Faction Favorite (2): Someone of a tribe/clan/tradition/whatever favor you and will do a good deal to get on your good side, possibly to bring you over to them, especially if you're currently disparate. Note this probably means they expect greatness of you, so don't disappoint them. Alter social difficulties by 2 in your favor when dealing with this faction.
Favor (1-3): Someone of higher rank or ability than you in your supernatural society owes you a favor. Level of the Merit indicates how big the favor is.
Reputation (2): You've built yourself an excellent reputation amongst your kind. Add 3 dice to Social pools when dealing with the people in your sept/clan/chantry/freehold/etc.