-F-
-
Fannie Mae
-
nickname for the Federal National Mortgage Association (FNMA).
FNMA is the largest of the secondary
market investors that purchase loans from mortgage companies.
The company is a private corporation and is listed on the
New York Stock Exchange.
-
Federal
Housing Administration (FHA)
-
an agency of the U.S. Department of Housing and Urban Development
(HUD) that insures first
mortgages and can enable lenders to lend a very high percentage
of the purchase price. The FHA does not actually lend money.
-
Federal
Reserve Bank
-
the regulatory agency that sets monetary policy for the
country and provides liquidity for supervised financial
institutions.
-
Fiduciary
-
an entity, such as a real estate broker or mortgage
broker, designated to act in the best interest of a
client.
-
First Mortgage
-
a mortgage that is the primary lien
against a property. Not necessarily the first mortgage obtained
chronologically.
-
Foreclosure
-
a legal process in which a homeowner in default
on a mortgage is deprived of interest in the property, so
that it may be sold to satisfy the debt.
-
Freddie Mac
-
nickname for the Federal Home Loan Mortgage Corporation
(FHLMC). Another major secondary
market purchaser of loans. FHLMC is a government-sponsored
agency that is also publicly traded on the NYSE.
Mortgage
Glossary © Copyright 2004, 2008 |
