Dictionary

Freddie Mac

Definition:   A secondary mortgage market institution that buys and sells conventional, FHA and VA loans. Pronunciation: Used in a Sentence:   Two months after our closing our lender sold our mortgage...

Fraud

Definition:   The intent to intentionally deceive or misrepresent a material fact in order to gain an unfair advantage or to harm another person. Pronunciation:  \ˈfrȯd\ Used in a Sentence:   He...

Formal Hearing

Definition:   A session in which testimony and evidence are presented, especially before an official. Pronunciation:  \ˈfȯr-məl\ \ˈhir-iŋ\ Used in a Sentence:    The licensee requested a formal hearing to review and rule...

Formal Contract

Definition:  Any agreement that contains all the essentials of a contract, including that it is in writing and under seal,  a contract that depends on a particular form. Pronunciation:   \ˈfȯr-məl\ \ˈkän-ˌtrakt\...

Formal Complaint

Definition:   An outline of the charges against a licensee that must be addressed within the statutory time frame. Pronunciation:   \ˈfȯr-məl\ \kəm-ˈplānt\ Used in a Sentence:   The licensee received a formal complaint...

Foreclosure

Definition:   A legal procedure whereby property used as security for a debt is sold to satisfy the debt owing to default in payment of the mortgage note or default in...