-F-
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Fannie Mae
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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.
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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.
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Federal
Reserve Bank
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the regulatory agency that sets monetary policy for the
country and provides liquidity for supervised financial
institutions.
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Fiduciary
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an entity, such as a real estate broker or mortgage
broker, designated to act in the best interest of a
client.
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First Mortgage
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a mortgage that is the primary lien
against a property. Not necessarily the first mortgage obtained
chronologically.
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Foreclosure
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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.
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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.
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Mortgage Glossary © Copyright 2004, 2008
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