When mortgages are sold after they have been funded, they are considered part of the

The primary mortgage market refers to the initial stage where borrowers obtain loans directly from lenders to purchase homes. This market involves the origination of new loans rather than the buying and selling of existing ones. Therefore, it does not encompass the sale of mortgages after funding.

The Rural Housing Service (RHS) is a government agency that provides home financing options specifically for rural areas. While it plays a role in facilitating loans for eligible borrowers, it is not a market for buying or selling mortgages post-funding. Thus, it does not relate to the secondary market transactions.

The Federal Reserve System functions as the central bank of the United States, managing monetary policy and regulating financial institutions. While it influences mortgage rates and the overall economy, it does not directly engage in the buying and selling of mortgages. Therefore, it does not pertain to the secondary mortgage market.