Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionFederal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance.
- Browse Related Terms: Appraisal, Closed-end credit, Closed-End Loan, Closing a mortgage loan, Collateral, First Mortgage, mortgage, Mortgage Loan, Real Estate Settlement Procedures Act (RESPA), Release of Lien
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The process of analyzing two related records and, if differences exist between them, finding the cause and bringing the two records into agreement. Example: Comparing an up-to-date check book with a monthly statement from the financial institution holding the account.
The process of analyzing two related records and, if differences exist between them, finding the cause and bringing the two records into agreement. Example: Comparing an up-to-date check book with a monthly statement from the financial institution holding the account.
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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This is a scheme that uses a charitable entity to disguise a transfer of funds offshore. For example, $1,000,000 is donated to a charitable organization. The charitable organization then remits a portion of the "donation" to an account offshore and retains a portion of the initial donation. The orchestrator takes a $1,000,000 donation and also has the benefit of transferring a portion of the "donation" to the orchestrator's offshore account.
- Browse Related Terms: Abusive tax avoidance transaction (ATAT), Material Advisor, Organizer, Potentially abusive tax shelter, promoter, Red Cross Scheme, Seller, transaction
The alleged practice of certain lending institutions of not making mortgage, home improvement, and small business loans in certain neighborhoods-usually areas that are deteriorating or considered by the lender to be poor investments.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe alleged practice of certain lending institutions of not making mortgage, home improvement, and small business loans in certain neighborhoods-usually areas that are deteriorating or considered by the lender to be poor investments.
- Browse Related Terms: Certificate of release, mortgage correspondent lender, mortgage lender, Mortgagee, Mortgagor, Redlining, Satisfaction of mortgage, Real Estate Owned (REO)
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A way of obtaining a better interest rate, lower monthly payments, or borrow cash on the equity in a property that has built up on a loan. A second loan is taken out to pay off the first, higher-rate loan.
A way of obtaining a better interest rate, lower monthly payments, or borrow cash on the equity in a property that has built up on a loan. A second loan is taken out to pay off the first, higher-rate loan.
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
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An amount paid back because of an overpayment or because of the return of an item previously sold.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionAn amount paid back because of an overpayment or because of the return of an item previously sold.
- 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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A state procedure for registering securities for which a registration statement has been filed with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933. (Connecticut Uniform Securities Act, Section 36b-17(a)).
- 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
A state procedure for registering securities for which a registration statement has not been filed with the SEC. Any issuer can register its securities by qualification. Registration by qualification is commonly used by small businesses doing an exclusively intrastate offering and those relying on the federal Regulation A exemption. In addition, the Small Corporate Offering Registration (SCOR) is a type of registration by qualification. An issuer that registers its securities by qualification under Connecticut law may use general solicitation or advertising to raise capital.
- 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
A community wherein a Flood Insurance Rate Map is in effect and full limits of coverage are available under the Flood Disaster Protection Act (FDPA or Act).
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Annual percentage yield (APY), Debt-to-income ratio (DTI), Interest rate index, Payoff statement, Periodic rate, Regular Program Community, Special Flood Hazard Area (SFHA), Terms, Usury, Variable rate, Home Price Appreciation (HPA), Investment Grade, Tranche
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Regulation A is an exemption from federal securities registration. Regulation A permits an issuer to raise a limited dollar amount in an offering of securities. Although technically an exemption from registration under the '33 Act, Regulation A requires that an issuer prepare an offering statement which is filed with and reviewed by the SEC. The offering statement must be furnished to any potential investor. If an issuer is subject to certain disqualification provisions of Rule 252 under the '33 Act, it may not rely on the Regulation A exemption.
- 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
Regulation D is an exemption from federal securities registration for private placements of securities. Private placements do not involve sales to the general public, and public solicitation and advertising are prohibited. Securities acquired in a private offering cannot be freely transferred. Regulation D limits the number of purchasers, the dollar amount that a company may raise and the nature of the purchasers (i.e. purchasers generally must be "accredited" and have a high net worth). Regulation D actually consists of 3 exemptions: 1) Rule 504 (issuers can raise up to $1 million); 2) Rule 505 (issuers can raise up to $5 million) and Rule 506 (no maximum cap on the amount that can be raised). Issuers relying on Regulation D for federal purposes must still make a filing with Connecticut if they wish to sell securities in or from the state.
- 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
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To free a piece of real estate from a mortgage.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionTo free a piece of real estate from a mortgage.
- Browse Related Terms: Appraisal, Closed-end credit, Closed-End Loan, Closing a mortgage loan, Collateral, First Mortgage, mortgage, Mortgage Loan, Real Estate Settlement Procedures Act (RESPA), Release of Lien
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A form of extending an unpaid loan in which the borrower's remaining unpaid loan balance is carried over (renewed) into a new loan at the beginning of the next financing period.
A form of extending an unpaid loan in which the borrower's remaining unpaid loan balance is carried over (renewed) into a new loan at the beginning of the next financing period.
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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Any transaction the IRS or FTB determines as having a potential for tax avoidance or evasion.
- 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
Foreign banks often open representative offices as a first step in establishing a presence in America. These offices serve as a liaison between the parent bank and its clients and correspondent banks in the United States. They may develop relationships with prospective clients, but cannot conduct any banking transactions themselves.
- 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 residential 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
Interest that continues to accrue on your credit card balance from the statement cycle date until the bank receives your payment.
For example, if your statement cycle date was January 10 and the bank received your payment on January 20, there were ten days for which interest accrued. This amount will be posted on your next statement.
Interest that continues to accrue on your credit card balance from the statement cycle date until the bank receives your payment. For example, if your statement cycle date was January 10 and the bank received your payment on January 20, there were ten days for which interest accrued. This amount will be posted on your next statement.
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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A negotiable instrument—principally a check—that has been sent to one bank for collection and payment and is returned unpaid by the sending bank.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA negotiable instrument—principally a check—that has been sent to one bank for collection and payment and is returned unpaid by the sending bank.
- 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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A reverse mortgage is a special home loan product that allows a homeowner aged 62 or older the ability to access the equity that has accumulated in their home. The home itself will be the source of repayment. The loan is underwritten based on the value of the collateral (home) and the life expectancy of the borrower. The loan must be repaid when you die, sell your home, or no longer live there as your principal residence.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- 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
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A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.)
- 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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