ChexSystemsThe ChexSystems, Inc. network is comprised of member financial institutions that regularly contribute information on mishandled checking and savings…
Chief Administrative Law Judge (Chief ALJ)(Chief ALJ)Chief Administrative Law Judge (Chief ALJ) means the chief official of the Office of the Administrative Law Judges of the Department of Labor or the Chief…
ChurningExcessive buying and selling in a customer's account undertaken to generate commissions for the broker.
Circuit breakerAfter the stock market crash of 1987, stock and commodities exchanges established a system of trigger-point rules known as circuit breakers.
Citizen or Resident TestAssuming all other dependency tests are met, the citizen or resident test allows taxpayers to claim a dependency exemption for persons who are U.S.
ClaimYour request for the insurance company to pay you an amount under the terms of your policy.
Claims AdjusterA person an insurance company hires to settle claims. The adjuster can be a company employee or an independent party under contract with the company.
Claims Procedure ActEffective July 1, 2003, The South Carolina Retirement Systems Claims Procedure Act provides remedies available in a dispute or controversy between the…
Clapboard WoodSiding composed of horizontal, overlapping boards, the lower edges of which are usually thicker than the upper.
Clean Air Act (CAA)(CAA)The Superfund law incorporates those substances listed as hazardous air pollutants under section 112 of the Clean Air Act (CAA) as CERCLA hazardous…
Clean Water Act (CWA)(CWA)The Superfund law incorporates those substances listed as hazardous water pollutants under section 311 (b)(4) of the Clean Water Act (CWA) as CERCLA…
Clear TitleOwnership that is free of liens, defects, or other legal encumbrances.
ClearanceClearance is the first half of the process that completes your order to buy or sell a security.
Clearing firmClearing firms handle the back-office details of securities transactions between broker-dealers, making the settlement process streamlined and efficient.
ClearinghouseClearing corporations, or clearinghouses, provide operational support for securities and commodities exchanges.
Closed-End CreditGenerally, any credit sale agreement in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date.
Closed-end fundClosed-end mutual funds are actively managed funds that raise capital only once, by issuing a fixed number of shares.
closed-end fundsA fund company that issues a fixed number of shares. Its shares are not redeemable, but are bought and sold on stock exchanges or the over-the-counter…
Closed-End LoanGenerally, any loan in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date.
closed-end mortgageA mortgage principal amount that is fixed and cannot be increased during the life of the loan. See also: open-end mortgage.
Closely heldA closely held corporation is one in which a handful of investors, often the people who founded the company, members of the founders' families, or…
Closingwhen selling a house, the process of transferring ownership from the seller to the buyer, the disbursement of funds from the buyer and the lender to the…
Closing (or settlement) costsFees paid when you close (or settle) on a loan. These fees may include application fees; title examination, abstract of title, title insurance, and…
Closing a Mortgage LoanThe consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are then…
Closing AgentThe person or entity that coordinates the various closing activities, including the preparation and recordation of closing documents and the disbursement…
Closing CostsThe expenses incurred by sellers and buyers in transferring ownership in real property.
Closing DateThe date on which the sale of a property is to be finalized and a loan transaction completed.
Closing or SettlementThe meeting between the seller, buyer and closing attorney when the property legally changes hands, the transaction is legally closed, or both.
Closing priceThe closing price of a stock, bond, option, or futures contract is the last trading price before the exchange or market on which it is traded closes for…
Closing StatementA closing statement, also called a HUD1 or settlement sheet, is a legal form your closing or settlement agent uses to itemize all of the costs you and the…
Closing Statement or Settlement StatementThis is a document prepared by the Title Company that details the final and specific costs involved for both the buyer and seller in a real estate…
CloudA claim to the title of a property that, if valid, would prevent a purchaser from obtaining a clear title.
Cloud On The TitleAny condition which affects the clear title to real property.
CMOs (Collateralized Mortgage Obligations)Mortgage-backed securities, segmented into tranches, so that investors can choose a tranche that fits their desired timing of payments.
CNEA Certificate of No Effect as defined by section 25-306 of the New York City Administrative Code.
Co-applicant EthnicityEthnicity of the co-applicant. This is reported for originated loans and for loan applications that do not result in an origination.
Co-applicant RaceRace of the co-applicant. This is reported for originated loans and for loan applications that do not result in an origination.
Co-applicant SexSex of the co-applicant. This is reported for originated loans and for loan applications that do not result in an origination.
Co-BorrowerAny borrower other than the first borrower whose name appears on the application and mortgage note, even when that person owns the property jointly with…
Co-Homeownersone or more persons who have signed a loan note, and are equally responsible for repaying the loan.
Co-MakerA person who signs a note to guarantee a loan made to another person and is jointly liable with the maker for repayment of the loan.
Co-mortgagorOne who is individually and jointly obligated to repay a mortgage loan and shares ownership of the property with one or more borrowers.
Co-Signed AccountAn account signed by someone in addition to the primary borrower, making both people responsible for the amount borrowed.
Co-SignerAn individual who signs the note of another person as support for the credit of the primary signer and who becomes responsible for the obligation.
CoinsuranceWhen your healthcare insurance has a coinsurance provision, you and your insurer divide the responsibility for paying doctor and hospital bills by…
Coinsurance ClauseAn agreement with the insurance company in which you agree to carry insurance on your property in an amount equal to a certain percentage of its actual…
CollateralAssets that are offered to secure a loan or other credit. For example, if you get a real estate mortgage, the bank's collateral is typically your house.
Collateralized Mortgage Obligation (CMO)(CMO)Mortgage-backed securities, segmented into tranches, so that investors can choose a tranche that fits their desired timing of payments.
Collected FundsCash deposits or checks that have been presented for payment and for which payment has been received.
CollectibleCollectibles include virtually any items of personal property that are unique, limited in quantity, antique, or hold special quality or personal…
Collection AccountAn unpaid debt referred to a collection agency to collect on the bad debt. This type of account is reported to the credit bureau and will show on the…
Collection AgencyA company hired by a creditor to collect a debt that is owed. Creditors typically hire a collection agency only after they have made efforts to collect…
Collection ItemsItems-such as drafts, notes, and acceptances-received for collection and credited to a depositor's account after payment has been received.
Collectionsthe efforts a lender takes to collect past due payments.
Collective Investment Funds (CIFs,CIF)(CIFs,CIF)A Collective Investment Fund (CIF) is a trust created and administered by a bank or trust company that commingles assets from multiple clients.
CollegeSureî CDCollegeSureî CDs are certificates of deposit designed to let you prepay future college costs at today's rates, plus a premium based on the child's…
CollisionThis benefit pays to repair damage to your car as a result of an accident. Most banks or lenders require you to buy this coverage to receive a car loan.
Collision CoveragePays for damage to your vehicle when it collides with another vehicle or object or if it overturns.
ColonnadeA row of regularly spaced columns supporting an entablature.
ColonnetteA diminutive column which is usually either short or slender.
ColorThe sensible perception of hue, value and saturation characteristics of surfaces of window components.
ColumnA vertical, cylindrical support. In classical design it is composed of a base (except in the Greek Doric order), a long, gradually tapered shaft, and a…
Combined Loan-to-Value (CLTV)(CLTV)The relationship of the outstanding balances of a first and second mortgage to the value of the home used to determine the maximum percentage of value…
Commercial bankCommercial banks offer a full range of retail banking products and services, such as checking and savings accounts, loans, credit cards, and lines of…
Commercial PaperShort-term, unsecured, discounted notes issued by institutional borrowers and sold to investors for short term cash investment needs.
CommissionA portion of the policy premium that is paid to an insurance producer (agent) by the insurance company as compensation for the producer’s work.
CommissionersThe 11 Commissioners, including the Chairman, as established by Section 3020 of the Charter. All are appointed by the Mayor.
CommitmentAn offer to grant a mortgage loan which outlines the terms, the amount of the loan, the interest rate and any conditions that the commitment or approval…
commitment feeA fee charged when a) an agreement is reached between a lender and a borrower for a loan at a specific rate and points and b) the lender guarantees to…
Commitment LetterA binding offer from your lender stating the amount of the mortgage, the number of years to repay the mortgage (the term), the interest rate, the loan…
CommodityCommodities are bulk goods and raw materials, such as grains, metals, livestock, oil, cotton, coffee, sugar, and cocoa, that are used to produce consumer…
Commodity flow methodMethod used to estimate purchases of a commodity by intermediate or final users.
Commodity Futures Trading Commission (CFTC)The CFTC is the federal agency that regulates the US futures markets, as the Securities and Exchange Commission (SEC) regulates the securities markets.
Common Access Card (CAC)An Agency smartcard issued as standard identification for agency personnel, selected reserve personnel, civilian employees, and eligible contractor…
Common AreasThose portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project's homeowners'…
common sharesSecurities which represent part ownership in a company and generally carry voting privileges.
Common StockWhen you own common stock, your shares represent ownership in the corporation and give you the right to vote for the company's board of directors and…
CommunityA political entity that has the authority to adopt and enforce floodplain ordinances for the area under its jurisdiction.
Community Advisory Groups (CAG)(CAG)A Community Advisory Group (CAG) is made up representatives of diverse community interests.
community bankSection 36a-70(r)(2) allows the formation of a community bank with $3 million in capital.
Community development areaAn area defined by local authorities for government-assisted housing programs.
community development bankA community development bank is organized to serve the banking needs of a well-defined neighborhood, community, or other geographic area and, typically…
Community land trustA community land trust is a private, non-profit organization whose goal is to acquire and hold land for the benefit of the community and to provide secure…
Community propertyIn nine US states, any assets, investments, and income that are acquired during a marriage are considered community property, or owned jointly by the…
Community Rating System (CRS)(CRS)A program developed by the FEMA Mitigation Division to provide incentives for those communities in the National Flood Insurance Program that have gone…
Community Reinvestment ActThe Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and…
community reinvestment act (cra)Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in…
Commuting areaCommuting area also called area of intended employment. There is no rigid measure of distance which constitutes a normal commuting distance or normal…
Company profileA summary of information about an insurance company, including its license status, financial data, complaint history, and a history of regulatory action.
ComparablesAn abbreviation for "comparable properties," which are used as a comparison in determining the current value of a property that is being appraised.
Comparative faultA method of attributing fault to each party who contributed to causing an accident.
Comparative Market Analysis (COMPS)A property evaluation that determines property value by comparing similar properties sold within the last year.
Comparative Negligence LawAn Illinois law that sets forth how negligence for an accident is determined. Under these rules, you can collect from an at-fault driver only if you are…
Compensating FactorsFactors that show the ability to repay a loan based on less traditional criteria, such as employment, rent, and utility payment history.