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Fair
Credit Reporting Act
A federal law that regulates the disclosure of consumer credit
reports by consumer/credit reporting agencies, and establishes
procedures for rectifying errors on individuals' credit records
Fair Housing Act
A federal law which prohibits discrimination in housing based on
race, color, religion, sex, handicap, familial status and national
origin
Fair market value
The highest price that a buyer, who is willing but not required to
buy, would pay for a piece of property or home, and the lowest price
that a seller, who is willing but not required to sell, would accept
Fannie Mae
The Federal National Mortgage Association (also FNMA), a private
corporation which is federally chartered to provide financial
products and services that increase the availability and
affordability of housing, by purchasing mortgages from banks and
other lending institutions; the FNMA is the largest non-bank
financial services company in the world, as well as the largest
resource for financing of home mortgages in the U.S.
Farmer's Home Administration (FmHA)
A federal agency that provides credit assistance to farmers and
other individuals residing in rural areas of the U.S.
Federal Deposit Insurance Corporation (FDIC)
An independent federal agency that insures the deposits in
commercial banks
Federal Home Loan Mortgage Corporation (FHLMC)
A corporation established to purchase primarily conventional
mortgage loans in the secondary mortgage market
Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development
(HUD), whose function is the insuring of residential mortgage loans
made by private lenders; while setting standards for construction
and underwriting, the FHA itself does not lend money, or construct
housing
FHA insurance
Mortgage insurance provided by the Federal Housing Administration to
protect banks, savings and loans, and mortgage companies against
loss on real estate loans
FHA loan
A loan insured by the Federal Housing Administration, and made by an
approved lender in accordance with the FHA's regulations
Federal National Mortgage Association (FNMA)
A governmental agency established to purchase any kind of mortgage
loans in the secondary mortgage market from the primary lenders
Fee simple
The greatest interest in a parcel of land that is possible, or the
total interest in real property
Fiduciary relationship
A relationship of trust and confidence, as between principal and
agent, trustee and beneficiary, attorney and client
Finder's fee
A commission paid to a mortgage broker for sourcing a mortgage loan
for a prospective borrower
First mortgage
A mortgage that is the primary lien against a property
Fixed-rate mortgage (FRM)
A mortgage in which the interest rate remains fixed over the
duration of the term of the loan
Fixture
Any item of property that is attached to real property such that it
becomes a permanent part of the real property, and therefore is
usually sold with it
Foreclosure
A legal proceeding usually initiated by the lender or creditors,
involving a forced sale of a property owned by a borrower who has
defaulted on payment of, or on the terms of, a loan on said
property, and whereby the borrower is deprived of his or her
interest in the property
Forfeiture
The loss of money, property, rights, or privileges due to a breach
of legal obligation
Forfeiture of Title
The provision in a deed that accounts for title being passed to
another, should certain terms not be met or certain circumstances
occur
Freddie Mac
The Federal Home Loan Mortgage Corporation (also FHLMC), a private
corporation that is federally chartered to purchases and sells
mortgage loans; a major player in the secondary market, along with
the Federal National Mortgage Associate (FNMA)
Front ratio
The ratio of a potential borrower's monthly housing costs to their
gross monthly income, utilized by lenders to qualify an applicant
for a loan; typically 28-40 percent is acceptable
Fully amortized ARM
An adjustable-rate mortgage (ARM) with a monthly payment that is
sufficient to pay off the remaining balance at the interest accrual
rate over the amortization term
Fully indexed note rate
Te index value at the time of application for an adjustable rate
mortgage (ARM) plus the gross margin stated in the note |
