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Farmers Home Admistration (FMHA) |
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Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere. |
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FDIC |
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Federal Deposit Insurance Corporation. Originally established by the Banking At of 1933 to insure the deposits of all banks entitled to federal deposit insurance. |
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Federal Home Loan Bank Board (FHLBB) |
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The former name for the regulatory and supervisory agency for federally chartered savings institutions. Agency is now called the Office of Thrift Supervision |
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Federal Home Loan Mortgage Corporation (FHLMC) Also Called Freddie MAC |
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Is a quasi-governmental agency that specializes in purchasing mortgage loans, primarily from savings and loans associations. Freddie Mac is run by the United States government, with assistance from private sector professionals. |
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Federal Home Loan Mortgage Corporation (FHLMC) |
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- A affiliate of the Federal Home loan Bank which creates a secondary money market in conventional residential loans and in FHA and VA loans by purchasing mortgage loans from members of the Federal Reserve System and the Federal Home Loan Bank Systems. Also known as Freddie Mac.
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Federal Housing Administration (FHA) |
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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.
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Federal National Mortgage Association (FNMA) Also Know As Fannie Mae |
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- 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 to add cash to the mortgage market. This institution, which provides funds for one in seven mortgages, makes mortgage money more available and more affordable.
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Financing Statement |
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Lenders record financing statements to evidence personal property, such as a new furnace, siding or windows, is subject to a lien. |
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Floating Rate Of Interest |
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An interest rate that instead of being a fixed percent is stated as an amount above or below another rate, usually the prime rate, so that as the prime rate moves up and down the interest rate moves with it. |
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Flodd Insurance |
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An insurance policy that covers damage your home may receive due to flooding. If the home you're buying is in an area prone to flooding, then you may be required by your home loan provider to get flood insurance. To establish whether or not your home is in such an area, a land survey must be done—at the expense of the person selling the home—at least fifteen days before the date you close on the home purchase. |
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FNMA |
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The Federal National Mortgage Association is a secondary mortgage institution, which is the largest single holder of home mortgages in the United States. FNMA buys VA, FHA, and conventional mortgages from primary lenders. Also known as Fannie Mae. |
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Forward Commitment |
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A commitment made by the lender to make or purchase a loan in the future. |
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Free-Market System Auction |
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A periodic auction conducted by the Federal National Mortgage Association, at which commitments to purchase mortgages are issued. Approved lenders specify a dollar amount and yield to FNMA. |
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Full Disclosure |
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A legal requirement that says a person selling a home must inform a potential buyer of everything they know about the home's physical and economic condition. |
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Fully Indexed Note Rate |
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As related to adjustable rate mortgages, the index value at the time of application plus the gross margin stated in the note. |
