March 28 (Bloomberg) — Mickey Levy, chief economist at Bank of America Corp., discusses Federal Reserve policy, the U.S. economy and the federal budget. (Source: Bloomberg)
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Bank of America Corp., the largest U.S. bank by assets, earned $6.3 billion from its global banking and markets division last year, giving that business almost double the annual profit of any other segment.
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Mortgage lenders are ranked based both on how many new loans they originate and how many loans they service. By those measures, the biggest originator of home loans during the third quarters was Wells Fargo & Co. The biggest mortgage servicer, meanwhile, was Bank of America Corp.
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photo credit: David Boyle
In a typical private money lending transaction, you the real estate investor (borrower) will borrow from a private individual (private lender) and the transaction is documented by a Promissory Note and Mortgage.
Additionally, you will need to name your private lender on your property insurance. We also recommend you included a disclosure statement.
Promissory Note
One of the most important documents you will ever sign with a private lender is the actual Promissory Note that creates the loan obligation. (more…)
