FICO >> The name given to a numerical score assigned by credit bureaus to measure a borrower?s credit characteristics.

FINAL DISPOSITION >> The ?end? of the loan application process, which may happen via denial, withdrawal, incompleteness or funding.

FINANCE CHARGE >> This is the amount of interest, prepaid finance charges, loan fees and certain insurance premiums the customer will pay over the life of the loan.

FIRST POSITION LIEN >> A secured claim against a property that will be the first claim to be repaid should the property owner someday declare bankruptcy or default on the secured loan.

FISCAL YEAR >> The accounting year used by corporations for tax purposes. A fiscal year runs 12 months, but does not necessarily begin in January.

FIXED INCOME >> Income of a specified and consistent value that is received at specified and consistent intervals. Types of fixed income include social security benefits, VA benefits, pension income, permanent disability benefits, welfare/aid income and child support/alimony.

FIXED-RATE MORTGAGE >> A mortgage having a rate of interest that remains the same for the life of the mortgage.