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Any entity with gross receipts greater than $10 million during the year the reportable transaction occurs or in the preceding taxable year.
- 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 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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe 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.
- Browse Related Terms: Annual Percentage Rate (APR), Balance Transfer, Coupon Rate, Cumulative Loss, Late Charge, Loss Severity, Principal balance, Realized Loss
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A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent).
A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent).
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition
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The Legacy Assets are a portfolio of debt securities held by the Asset Management Estates (AMEs) of failed corporate credit unions. Legacy Assets include those assets that were securitized through the NCUA Guaranteed Note (NGN) Program in late 2010 and early 2011, assets that were retained by the AMEs, and assets that were sold outright in late 2010 and early 2011.
Legacy Assets primarily consists of:
- Private label, residential mortgage-backed securities (Non-Agency RMBS);
- Agency mortgage-backed securities (Agency MBS);
- Commercial mortgage-backed securities (CMBS);
- Student loan asset-backed securities;
- Other asset-backed securities (ABS); and
- Corporate bonds.
- Browse Related Terms: Default, Foreclosure, Implied Writedown, Legacy Assets, liquidation, Market price, Mortgage-Backed Security (MBS), Asset-Backed Security (ABS), Collateral, Put Option, Foreclosure
An individual or financial institution that lends money with the expectation that the money will be returned with interest.
An individual or financial institution that lends money with the expectation that the money will be returned with interest.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Automated Clearing House (ACH), Automated Teller Machine (ATM), Automatic Bill Payment, Credit card issuer, Direct Deposit, Electronic Check Conversion, Error Resolution, Lender, Point of Sale (POS), Preauthorized Payment, Reconciliation
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All > Business > Banking > 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.
- Browse Related Terms: Bearer Shares, Beneficial Ownership, Custodian Services, Fictitious Invoices, Financial Secrecy, High net worth individual, International Business Corporation (IBC), Letter of Wishes, Nominee, Nominee Director, Offshore, Offshore Mail Forwarding Address, Offshore Promoter, Offshore Trustee, Personal Investment Corporation (PIC), Private Banking
Legal claim against a property. Once the property is sold, the lien holder is then paid the amount that is owed.
Legal claim against a property. Once the property is sold, the lien holder is then paid the amount that is owed.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- 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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Limited branch means any office at a fixed location of a Connecticut bank at which banking business is conducted other than the main office, branch or mobile branch. A limited branch provides limited services or is opened for limited time periods.
- 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
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.
- Browse Related Terms: Annuity, Beneficiary, Collective Investment Funds (CIFs,CIF), Estate account, Fiduciary, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, share, Trust Account, wholesale banking, Asset Management Estate (AME), Medium Term Note (MTN), Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund), Securitization
A pre-approved loan authorization with a specific borrowing limit based on creditworthiness. A line of credit allows borrowers to obtain a number of loans without re-applying each time as long as the total of borrowed funds does not exceed the credit limit.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA pre-approved loan authorization with a specific borrowing limit based on creditworthiness. A line of credit allows borrowers to obtain a number of loans without re-applying each time as long as the total of borrowed funds does not exceed the credit limit.
- Browse Related Terms: Credit Enhancement, Disclosures, Line of Credit, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Open-End Credit, Payday Loans, Prepayment penalty, Prime Loans, Private Mortgage Insurance (PMI), Renewal, Revolving Credit, Right of rescission, Student Loan, Truth-In-Lending Act (TILA), Usury Rates, Atl-A Loans, Subprime Loans
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The process through which the assets backing a defaulted loan are sold for cash.
- Browse Related Terms: Default, Foreclosure, Implied Writedown, Legacy Assets, liquidation, Market price, Mortgage-Backed Security (MBS), Asset-Backed Security (ABS), Collateral, Put Option, Foreclosure
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A reportable transaction that is the same as, or substantially similar to, a transaction specifically identified by the IRS or FTB as a tax avoidance transaction.
- 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 written agreement between a borrower and a lender in which the terms and conditions of the loan are set.
The written agreement between a borrower and a lender in which the terms and conditions of the loan are set.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Credit Enhancement, Disclosures, Line of Credit, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Open-End Credit, Payday Loans, Prepayment penalty, Prime Loans, Private Mortgage Insurance (PMI), Renewal, Revolving Credit, Right of rescission, Student Loan, Truth-In-Lending Act (TILA), Usury Rates, Atl-A Loans, Subprime Loans
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A fee charged by a lender to make a loan (in addition to the interest charged to the borrower).
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA fee charged by a lender to make a loan (in addition to the interest charged to the borrower).
- Browse Related Terms: Credit Enhancement, Disclosures, Line of Credit, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Open-End Credit, Payday Loans, Prepayment penalty, Prime Loans, Private Mortgage Insurance (PMI), Renewal, Revolving Credit, Right of rescission, Student Loan, Truth-In-Lending Act (TILA), Usury Rates, Atl-A Loans, Subprime Loans
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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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA contractual agreement in a loan that allows the borrower or lender to permanently change one or more of the terms of the original contract.
- Browse Related Terms: Credit Enhancement, Disclosures, Line of Credit, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Open-End Credit, Payday Loans, Prepayment penalty, Prime Loans, Private Mortgage Insurance (PMI), Renewal, Revolving Credit, Right of rescission, Student Loan, Truth-In-Lending Act (TILA), Usury Rates, Atl-A Loans, Subprime Loans
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The net amount of funds that a lending institution disburses under the terms of a loan, and which the borrower then owes.
The net amount of funds that a lending institution disburses under the terms of a loan, and which the borrower then owes.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Credit Enhancement, Disclosures, Line of Credit, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Open-End Credit, Payday Loans, Prepayment penalty, Prime Loans, Private Mortgage Insurance (PMI), Renewal, Revolving Credit, Right of rescission, Student Loan, Truth-In-Lending Act (TILA), Usury Rates, Atl-A Loans, Subprime Loans
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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 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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Credit Enhancement, Disclosures, Line of Credit, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Open-End Credit, Payday Loans, Prepayment penalty, Prime Loans, Private Mortgage Insurance (PMI), Renewal, Revolving Credit, Right of rescission, Student Loan, Truth-In-Lending Act (TILA), Usury Rates, Atl-A Loans, Subprime Loans
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The ratio of the outstanding principal amount of a mortgage loan to the appraised value of the mortgaged property. Original LTV is the LTV as of the date the property was purchased (i.e. original mortgage loan/original property value). Current LTV is the LTV measured on the basis of the remaining mortgage loan/property value as of a given measurement date.
- Browse Related Terms: Conforming Loans, Loan-to-Value (LTV), Maturity, Maturity Date, Overcollateralization, Par (Face) Value, Parity Payment, Payoff, Weighted Average Coupon, Non-Agency RMBS, Principal Paydown, Note Principal Balance (Unpaid), Weighted Average Life
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.
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. As of February 27, 2010, the Federal Reserve consolidated its checking processing centers into one processing center. Therefore, all checks are now considered local.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Availability date, bank and trust company, Checking account, Collected Funds, Kiting, Local check, Minimum balance, Negotiable Order of Withdrawal Account (NOW), Overdraw, Stale-Dated Check, Stop payment
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The percentage of realized losses incurred on a loan balance subsequent to liquidation.
- Browse Related Terms: Annual Percentage Rate (APR), Balance Transfer, Coupon Rate, Cumulative Loss, Late Charge, Loss Severity, Principal balance, Realized Loss