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Banking - The fee charged for delinquent payment on an installment loan, usually expressed as a percentage of the loan balance or payment. Also, a penalty imposed by a card issuer against a cardholder's account for failing to make minimum payments.
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Billing date, Debt collector, Debtor, Deferred payment, Guarantor, Minimum payment, Missing payment, Payment due date, Pre-payment
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Banking - A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent).
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Balance transfer, Credit Disability Insurance, Debt Elimination Scheme, Flood Insurance, Flood Plain, PITI, Special Flood Hazard Area (SFHA)
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Offshore Banking - A letter of wishes is a document that purportedly has no legal status. In fact the document is used to transmit the wishes of the creator or the alleged owner of the trust to the trustee. A letter of wishes is a separate document and not a part of the trust instrument. Letters of wishes are generally used by the beneficial owner of the trust assets to retain some control over the trust assets. Trustees normally welcome this tool. It enables them to exercise their discretion having in mind the wishes of the grantor. The trustee may consider the letter but is not bound or otherwise accountable by its terms. In reality the letter of wishes will be honored as if it were a binding legal document. Although a letter of wishes is frequently associated with abusive trusts, both domestic and offshore, it is also used as a part of normal estate planning and in other contexts for legitimate purposes.
IRS - Cite This Source - This Definition - Browse Related Terms: Bearer Shares, Beneficial Ownership, International Business Corporation (IBC), Nominee, Nominee Director, Offshore Mail Forwarding Address, Offshore Trustee
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Banking - A limited purpose trust company engages only in fiduciary services. It does not accept deposits, and funds are not insured by the FDIC. These institutions enter into trust arrangements with individuals to manage assets, or manage large pools of funds in pension plans, defined benefit plans or defined contribution plans, such as 401(k) accounts.
Connecticut Deptartment of Banking - Cite This Source - This Definition - Browse Related Terms: Annuity, Beneficiary, Embezzlement, fiduciary capacity, non-banking corporations acting in a, Trust account, Trust administrator, wholesale banking
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Banking - The written agreement between a borrower and a lender in which the terms and conditions of the loan are set.
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Guaranteed student loan, Home Equity Loan, Loan fee, Loan modification provision, Loan proceeds, Loan-to-value ratio (LTV), Payday Loans, Private Mortgage Insurance (PMI), Redlining, Renewal, Right of rescission, Student loan
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Banking - A fee charged by a lender to make a loan (in addition to the interest charged to the borrower).
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Guaranteed student loan, Home Equity Loan, Loan contract, Loan modification provision, Loan proceeds, Loan-to-value ratio (LTV), Payday Loans, Private Mortgage Insurance (PMI), Redlining, Renewal, Right of rescission, Student loan
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Banking - A contractual agreement in a loan that allows the borrower or lender to permanently change one or more of the terms of the original contract.
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Guaranteed student loan, Home Equity Loan, Loan contract, Loan fee, Loan proceeds, Loan-to-value ratio (LTV), Payday Loans, Private Mortgage Insurance (PMI), Redlining, Renewal, Right of rescission, Student loan
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Banking - The net amount of funds that a lending institution disburses under the terms of a loan, and which the borrower then owes.
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Guaranteed student loan, Home Equity Loan, Loan contract, Loan fee, Loan modification provision, Loan-to-value ratio (LTV), Payday Loans, Private Mortgage Insurance (PMI), Redlining, Renewal, Right of rescission, Student loan
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Banking - The ratio of the loan principal (amount borrowed) to the appraised value (selling price). For example, on a $100,000 home, with a mortgage loan principal of $80,000, the loan-to-value ratio is 80 percent. The LTV will affect programs available to the borrower; generally, the lower the LTV, the more favorable the program terms offered by lenders.
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Guaranteed student loan, Home Equity Loan, Loan contract, Loan fee, Loan modification provision, Loan proceeds, Payday Loans, Private Mortgage Insurance (PMI), Redlining, Renewal, Right of rescission, Student loan
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Banking - A check payable by, at, or through a bank in the same check processing region as the location of the branch of the depository bank. (The depository bank is the bank into which the check was deposited.) Any check that does not qualify as a local check is by definition a nonlocal check.
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Availability date, Canceled check, Check 21 Act, Check truncation, Electronic check conversion, Encoding, Reconciliation, Stale-dated check, Substitute check