Mortgage Dictionary for words that start with letter F
Fair Credit Reporting Act - A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.
fair market value - The highest price that a buyer would pay, and the lowest a seller would accept.
Fannie Mae - A congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.
Fannie Mae (Federal National Mortgage Association/ - FNMA is one of the major secondary market investors that purchases loans from mortgage companies and other depository institutions. The company is a private corporation and its stock is traded on the New York Stock Exchange.
Fannie Mae's Community Home Buyer's Program - An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer education sessions.
Federal Home Board - The board which oversees the Federal Home Loan Bank systems.
Federal Home Loan Bank - Provides liquidity to supervised financial service companies, such as savings and loans and credit unions. The bank system has several districts.
Federal Home Loan Board - The board which charters and forbids discrimination in the sale.
Federal Home Loan Mortgage Corporation (Freddie Ma - A government sponsored agency that is also a publicly traded company on the New York Stock Exchange that purchases mortgage loans from mortgage bankers and financial depository institutions. FHLMC is a major secondary market investor.
Federal Housing Administration - A federal agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price.
Federal Housing Administration (FHA) - An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.
Federal National Mortgage Association - See Fannie Mae.
Federal Reserve Bank - The regulatory agency for certain commercial banks and bank holding companies. Sets monetary policy for the country and provides liquidity for supervised financial institutions.
Federal Tax Lien - A lien attached to property for nonpayment of a federal tax.
Federal Tax Return - The U.S. government's method to identify individual and company's annual tax responsibility. The tax returns identify the income and taxes.
Fee Simple - Highest possible degree of ownership of land. The estate allows owners to have unrestricted powers to dispose of property, and which can be left by will or inherited.
FHA mortgage - A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government mortgage.
Fiduciary - A person in a position of trust or responsibility with specific duties to act in the best interest of a client. Real estate brokers and mortgage brokers are fiduciaries.
Financial Depositor Institutions - Banks, savings and loans or credit unions.
finder's fee - A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.
First Mortgage - Mortgage holding priority over the claims of subsequent lenders against the same property.
first mortgage - A mortgage that is the primary lien against a property.
fixed-rate mortgage (FRM) - A mortgage in which the interest rate does not change during the entire term of the loan.
Fixture - Personal property affixed to structures or land, usually in such manner that they cannot be independently moved without damage to themselves or the property housing, supporting, or pertinent to them. Varies under state laws.
flood insurance - Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
Foreclosure - A proceeding in or out of court to extinguish all rights, title and interest of the owner (s) of a property in order to sell the property and satisfy a lien against it.
foreclosure - The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
Freddie Mac - See Federal Home Loan Mortgage Corporation.
Full Disclosure - Revealing all known facts which may affect the decision of a buyer or tenant.
fully amortized ARM - An adjustable rate mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.
Functional Obsolescence - Impairment of functional capacity or efficiency. For example, homes without indoor plumbing (while they may contain working outdoor plumbing facilities) are considered functionally obsolete.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.