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Terminology: F

December 16, 2017 - 10:32 PM EST

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Terminology: F

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.
Fascia
The vertical segment of the "face" board that appears at the end of the rafter or roof truce.
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.
Flashing
The sheet metal or other material attached to the roof used to divert water when vertical and horizontal surfaces meet.
Footing
The concrete "trench" that supports the foundation wall.
Forced Warm Air
The type of heating system utilizing ductwork and a blower (typically uses gas, oil or electricity as the fuel source).
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.
Foundation
Masonry wall that rests on top of the footing used to support the main structure of the house.
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.
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