Mortgage Glossary

Ginnie Mae (Government National Mortgage Association):

A government-owned corporation overseen by the U.S.  Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment.  As With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.

Good Faith Estimate:

An estimate of all closing fees including pre-paid and escrow items as well as lender charges.  The estimate must be given to the borrower within three days after submission of a loan application.