KEY TERMS

Federal National Mortgage Association (also FNMA) is a private corporation, federally chartered to provide financial products and services that increase the availability and affordability of housing by purchasing mortgage loans.

The greatest possible estate in land where the title is held completely and without any limitations or conditions. Sometimes designated simply as “Fee.”

A document filed with the Register of Deeds or Secretary of State to give notice that a creditor (lender) has or may have a security interest in the personal property of the debtor (borrower).

A mortgage on which the same rate of interest is charged for the life of the mortgage.

Any item of property so attached to real property that it becomes a part of the real property.

A common term for a Federal Emergency Management Agency (FEMA) Standard Flood Hazard Determination Form (SFHDF). This determines whether land or a building is located within a Special Flood Hazard Area for purposes of flood insurance requirements under the National Flood Insurance Program.

Provision in a deed creating a condition which will cause title to be passed to another, should certain circumstances occur.

Federal Home Loan Mortgage Corporation (also FHLMC) is a stockholder-owned corporation chartered by Congress that purchases mortgage loans.