A B C D E F G H I J K L M
N O P Q R S T U V X W Z

F

Fannie Mae
See Federal National Mortgage Association
Federal Home Loan Mortgage Corporation (FHLMC)
Also called Freddie Mac, is a quasi-government agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers.
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 Fannie Mae. A taxpaying corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by FHA or guaranteed by VA. This institution, which provides funds for one in seven mortgages, makes mortgage money more available and more affordable.
Fee Simple
The absolute total interest in real property. An 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.
Fiduciary Relationship
A relationship of trust and confidence between principal and agent; lawyer and client; doctor and patient; etc.
Fixed-Rate Mortgage
A mortgage on which the interest rate is set for the term of the loan.
Foreclosure
A legal procedure in which property securing debt is sold by the lender to pay a defaulting borrower's debt.
Freddie Mac
See Federal Home Loan Mortgage Corporation.