The percentage of loans underlying a Security that are 30 to 59 days behind on their scheduled payments.
- Browse Related Terms: 30 Days Delinquent, 60 Days Delinquent, Bankrupt, Default Rate, Excess Spread, 90 Days Delinquent, Underlying Security (-ies), Prepayment Speed, Underlying Loans
The percentage of loans underlying a Security that are 60 to 89 days behind on their scheduled payments.
- Browse Related Terms: 30 Days Delinquent, 60 Days Delinquent, Bankrupt, Default Rate, Excess Spread, 90 Days Delinquent, Underlying Security (-ies), Prepayment Speed, Underlying Loans
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Is defined as:
- Tax shelter as defined under Internal Revenue Code (IRC) Section 6662(d)(2)(C),
- Reportable transaction as defined under IRC Section 6707A(c)(1) that is not adequately disclosed in accordance with IRC Section 6664(d)(2)(A),
- Listed transaction as defined under IRC Section 6707A(c)(2),
- Gross misstatement within the meaning of IRC Section 6404(g)(2)(D), or
- Transaction to which the noneconomic substance transaction (NEST) penalty applies under Revenue and Taxation Code (RTC) section 19774.
- Browse Related Terms: Abusive tax avoidance transaction (ATAT), Material Advisor, Organizer, Potentially abusive tax shelter, promoter, Red Cross Scheme, Seller, transaction
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Transactions promoted for the promise of tax benefits with no meaningful change in the taxpayer's control over or benefit from the taxpayer's income or assets. These transactions typically have no economic purpose other than reducing taxes, or may involve the use of multiple layers of domestic and foreign pass-through entities including: partnerships, S corporations, limited liability companies, and trusts.
- Browse Related Terms: Abusive tax schemes, Large entity, Listed transaction, Noneconomic substance transaction, Offshore financial arrangement (OFA), Reportable transaction, Tax Benefit, Tax Haven, Tax Shelter
The contract governing your open-end credit account, it provides information on changes that may occur to the account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe contract governing your open-end credit account, it provides information on changes that may occur to the account.
- Browse Related Terms: Account Agreement, Adverse Action, Adverse Action Notice, application, authorization, Available Credit, Billing Error, Credit card account agreement, Credit limit, Debit card, Individual Account, Missing payment, Money market deposit account, Overlimit, Personal Identification Number (PIN), Previous Balance, statement
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The payment history of an account over a specific period of time, including the number of times the account was past due or over limit.
The payment history of an account over a specific period of time, including the number of times the account was past due or over limit.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Account History, Bank Statement, Billing Cycle, Cut-off time, Demand deposit, Escheat, Escrow Analysis, Exception Hold, Hold, Inactive Account, Individual retirement account (IRA), Overdraft, Preauthorized electronic fund transfers, Residual interest, Time deposit
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Any and all persons designated and authorized to transact business on behalf of an account. Each account holder's signature needs to be on file with the bank. The signature authorizes that person to conduct business on behalf of the account.
Any and all persons designated and authorized to transact business on behalf of an account. Each account holder's signature needs to be on file with the bank. The signature authorizes that person to conduct business on behalf of the account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Account holder, ChexSystems, Electronic banking, Escrow, Foreign transaction fees, Joint Account, Online Banking, Payment Due Date, Service Charge, Trust administrator
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Interest that has been earned but not yet paid.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionInterest that has been earned but not yet paid.
- Browse Related Terms: accrued interest, Delinquency, Home Equity Line of Credit (HELOC), Interest rate, Lien, Minimum Payment, Past Due Item, Refund
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In a merger, the bank that absorbs the bank acquired.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionIn a merger, the bank that absorbs the bank acquired.
- Browse Related Terms: Acquiring bank, Banking day, branch, bank, branch, credit union, Business Day, check cashing service, franchise, limited branch, mobile branch, Safe (or Safety) Deposit Box, Safekeeping
Also known as variable-rate mortgages. The initial interest rate is usually below that of conventional fixed-rate loans. The interest rate may change over the life of the loan as market conditions change.
There is typically a maximum (or ceiling) and a minimum (or floor) defined in the loan agreement. If interest rates rise, so does the loan payment. If interest rates fall, the loan payment may as well.
- Browse Related Terms: Adjustable-rate mortgages (ARMS), Adjustable-Rate Mortgages (ARMS,ARM), Billing Date, Conventional fixed-rate mortgage, Fixed Rate Loan, fixed-rate mortgage, Periodic statement, PITI, Principal, Interest, Taxes and Insurance (PITI), Refinancing
Also known as variable-rate mortgages. The initial interest rate is usually below that of conventional fixed-rate loans. The interest rate may change over the life of the loan as market conditions change. There is typically a maximum (or ceiling) and a minimum (or floor) defined in the loan agreement. If interest rates rise, so does the loan payment. If interest rates fall, the loan payment may as well.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Adjustable-rate mortgages (ARMS), Adjustable-Rate Mortgages (ARMS,ARM), Billing Date, Conventional fixed-rate mortgage, Fixed Rate Loan, fixed-rate mortgage, Periodic statement, PITI, Principal, Interest, Taxes and Insurance (PITI), Refinancing
Under the Equal Credit Opportunity Act, a creditor's refusal to grant credit on the terms requested, termination of an existing account, or an unfavorable change in an existing account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionUnder the Equal Credit Opportunity Act, a creditor's refusal to grant credit on the terms requested, termination of an existing account, or an unfavorable change in an existing account.
- Browse Related Terms: Account Agreement, Adverse Action, Adverse Action Notice, application, authorization, Available Credit, Billing Error, Credit card account agreement, Credit limit, Debit card, Individual Account, Missing payment, Money market deposit account, Overlimit, Personal Identification Number (PIN), Previous Balance, statement
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The notice required by the Equal Credit Opportunity Act advising a credit applicant or existing debtor of the denial of their request for credit or advising of a change in terms considered unfavorable to the account holder.
The notice required by the Equal Credit Opportunity Act advising a credit applicant or existing debtor of the denial of their request for credit or advising of a change in terms considered unfavorable to the account holder.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Account Agreement, Adverse Action, Adverse Action Notice, application, authorization, Available Credit, Billing Error, Credit card account agreement, Credit limit, Debit card, Individual Account, Missing payment, Money market deposit account, Overlimit, Personal Identification Number (PIN), Previous Balance, statement
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A sworn statement in writing before a proper official, such as a notary public.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA sworn statement in writing before a proper official, such as a notary public.
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An agency bank is a form of organization commonly used by foreign banks to enter the United States' market. Agency banks act as agent for their parent bank and cannot accept deposits or extend loans in their own names.
- Browse Related Terms: agency, bank, Bank Custodian, Bank examination, bank holding company, bankers' bank, business and industrial development corporation, community development bank, Community Reinvestment Act, community reinvestment act (cra), Media, Payor, representative office, State bank, State Banking Department
A type of Mortgage-Backed Security backed by government guaranteed mortgage loans.
- Browse Related Terms: Agency Mortgage-Backed Security (MBS), Co-maker, Commercial Mortgage-Backed Securities (CMBS), Credit Disability Insurance, Credit Life Insurance, first mortgage loan, Guaranteed Student Loan, Home Equity Loan, Insurance (Hazard), Residential Mortgage-Backed Securities (RMBS), Reverse mortgage, secondary mortgage loan
Agent means any individual, other than a broker-dealer, who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. A general partner, officer or director of a broker-dealer or issuer, or a person occupying a similar status or performing similar functions, may be an agent if he or she comes within the definition and any compensation that he or she receives is directly or indirectly related to securities purchases or sales.
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An agent of issuer is an individual who represents the issuer in effecting (or attempting o effect) purchases or sales of an issuer's securities. An agent of issuer must be a natural person (i.e. an individual) and not a corporation or other business entity.
- Browse Related Terms: agent, agent of issuer, branch office, securities, broker-dealer, investment adviser, investment adviser agent, Issuer, registration by coordination, registration by qualification, regulation a, Regulation D, small corporate offering registration (scor) (see registration by qualification), Underwriter
Any change involving an erasure or rewriting in the date, amount, or payee of a check or other negotiable instrument.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionAny change involving an erasure or rewriting in the date, amount, or payee of a check or other negotiable instrument.
- Browse Related Terms: Alteration, Canceled Check, certificate of deposit, Check 21 Act, Check truncation, Electronic Funds Transfer (EFT), Encoding, Forgery, money forwarder [transmitter] and issuer of money orders and travelers checks, Return Item, Substitute check, Time certificate of deposit
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The process of reducing debt through regular installment payments of principal and interest that will result in the payoff of a loan at its maturity.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe process of reducing debt through regular installment payments of principal and interest that will result in the payoff of a loan at its maturity.
- Browse Related Terms: amortization, Charge-off, Collection agency, Consumer Credit Counseling Service, Credit Repair Organization, Debt collector, Debtor, Deferred payment, Guarantor, Pre-payment, Prepayment, Prepayment Clause, Principal Balance
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