Mortgage terms starting with F

19 terms

  1. Federal Financial Institutions Examination Council (FFIEC) also known as the Council. The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal…
  2. Federal Home Loan Bank Act of 1932 This Act established the Federal Home Loan Bank Board (“FHLBank Board”), which charters and supervises Federal Savings and Loans Institutions…
  3. Federal Home Loan Bank Board (“FHLBank Board”) A five-member board established in 1932 by the Federal Home Loan Bank Act. The FHLBank Board provided the FHLBanks with the authority to regulate and…
  4. Federal Home Loan Banks (FHLBanks) The Federal Home Loan Banks are 12 regional cooperative banks that U.S. lending institutions use to finance housing and economic development in their…
  5. Federal Home Loan Mortgage Corporation (Freddie Mac) A federally chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds…
  6. Federal Housing Administration (FHA) The Federal Housing Administration (FHA) was established by the federal government in 1937 to make home ownership possible for more people and to…
  7. Federal Housing Enterprises Financial Safety and Soundness Act of 1992 The Act modernized the regulatory oversight of Fannie Mae and Freddie Mac. It created the Office of Federal Housing Enterprise Oversight (“OFHEO”) as…
  8. Federal National Mortgage Association (Fannie Mae) A federally chartered corporation that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages…
  9. Federal National Mortgage Association Charter Act of 1954 (Charter Act) The Charter Act transformed Fannie Mae from a government agency into a public-private, mixed ownership corporation.
  10. Federal Savings and Loan Insurance Corporation (FSLIC) Created by the National Housing Act of 1934, the FSLIC, which was administered by the FHLBank Board, insured savings and loan deposits until 1989.
  11. Fee A charge or payment for products and services, a sum paid or charged for a privilege, for example, some financial institutions charge a monthly fee to…
  12. FHA Approved Lenders Financial institutions that have been approved by FHA for the origination and servicing of FHA-insured mortgages.
  13. Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) Enacted by Congress in 1989 in response to the savings and loan crisis of the 1980s, FIRREA abolished FSLIC, transferred its assets, liabilities, and…
  14. Financial Models Financial models are computer simulations designed to forecast the financial performance of a company or project or estimate the impact of key parameters…
  15. First Mortgage A real estate loan which is in a first lien position, taking priority over all other liens.
  16. Fixed-Rate Mortgage (FRM) a mortgage loan with a fixed interest rate that remains the same for the life of the loan.
  17. Forbearance A temporary period of time during which a regular monthly mortgage payment is reduced or suspended.
  18. Foreclosure A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default.
  19. Foreclosure Prevention steps by which the servicer works with the homeowner to find a permanent solution to resolve an existing or impending loan delinquency.