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Term Definition
Facadethe outside front wall of a building.
 
Face Valuethe dollar amount, shown by words and/or numbers on a document.
 
Fair Credit Reporting Acta federal law that allows individuals to examine and correct information used by credit reporting services.
 
Fannie Mae (FNMA)Federal National Mortgage Association, a federally chartered corporation that purchases mortgages and packages them to sell as securities.
 
Federal Fair Housing Lawa federal law that forbids discrimination on the bais of race, color, sex, religion, or national origin in the selling or renting of property.
 
Federal Housing Administration (FHA)an agency within HUD that administers many loan programs designed to make housing more available.
 
Fee AgreementAn agreement between a borrower and a broker which normally specifies the relationship between them and the amount of compensation to the broker.
 
Fee Simpleabsolute ownership of real property.
 
Fiduciary ResponsibilityAn obligation to act in the best interest of another party. This type of obligation typically exists when one person places special trust and confidence in another person and that responsibility is accepted.
 
First MortgageThat mortgage which is recorded at the earliest time. The time of recording is the sole criteria. Size of loan and type of mortgage are immaterial. When the first mortgage is paid off and released, the second mortgage (if any existed) becomes the first mortgage.
 
Fixed Payment Mortagea loan secured by real property which features a periodic payment of interest and principal which is constant over the term of the loan.
 
Fixed Rate MortgageA mortgage with an interest rate that remains the same through the life of the loan.
 
FloodplainA level land area subject to periodic flooding from a contiguous body of water.
 
Forbearancea course of action a lender may pursue to delay foreclosure or legal action against a delinquent borrower
 
ForeclosureThe process by which the mortgagor's (borrower's) rights to a property are terminated. While the general process is similar from state to state, the actual procedures tend to vary greatly.
 
FRBOfor rent by owner.
 
Freddie Mac (FHMLC)Federal Home Loan Mortgage Corporation, a federally chartered corporation that purchases mortgages and packages them to sell as securities.
 
FSBOfor sale by owner.
 
Fully Amortized Adjustable-Rate MortgageA mortgage that amortizes, or pays down, the balance of a loan.
 


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