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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 |
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Fair Housing Act |
A federal law which prohibits discrimination in
housing based on race, color, religion, sex, handicap, familial status and
national origin |
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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 |
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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. |
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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. |
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Federal Deposit Insurance Corporation
(FDIC) |
An independent federal agency that insures the
deposits in commercial banks |
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Federal Home Loan Mortgage Corporation
(FHLMC) |
A corporation established to purchase primarily
conventional mortgage loans in the secondary mortgage market |
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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 |
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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 |
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FHA loan |
A loan insured by the Federal Housing
Administration, and made by an approved lender in accordance with the FHA's
regulations |
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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 |
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Fee simple |
The greatest interest in a parcel of land that
is possible, or the total interest in real property |
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Fiduciary relationship |
A relationship of trust and confidence, as
between principal and agent, trustee and beneficiary, attorney and
client |
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Finder's fee |
A commission paid to a mortgage broker for
sourcing a mortgage loan for a prospective borrower |
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First mortgage |
A mortgage that is the primary lien against a
property |
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Fixed-rate mortgage (FRM) |
A mortgage in which the interest rate remains
fixed over the duration of the term of the loan |
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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 |
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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 |
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Forfeiture |
The loss of money, property, rights, or
privileges due to a breach of legal obligation |
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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 |
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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) |
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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 |
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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 |
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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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