All > Business > Finance > Insurance > Life Insurance
The amount stated on the face of the policy that will be paid in case of death or at maturity. It does not include dividend additions or additional amounts payable under accidental death or other special provisions.
- Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance
All > Business > Finance > Personal Finance
Face value, or par value, is the dollar value of a bond or note, generally $1,000.
That is the amount the issuer has borrowed, usually the amount you pay to buy the bond at the time it is issued, and the amount you are repaid at maturity, provided the issuer doesn't default.
However, bonds may trade at a discount, which is less than face value, or at a premium, which is more than face value, in the secondary market. That's the bond's market value, and it changes regularly, based on supply and demand.
The death benefit of a life insurance policy, which is the amount the beneficiary receives when the insured person dies, is also known as the policy's face value.
- Browse Related Terms: Accelerated death benefit, Asset, Cash surrender value, Cash value account, Credit Life Insurance (CLI), Death benefit, Decreasing term insurance, Depreciation, Face value, Insurance trust, Life settlement, Lump sum, Pension maximization, Permanent insurance, Straight life, Survivorship life, Universal life insurance, Viatical settlement, Whole life insurance
All > Business > Finance > Personal Finance
Designed to help consumers check their credit reports for accuracy and detect identity theft early, the FACT Act gives every consumer the right to request a free report from each of the three major credit bureaus - Equifax, Experian, and TransUnion - once a year.
To obtain your free reports, you must request them through the Annual Credit Report Request Service (www.annualcreditreport.com or 877-322-8228).
If you request your credit report directly from one of the three credit reporting agencies or through another service, you'll pay a fee.
Most experts recommend staggering your requests for the free reports - for instance, ordering one in January, the second in May, and the third in September - so that you can keep an eye on your credit throughout the year.
It's also a good idea to check your report at least two months before you anticipate applying for a major loan or a job, so you can notify the credit bureau if you find any inaccuracies.
You're also entitled to a free report directly from the credit reporting bureaus if you've recently been denied credit, have been turned down for a job, are on public assistance, or have reason to suspect that you're a victim of credit fraud or identity theft.
- Browse Related Terms: Annual report, authorization, Credit bureau, Credit Report, FACT Act (Fair and Accurate Credit Transactions Act), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fraud Alert
Labor and property earnings from current production. In national income, it is the incomes accruing to labor and property of U.S. residents, which include compensation of employees (received), proprietors' income, rental income of persons, and corporate profits.
- Browse Related Terms: Compensation of employees, dividend, Factor income, Factor incomes, Imputation, Interest payments, Net gross receipts (NGR), person, Personal current taxes, Personal dividend income, Personal income receipts on assets, Personal interest income, Personal interest payments, Proprietors' income, Rental income of persons with capital consumption adjustment, Undistributed profits
See Factor income
- Browse Related Terms: Compensation of employees, dividend, Factor income, Factor incomes, Imputation, Interest payments, Net gross receipts (NGR), person, Personal current taxes, Personal dividend income, Personal income receipts on assets, Personal interest income, Personal interest payments, Proprietors' income, Rental income of persons with capital consumption adjustment, Undistributed profits
The purpose of this Act is to help consumers protect their credit identities and recover from identity theft. One of the key provisions of this Act is that consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). AnnualCreditReport.com provides consumers with the secure means to request their free credit report.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
All > Business > Finance > Personal Finance
The purpose of this Act is to help consumers protect their credit identities and recover from identity theft. One of the key provisions of FACTA is consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). www.AnnualCreditReport.com provides consumers with the secure means to request a free credit report.
- Browse Related Terms: Annual report, authorization, Credit bureau, Credit Report, FACT Act (Fair and Accurate Credit Transactions Act), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fraud Alert
The purpose of this Act is to help consumers protect their credit identities and recover from identity theft.
One of the key provisions of this Act is that consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). AnnualCreditReport.com provides consumers with the secure means to request their free credit report.
- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
All > Business > Finance > Personal Finance > Consumer Credit
A federal law supplemented by Maine law, which gives rules and regulations governing debt collectors. Federal Law: 15 U.S.C.§ 1601 et seq.; Maine Law: 32 M.R.S.A § 11001 et seq.
State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition- Browse Related Terms: Appraisal, Credit Bureaus, Credit Reports, Credit score, Divorce Decree, Fair Collection Practices Act, Fair Credit Reporting Act (FCRA), Home Equity Loan, Liable, MCCC-1, Mortgage Company (Supervised Lender), Supervised Lender
All > Business > Real Estate
Federal act to ensure that credit bureaus are fair and accurate protecting the individual's privacy rights enacted in 1971 and revised in October 1997.
A consumer protection law that regulates the disclosure of consumer credit reports by credit reporting agencies and specifies procedures for challenging errors on a credit record.
- Browse Related Terms: Capital Gain, Credit bureau, Credit Repair Companies, Credit Union, Equal Credit Opportunity Act, Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act, Fair Housing Act, Merged Credit Report, National Credit Repositories
A Federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes.
The FCRA regulates consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. The Act was amended to address the sharing of consumer information with affiliates.
A Federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. The FCRA regulates consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. The Act was amended to address the sharing of consumer information with affiliates.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
All > Business > Finance > Personal Finance
A Federal law, established in 1971 and revised in 1997 that gives consumers the right to see their credit records and correct any mistakes. The FCRA regulates consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. FCRA was amended to address the sharing of consumer information with affiliates.
- Browse Related Terms: Annual report, authorization, Credit bureau, Credit Report, FACT Act (Fair and Accurate Credit Transactions Act), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fraud Alert
All > Business > Finance > Personal Finance > Consumer Credit
A federal law supplemented by Maine law, which gives rules and regulations governing credit bureaus and credit reports.
State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition- Browse Related Terms: Appraisal, Credit Bureaus, Credit Reports, Credit score, Divorce Decree, Fair Collection Practices Act, Fair Credit Reporting Act (FCRA), Home Equity Loan, Liable, MCCC-1, Mortgage Company (Supervised Lender), Supervised Lender
The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act.
The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
All > Business > Finance > Personal Finance
FDCPA is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act.
- Browse Related Terms: Collection agency, Consumer Credit Counseling Service, creditor, Debt collector, Debtor, Fair Debt Collection Practices Act (FDCPA), Liability, net worth, Prepayment Clause, Principal
All > Business > Finance > Personal Finance
The Fair Housing Act makes it illegal to discriminate, in any phase of selling or renting real estate, against anyone on the basis of race, color, religion, sex, handicap, family status, or national origin.
However, there are exceptions for religious organizations and private clubs if those organizations are providing rooms for the convenience of their members on a noncommercial basis.
If you feel you are the victim of housing discrimination, you can file a complaint with the US Department of Housing and Urban Development (HUD) or file a suit in federal or state court.
- Browse Related Terms: Agency, Dependent Child, Fair Housing Act, Freedom of Information Act (FOIA), Minor Child, U.S. Department of Housing and Urban Development (HUD), U.S. Department of Justice (DOJ), Value
All > Business > Real Estate
A law that prohibits discrimination in all facets of the home buying process on the basis of race, color, national origin, religion, sex, familial status, or disability.
- Browse Related Terms: Capital Gain, Credit bureau, Credit Repair Companies, Credit Union, Equal Credit Opportunity Act, Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act, Fair Housing Act, Merged Credit Report, National Credit Repositories
All > Business > Finance > Personal Finance
Fair market value is the price you would have to pay to buy a particular asset or service on the open market.
The concept of fair market value assumes that both buyer and seller are reasonably well informed of market conditions. It also assumes that neither is under undue pressure to buy or sell, and that neither intends to defraud the other.
All > Business > Real Estate
The price at which property would be transferred between a willing buyer and willing seller, each of whom has a reasonable knowledge of all pertinent facts and is not under any compulsion to buy or sell.
The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.
The price a property can realistically sell for, based upon comparable selling prices of other properties in the same area.
- Browse Related Terms: acceptance, affidavit, Asking Price, Assumable Mortgage, Assumption Clause, Assumption Fee, Assumption of mortgage, Bona fide, Creative financing, Disclosures, Earnest Money, Fair market value, HUD-1 Settlement Statement, non-assumption clause, Offer, Owner Financing, prorate, Rescission, Sale-Leaseback, Seller Take-Back
Also listed in:
All > Business > Finance > Personal Finance
Corporate or municipal bonds that were investment-grade when they were issued but have been downgraded are called fallen angels. Bonds are downgraded by a rating service, such as Moody's Investors Service or Standard & Poor's (S&P).
Downgrading may occur if the issuer's financial situation weakens, or if the rating service anticipates financial problems that could lead to default.
The term fallen angel is sometimes used more generically, to refer to stocks or other securities that are out of favor with investors.
- Browse Related Terms: Bond fund, Bond rating, Currency, Duration, Fallen angel, Gold standard, High-yield bond, Investment grade, Junk bond, Moody's Investors Service, Inc., Rating, Rating service, Risk premium
All > Business > Real Estate
HUD uses this term to describe a single person, a pregnant woman or a household with children under 18 living with parents or legal custodians who might experience housing discrimination.
- Browse Related Terms: Asset, assignment, Casualty Protection, Chattel mortgage, Estate, Executor, Familial Status, Manufactured Housing, Replacement Cost, Trustee
Family and Medical Leave Act (29 U.S.C. 2601 et seq.) is a federal law that ensures that eligible workers are able to take unpaid extended leaves of absence from work to handle certain family issues or illness. Where workers have earned paid time off, this pay may be substituted for the unpaid period.
- Browse Related Terms: Actual wage, Essentially equivalent jobs, Family and Medical Leave Act (FMLA), Independent authoritative source survey, Industry, Master's or higher degree in a specialty related to the intended employment, Material fact, Nonproductive status, Occupation, Period of intended employment, Prevailing wage, Required wage rate, Similarly employed, Specialty occupation, Specific employment in question, The Occupational Information Network (O*NET), Wage rate
Also listed in:
All > Business > Finance > Personal Finance
Many large mutual fund companies offer a variety of stock, bond, and money market funds with different investment strategies and objectives. Together, these funds make up a family of funds.
If you own one fund in a family, you can usually transfer assets to another fund in the same family without sales charges. The transaction is known as an exchange.
But unless the funds are in a tax-deferred or tax-free retirement or education savings plan, you'll owe capital gains taxes on increases in value of the fund you're selling.
Investing in a family of funds can make diversification and asset allocation easier, provided there are funds within the family that meet your investment criteria. Investing in a family of funds can also simplify recordkeeping.
However, the advantages of consolidating your assets within one fund family are being challenged by the proliferation of fund networks. Fund networks, sometimes called fund supermarkets, make it easy to spread your investments among several fund families.
- Browse Related Terms: Asset allocation, Asset class, Balanced fund, diversification, Family of funds, Financial plan, Fund of funds (FOF), Lifecycle fund, Modern portfolio theory, Nonsystematic risk, Overweighted, portfolio, subclass, Synthetic investment, Target date fund, Target risk fund, Underweighted, White knight
All > Business > Real Estate
A semicircular or semielliptical window above a door, usually inset with radiating glazing bars.
- Browse Related Terms: Color, Drip molding, Enframement, Fanlight, French door or French window, Head, Hood, member, Mullion, Oriel, Palladian Window, Reveal, Sill, Stile, Stoop, Surround, Transom, Transom bar
All > Business > Finance > Personal Finance
Fannie Mae has a dual role in the US mortgage market.
Specifically, the corporation buys mortgages that meet its standards from mortgage lenders around the country. It then packages those loans as debt securities, which it offers for sale, providing the investment marketplace with interest-paying bonds.
The money Fannie Mae raises by selling these bonds pays for purchasing more mortgages. Lenders use the money they realize from selling mortgages to Fannie Mae to make additional loans, making it possible for more potential homeowners to borrow at affordable rates.
Because lenders want to ensure their mortgage loans are eligible for purchase, most adopt Fannie Mae guidelines in evaluating mortgage applicants.
Fannie Mae is described as a quasi-government agency because of its special relationship with the federal government. It's also a shareholder-owned corporation whose shares trade on the New York Stock Exchange (NYSE).
- Browse Related Terms: Agency bond, Fannie Mae, Freddie Mac, Government bond, Government National Mortgage Association (Ginnie Mae), Quasi-public corporation, Sallie Mae, Scripophily
All > Business > Real Estate
Federal National Mortgage Association (FNMA); a federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers. Also known as a Government Sponsored Enterprise (GSE).
Nickname for Federal National Mortgage Association (FNMA).
A New York stock exchange company. It is a public company that operates under a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae does not lend money directly to consumers, but instead works to ensure that mortgage funds are available and affordable, by purchasing mortgage loans from institutions that lend directly to consumers.
A private corporation that specializes in buying primarily FHA and Va loans. Formerly called the "Federal National Mortgage Association (FNMA)."
- Browse Related Terms: Fannie Mae, Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Freddie Mac, Government National Mortgage Association (GNMA or Ginnie Mae), housing affordability index, Loan Servicer, Mortgage pool, Quality Control, Secondary market, Secondary Mortgage Market, Soldiers and Sailors Civil Relief Act, Subordinate
All > Business > Real Estate
The current 2004 Fannie Mae/Freddie Mac loan limit for a single-family home is $333,700 and is higher in Alaska , Guam , Hawaii , and the U.S. Virgin Islands. The Fannie Mae loan limit is $427,150 for a two-unit home; $516,300 for a three-unit home; and $641,650 for a four-unit home. Also referred to as the "conventional loan limit."
- Browse Related Terms: Conforming Loan, Fannie Mae-Seller/Servicer, Fannie Mae/Freddie Mac Loan Limit, Federal Home Loan Mortgage Corporation (FHLMC), GSE, Jumbo Loan, Mortgage Banker, Non-Conforming loan