General banking

General banking

Banking related terms and phrases in general.

Industry: Banking

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General banking

previous balance

Banking; General banking

The cardholder's account balance as of the previous billing statement.

principal balance

Banking; General banking

The outstanding balance on a loan, excluding interest and fees.

private mortgage insurance (PMI)

Banking; General banking

Insurance offered by a private insurance company that protects the bank against loss on a defaulted mortgage up to the limit of the policy (usually 20 to 25 percent of the loan amount). PMI is ...

Real Estate Settlement Procedures Act (RESPA)

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 ...

reconciliation

Banking; General banking

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 ...

redlining

Banking; General banking

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 ...

refinancing

Banking; General banking

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 ...