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AMENITIES Features, both tangible and intangible, which enhance and add to the desirability of real estate. FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. ECOA See Equal Credit Opportunity Act. FEDERAL HOUSING ADMINISTRATION (FHA) The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market. COLLATERAL Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated. PREMISES The subject property, such as the property which is deeded or the unit that is leased. |
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