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Please select the first letter in the dictionary.
Fair Credit Reporting Act - A 1971 federal law that guarantees an individual the right to examine all information on file about him/her with a credit reporting agency participating within the established guidelines. Procedures for rectifying errors are also specified in this act. Farmers Home Administration (FmHA) - Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere. Federal Deposit Insurance Corporation (FDIC) - A federal agency organized to guarantee funds on deposit in banks. The FDIC also performs functions such as making loans or buying assets from member banks to help effect mergers or to prevent bank failures. Federal Emergency Management Agency (FEMA) - Federal organization responsible for providing relief in national disasters. This agency designates flood areas and generates flood maps for use by hazard insurance agents and underwriters issuing flood insurance. Federal Home Loan Mortgage Corporation (FHLMC) - Also known as "Freddie Mac". A quasi-governmental agency that purchases both conventional and federally insured first mortgages from members of the Federal Reserve System and the Federal Home Loan Bank System. Federal Housing Administration (FHA) - A division of the Department of Housing and Urban Development. Its main activity is the insuring of residential mortgage loans made by private lenders. FHA also sets standards for underwriting mortgages. Federal National Mortgage Association (FNMA) - Also known as "FannieMae." A tax-paying corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by FHA or guaranteed by VA. Federal Reserve System - Also known as "the Fed." The central banking system that regulates the supply of money. It includes 12 regional banker's banks, their branches, and all national and state banks that choose to be members. The Board of Directors of the system regulates the prime interest rate,which affects interest rates in all banks. Fee Simple - An estate in which the owner is entitled to the entire property with unconditional power of disposition (power to sell) during the owner's life and which descends to the heirs upon the owner's death if the owner dies without a will (intestate) or can be devised (given to another) by will (testate). FHA Loan - A loan insured by the Federal Housing Administration open to all qualified home purchasers. There are limits to the size of FHA loans. FHA Mortgage Insurance - FHA requires a fee (up to 2.25% of the loan amount) paid at closing to insure the loan. In addition, FHA mortgage insurance requires an annual fee of up to 0.5% of the current loan amount paid in monthly installments. The lower the down payment, the higher amount of years required to pay the fee. Fiduciary - One who holds a position of trust and confidence, requiring scrupulous good faith and candor. In connection with real estate transactions, fiduciary responsibility belongs to the closing agent disbursing funds and the designated holder of escrowed monies in a closing. Fiscal Year - The time period encompassing 365 days which a company maintains financial records. This may or may not correspond with the calendar year. In real estate transactions, this is more relevant for commercial closings. Fixed-Rate Mortgage - A loan that carries an unchangeable interest rate over its entire term, typically a period of 15-30 years. Fixtures - Personal property that is attached to real property and is legally treated as real property while it is so attached. Examples includes fences, window blinds, and chandeliers. Flood Hazard Area - A geographical area designated by the Department of Housing and Urban Development (HUD) as having an above average risk of flooding. Most lenders require a flood elevation certification from the surveyor. Foreclosure - Also known as "a repossession of property." A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the loan. Forgery - The fraudulent signing of another's name to an instrument such as a deed, mortgage, or check.
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