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Banking Terms

A-BC-E F-HI-KL-MN-OP-QR-ST-VW-Z

I

Identity Theft

A crime involving the possession of identifying information not lawfully issued for that person's use or the attempt to access the financial resources of that person through the use of illegally obtained information.

Impound Account

A fund set aside for future needs, such as an escrow or reserve account.

Impounds

An impound refers to the funds a mortgagor pays to the lender along with their monthly principal and interest payments for the payment of real estates taxes and hazard insurance. This is also referred to as an escrow account. The money is held by the lender to make payments when they are due.

In-file Credit Report

A computer-generated report containing credit and legal information obtained from one of the main credit bureaus.

Income Property

Real estate developed and improved to produce steady income.

Index

An indicator that reflects the value of a representative grouping of securities. For example, Dow Jones Industrial Average or Standard & Poor Index of 500 Industrial Stocks.

WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer

Index

A published interest rate used to establish the interest rate offered on an Adjustable Rate Mortgage (ARM). Some of the most common indices are treasury bills, treasury securities, London Inter-Bank Offering Rates (LIBOR) and the Cost of Funds Index (COFI).

Individual Retirement Account (IRA)

A retirement account that allows individuals to make tax-deferred contributions to a personal retirement fund. Individuals can place IRA funds in bank accounts or in other forms of investment such as stocks, bonds, or mutual funds.

Inflation

An increase in the amount of money or credit available relative to the amount of goods or services available. Inflation causes an increase in the general price level of goods and services. Over prolonged periods, inflation can reduce the purchasing power of a dollar, making it worth less.

Inflation Risk

The possibility that increases in the cost of living will reduce or eliminate the real returns on a particular investment.

WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer

Initial Interest Rate

The original, starting interest rate of a loan at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). Sometimes called a teaser rate.

Installment

A regularly scheduled periodic payment that a borrower agrees to make to a lender.

Installment Loan

A loan made to an individual or business, repaid in fixed, periodic payments.

Insufficient Funds (AKA - Nonsufficient Funds or NSF's)

A banking term indicating that the drawer's balance does not contain sufficient funds to cover a check or checks.

Insurable Title

A property title that a title insurance company agrees to insure against defects and claims.

Insurance

A form of contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy. The periodic payments are known as insurance premiums.

Insurance Binder

A document stating that insurance is only temporarily in effect. Because the coverage will expire by a certain date, a permanent policy must be obtained prior to the expiration date.

Insurance Trust

A trust composed partly or wholly of life insurance policy contracts.

The Glossary of Fiduciary Terms, second edition, published by the American Bankers Association

Insured Mortgage

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (PMI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

Interest

The cost of the use of money.

Interest Accrual Rate

The rate at which interest accrues on a mortgage. Usually, it is also the rate used to calculate the monthly payments.

Interest Rate

The cost of borrowing a lender's money. Interest takes into account the risk and cost to the lender for a loan. The interest rate on a fixed rate mortgage depends on the going market rate and how many discount points you pay up-front. An adjustable rate mortgage's interest is a variable rate made up of the index and the lender's margin.

Interest Rate Ceiling

The maximum interest rate for an adjustable-rate mortgage (ARM), as specified in the mortgage loan note.

Interest Rate Floor

The minimum interest rate for an adjustable-rate mortgage (ARM), as specified in the mortgage loan note.

Interim Loan

A short term mortgage loan for the construction of a building, usually a residence.

Internal Revenue Service (IRS)

The agency of the Treasury Department with the responsibility for administering, interpreting, and enforcing the Internal Revenue Code.

WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer

International Fund

A mutal fund that invests in securities traded in markets primarily outside the United States. (Contrast with Global Fund)

WK: 401(k) Answer Book - Great West Retirement Services, Glossary - © 2011 Wolters Kluwer

Invest

(verb) To invest is to put into use for the purpose of making more money.

©2010 Wordsmyth (definition only)

Investment

(noun) An investment is money that is put into use for the purpose of making more money.

©2010 Wordsmyth (definition only)

Investment Property

A property that is not occupied by the owner.

IRA (Individual Retirement Account)

A retirement account that allows individuals to make tax-deferred contributions to a personal retirement fund. Individuals can place IRA funds in bank accounts or in other forms of investment such as stocks, bonds, or mutual funds.

IRD

An acronym for “Image Replacement Document”, also known as a “Substitute Check.” Substitute checks are digital copies of the fronts and backs of paper checks that provide the same legal protections and obligations as the originals, including serving as proof of payment.

©2011 NACHA - The Electronic Payments Association® All rights reserved.

Irrevocable Trust

A trust which by its terms (1) cannot be revoked by the settlor or (2) can be terminated by the settlor with the consent of someone who has an adverse interest in the trust - that is, someone whose interest it would be for the trust not to be terminated, such as a beneficiary.

The Glossary of Fiduciary Terms, second edition, published by the American Bankers Association

J

Joint Account

A bank relationship in the names of two or more parties with each having access to the account.

Joint Account

A credit account held by two or more people so that all can use the account and all assume legal responsibility to repay.

Joint Tenancy

A form of co-ownership that gives each tenant equal undivided interest and equal rights in the property, including the right of survivorship.

Joint Venture

An agreement between two or more parties who invest in a property or business.

Judgment

A decree made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

Judgment Lien

A lien on the property of a debtor resulting from a judgment.

Jumbo Mortgage

A loan that exceeds the maximum loan amount allowed by the most common mortgage investors. The cost of obtaining a jumbo mortgage is generally higher than the cost of obtaining a conforming mortgage. Also known as a non-conforming loan.

 
 

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