Lectures and Downloads

This page contains lecture notes, supplemental materials, and links that I will discuss over the course of the semester.  Topics without active links represent spreadsheets or other information that I will update and make available later in the semester.  For homework assignments, quizzes, exams, and their solutions, see the homework section of this site.  

Lecture notes
Financial calculator info
Fixed- and adjustable-rate mortgages
Residential underwriting & regulations
Secondary mortgage markets
Other links and downloads (including articles)

Class Lecture Notes

I suggest that you wait to download these notes until right before the date we will discuss them in class.  It is very likely that I will update them between now and then. 

• Overview of mortgages and mortgage markets

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 1/21 - PDF format

  • SmartBoard notes from class on 1/26 - PDF format

• Fixed-rate mortgages

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 2/2 - PDF format

• Effective borrowing costs and the annual percentage rate

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 2/4 - PDF format

  • SmartBoard notes from class on 2/9 - PDF format

• Adjustable-rate mortgages

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 2/9 - PDF format

  • SmartBoard notes from class on 2/11 - PDF format

  • SmartBoard notes from class on 2/16 - PDF format

• Alternative mortgage products

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 2/20 & 2/23 - PDF format

• Comparing financing alternatives

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 3/2 - PDF format

  • SmartBoard notes from class on 3/9 - PDF format

  • SmartBoard notes from class on 3/11 - PDF format

  • SmartBoard notes from class on 3/23 - PDF format

  • SmartBoard notes from class on 3/25 - PDF format

• Residential mortgage underwriting

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 4/1 - PDF format

  • SmartBoard notes from class on 4/6 - PDF format

  In addition to the lecture notes, please download the following forms and information: 

  • WU Shock underwriting information - PDF format, MS Word format

  • WU's mortgage application - PDF format

  • WU's GFE - PDF format

  • WU's TILA disclosure - PDF format

  • Sample HUD 1 - Page 1, Page 2

• Commercial property finance

  • Lecture notes - PDF format, MS Word format

  • SmartBoard notes from class on 4/13 - PDF format

  • SmartBoard notes from class on 4/15 - PDF format

• Secondary mortgage markets

  • SmartBoard notes from class on 4/20 - PDF format

  • SmartBoard notes from class on 4/22 - PDF format

  • SmartBoard notes from class on 4/27 - PDF format

  • SmartBoard notes from class on 4/29 - PDF format

  SMM spreadsheets used in class:

  • Mortgage pass-through securities spreadsheet

  • Mortgage backed bonds spreadsheet

  • Collateralized mortgage obligations spreadsheet

  • IO/PO strips spreadsheet

  • Floaters/inverse floaters spreadsheet

• Financial crisis overview

  • PowerPoint presentation from class on 5/11- PDF format

Financial Calculator Info

• Financial calculator help sheets

• TI-BAII Plus Manual - PDF format

  • Chapter on TVM functions - PDF format

  • Chapter on cash flow worksheet - PDF format

• TI-83 Plus Manual - PDF format

  • Chapter on financial calculations - PDF format

• HP 10B II Manual - PDF format

Fixed- and Adjustable-rate Mortgages

• Fannie Mae/Freddie Mac Uniform Residential Mortgage Instrument for Kansas - PDF format

• Fixed-rate mortgages spreadsheet 

• Interest rates and inflation spreadsheet 

• Tilt effect spreadsheet 

• Graduated payment mortgages spreadsheet

• Adjustable-rate mortgages spreadsheet

Residential Underwriting & Regulations

• Residential underwriting examples

  • WU Shock underwriting information - PDF format, MS Word format

  • WU's mortgage application - PDF format

  • WU's GFE - PDF format

  • WU's TILA disclosure - PDF format

  • Sample HUD 1 - Page 1, Page 2

• Mortgage underwriting and closing forms

  • Uniform Residential Loan Application

  • Good Faith Estimate of Settlement Costs

  • Truth in Lending Disclosure

  • HUD-1 Settlement Statement (PDF format) - Page 1, Page 2

• Annual percentage rate materials

  • Annual Percentage Rate Calculation Program, Office of the Comptroller of the Currency.

  • Truth in Lending Disclosure

  • Consumer Compliance Handbook, Federal Reserve System.  This site lists a number of Federal Reserve supervisory manuals.  Scroll down for the Consumer Compliance Handbook.  The Truth in Lending Act is covered under Regulation Z.

• RESPA information

  • Department of Housing and Urban Development - RESPA Site

  • Good Faith Estimate of Settlement Costs

  • HUD-1 Settlement Statement (PDF format) - Page 1, Page 2

  • RESPA Special Information Booklet (PDF format)

Secondary Mortgage Markets

• Newspaper articles

  • USA Today article on the concentration of foreclosures in a limited number of counties - March 5, 2009.  

  • WSJ article on proposal to have Fannie Mae and Freddie Mac fund warehouse loans for mortgage banks - March 30, 2009 (see class Blackboard page). 

  Secondary mortgage market articles

  • "The Role of Securitization in Mortgage Lending," by Richard J. Rosen, Chicago Fed Letter, No. 24, November 2007.

  • "The Economics of Asset Securitization," by Ronel Elul, Business Review, Federal Reserve Bank of Philadelphia, Quarter 3, 2005.

• Mortgage backed bonds spreadsheet

• Mortgage pass-through securities spreadsheet

• Collateralized mortgage obligations spreadsheet

• IO/PO strips spreadsheet

• Floaters/inverse floaters spreadsheet

Other Links and Downloads

You will need the Adobe Acrobat Reader to view and print many of the files I post here.  You can download it for free at the Adobe Acrobat web site.

Center for Real Estate home page.