necessary funds (through a warehouse line of credit) to extend loans at their own risk. After a loan is closed, a correspondent lender will usually sell it to a larger wholesale lender.
Collateral
Something of value that can be pledged as security for repayment of the loan. In a residential transaction, the property being purchased is used as security for the debt. The sufficiency of collateral is determined through an appraisal of the property.
Fair Credit Reporting Act (FCRA)
Sometimes called the Fair Credit Reporting Dispute Act, is a federal law designed to protect consumers against unfair credit reporting practices and protect credit privacy. The Act governs the consumer reporting agencies and those who access consumer credit reports. The general purpose of the FCRA is to assure the consumer that these agencies are fair, accurate and exhibit confidentiality in their credit reporting methods.
Statutory Authority
The IRS is organized to carry out the responsibilities of the Secretary of the Treasury under section 7801 of the Internal Revenue Code. The Secretary has full authority to administer and enforce the internal revenue laws and has the power to create an agency to enforce these laws. The IRS was created based on this legislative grant.
Open Market Operations
The buying and selling of government securities to alter the supply of money
Federal Reserve
The central banking system of the United States. The Federal Reserve's most critical role is to keep the economy healthy through the proper application of monetary policy. The objective of monetary policy is to influence the country's economic performance in order to promote stable prices, maximum sustainable employment, and steady economic growth.
Closing
The consummation of a real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender.
Redlining
The practice of refusing to provide financing in a particular location.
Loan Processing
The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision.
Origination
The process of creating a new mortgage loan.
Underwriting
The process of evaluating a borrower's loan application to determine the risk involved for the lender.
Funding
The process of transferring funds to a title or escrow company for disbursement.
Community Development Block Grants (CDBG)
The program was created in 1974 to assist states and communities, combining a variety of old, narrow, categorical programs; it is one of the oldest of the federal block grant programs. It is administered by the Office of Community Planning and Development (CPD). Funds must be spent to meet one of three broad national goals: aid low and moderate-income persons; prevent or eliminate slum or blight conditions, or meet an urgent need that threatens health or safety.
Emergency Economic Stabilization Act of 2008 (EESA)
The purpose of EESA was to promote the stability and liquidity of the financial system through the authorization of TARP and other measures
Federal Funds Rate
The rate that the Federal Reserve charges banks for unsecured loans, most of which are for a very short term (sometimes overnight). Banks use these short-term loans to meet their liquidity requirements when withdrawals threaten to exceed cash on hand.
Capital
The sum of all assets that the borrower has accumulated. Saving accounts, investments and other assets demonstrate a level of financial responsibility on the part of the borrower.
Residential Mortgage Loan Originator (RMLO)
The term Residential Mortgage Loan Originator is mandated by the SAFE Act. A good rule of thumb is to provide the buyer with at least three loan originators for them to consider, understanding that the buyer is free to use any loan originator that they choose.
Federal Home Loan Bank (FHLB) System
The twelve banks are a system of regional banks from which local lending institutions everywhere in America borrow funds to finance housing, economic development, infrastructure and jobs. Created by Congress in 1932, the system's public policy mission is to support residential mortgage lending and related community investment through its member financial institutions. The system fulfills its role in housing finance by providing members with access to reliable, economical funding and technical assistance, and special affordable housing programs.
Community Reinvestment Act (CRA)
This federal law was passed to ensure that banks would serve the needs of the community in which they were chartered to do business. It prohibits redlining. It was enacted by Congress in 1977, and was substantially revised in May of 1995.
Truth In Lending Act (TILA)
U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs.
Loan Officer
Used by mortgage brokers, bankers and correspondent lenders, and therefore is not particularly enlightening.
Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act)
Was signed into law in July 2010. The purpose of the law is to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ''too big to fail,'' to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. While it targets financial regulatory reform, it will have an impact on the real estate industry, primarily because mortgage lending is a significant part of most real estate transactions. In addition, certain provisions in the Act establish new requirements for appraiser independence.
Principle of Supply and Demand
When the demand for real estate is great and the supply is short, prices in the marketplace go up. Likewise, when the supply is high and demand is low, prices decline.
Monetary Inflation
When there is an excess of money supply in the market. Often this is caused when governments (Central Banks) try to make up for an economic shortfall and print more money, then infuse it into the system even though, the market for goods and services does not necessarily increase at the same time. This creates a devaluation of the money, i.e. more money equals less value.
terms that do not trigger the required disclosures are:
• "No down payment" • "Easy monthly payments" • "Loans available at 5% below our standard APR" • "Low down payment accepted" • "Pay weekly" • "Terms to t your budget" • "Financing available General statements, such as "take years to pay" or "no closing costs," do not trigger further dis- closures because they do not state or suggest the period of repayment or down payment cost.
Local Factors Affecting Real Estate Value
• Availability of employment. • Population trends affect economic activity. • The availability of a trained labor force has an impact on economic cycles. • Local government policy affects economic cycles.
Four C's of Good Lending
• Character • Capacity • Capital • Collateral
Tax Benefits of Home Ownership
• Deductibility of mortgage interest payments • Deductibility of real property taxes • Exemptions from capital gains taxation on the sale of primary residence.
National Factors Affecting Real Estate Value
• Federal government tax policy. • The supply of money has an impact on economic cycles and real estate values. • The monetary policies of the Federal Reserve affect the availability of funds and interest rates. • Interest rates are affected by a number of factors that impact real estate.
Key Provisions of FACTA
• Free consumer reports • Truncation of credit card and debit card account numbers • Fraud alerts and active duty alerts • Disclosure of credit scores • Establishment of procedures for the identification of possible instances of identity theft
Factors Driving Demand
• Growth in employment • Transportation systems • Personal preference • The availability of credit • Federal government policy
Demographic Shifts Affect:
• Labor markets and retirement • Savings, investments, and consumption • Family composition and living arrangements • Health issues
Factors Restricting Supply
• Land costs • Construction (labor and material) costs. • Taxation • Economics • Local government building codes and zoning ordinances
The basic functions of the Department of the Treasury include:
• Managing federal finances; • Collecting taxes, duties and monies paid to and due to the U.S. and paying all bills of the U.S.; • Currency and coinage; • Managing government accounts and the public debt; • Supervising national banks and thrift institutions; • Advising on domestic and international financial, monetary, economic, trade and tax policy; • Enforcing federal nance and tax laws; • Investigating and prosecuting tax evaders, counterfeiters, and forgers.
Benefits of Home Ownership
• Occupancy - the owner occupies the residence • Tax benefits - mortgage interest and property taxes may be tax deductible • Pride of ownership - many homeowners see the home as a sign of accomplishment • Security - home ownership protects the individual or family from future increases in rental rates • Investment - properties are purchased and held in anticipation of income, appreciation or both
HUD's Major Programs
• The Federal Housing Administration (FHA) • Community Development Block Grants (CDBG) • HOME Investment Partnerships Program • Rental assistance • Public or subsidized housing • Fair housing public education and enforcement;
What Boomers are Looking For In a Home
• Upscale housing is what they desire to reflect affluence • The house needs to be well equipped and reflect quality • Lots of room with open floor plans and entertainment-size kitchens • Separate suites for returning children, or parents • Home office space with wiring in place for computers and entertainment centers • Durable, low-maintenance materials used in the home, like tile, marble • 65% of 50 - 53 year olds are looking for single-story homes • 22% want exercise rooms at home. • Many boomers are also looking for second/vacation homes. Please don't call it a retirement home!
An Agent's Role in Mortgage Lending Includes:
• arranging for the pre-qualification/pre-approval of buyers • discussing general mortgage loan programs that buyers might consider • answering finance and closing-related questions • providing buyers with a list of potential lenders • preparing the contract with all terms of sale, including financing conditions • tracking important dates from contract to close, including monitoring the time the buyer has to obtain financing approval