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Banking Terms




The annual rate of interest for a loan. Also called the interest rate.

Rate Change Cap

The maximum amount that an interest rate can change, either at an adjustment period or over the entire life of the loan. Commonly associated with an adjustable rate mortgage (ARM).

Rate Lock

An agreement by a lender to guarantee the interest rate offered for a mortgage provided that the loan closes within the specified period of time.

Rate of Interest

(noun) The rate of interest is the percent charged for the use of someone else's money.

Rate of Interest

Same as interest rate.


An acronym for “Re-presented Check Entry”; used when a business converts your check to an ACH entry to collect funds for a check that was previously returned.

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


An acronym for “Remote Deposit Capture”; refers to the ability to deposit a check(s) into a bank account(s) via scanning device from one's place of business without having to physically deliver the actual check(s) to the bank.

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

Real Estate Agent

A person licensed to negotiate the purchase and sale of real estate on behalf of buyers and sellers.

Real Estate Settlement Procedure Act (RESPA)

A consumer protection law to provide information to consumers regarding expenses involved in the real estate settlement process. It requires lenders and brokers to provide certain information to consumers, and it prohibits kickbacks and other abusive practices.

Real Property

Land and anything permanently affixed to the land, including structures, trees, minerals, and the interest, benefits and rights thereof.


A real estate broker or associate who is an active member of a local real estate board that is affiliated with the National Association of Realtors.


The process of comparing and balancing one account record against another to provide proof that they ultimately equal.


The entering in a book of public record the details of a properly executed legal instrument that affects title to real property, thereby making it a part of the public record.

Recording Fees

A fee charged by the local government to record mortgage documents into the public record so that any interested party is aware that a lender has an interest in the property. For our comparison purposes, a recording fee is considered to be a tax or other unavoidable fee.


The process of paying off any existing mortgages on a home with a new mortgage loan.

Release Fee

The fee charged to release a lien to free real estate from a mortgage.

Remainder Beneficiary

The beneficiary of a trust who is entitled to the principal outright after the interest of the prior beneficiary has been terminated.

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

Remaining Balance

The amount of principal owed on a loan that has not yet been fully repaid.

Remaining Term

The number of payments left to be made on a loan before it is fully amortized (paid in full).


(verb) To repossess is to take possession of again, especially for failure to pay money that is owed.

Required Minimum Distribution

The amount that must be withdrawn each year from all retirement plans once a participant reaches age 70 ½ or, if later, terminates employment. (The delay until termination of employment is for non-5 percent owners).

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


The cancellation of a contract by the operation of a law or by mutual consent. In some circumstances, borrowers have the right to cancel a transaction within three business days after closing.


See Real Estate Settlement Procedures Act.

Return Items

Checks, drafts, or notes that have been dishonored by the drawee bank or maker and have been returned to the presenting party.

Revolving Credit

A credit agreement (typically a credit card) that allows a customer to borrow against a pre-approved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due.

Right of First Refusal

A contract provision that requires a property owner to give another party the first opportunity to purchase or lease the property before it is offered to others.

Right of Ingress or Regress

The right to enter or leave specific property or premises.

Right of Survivorship

In joint tenancy, the right of surviving joint tenants to acquire the interest of a deceased joint tenant.

Risk Tolerance

An investor's personal ability or willingness to endure declines in the prices of investments. Sometimes measured by risk tolerance questionnaires.

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


A plan contribution made by an employee, attributable to a distribution from a qualified plan, a governmental 457 plan, a 403(b) plan, and the taxable portion of a traditional IRA.

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

Routing and Transit Number (AKA - ABA Number)

A nine digit numbering system used in the United States, which appears on the bottom of negotiable instruments, such as checks, that identifies which financial institution the check is drawn on. This number is also used by the Automated Clearing House to process direct deposits and other automated transfers and is used by the Federal Reserve Bank for a number of things including check clearing and wire transfers.

TB&T's ABA # is 1119 2323 8

The first two digits (11) show the bank's Federal Reserve District. The third digit (1) identifies the Federal Reserve Office. The fourth digit (9) shows the bank's state.

The next four digits (2323) are the bank's institutional identifier.

The last digit (8) combined with the first eight digits, verifies the routing number's accuracy in computer processing.

Routing Number

Set of numbers associated with a checking, savings, or other bank account that associates a financial institution with the account. This number is used to determine where to route funds to or from. Any individuals seeking direct deposit from a company will typically have to provide a routing and account number.

Source: http://www.businessdictionary.com/definition/routing-number.html


Sales Contract

An agreement between a buyer and seller to purchase real estate. A sales contract, also known as an offer to purchase or a binder, secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money that was paid is forfeited unless the binder expressly provides that it is to be refunded.

Savings Bonds

A U.S. government bond with principal amounts up to $10,000.

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2011.

Search Fee

A fee charged by a title company or attorney in some states to cover the cost of searching the public record to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue assessments, or other claims filed that would adversely affect the transfer of the title. For our comparison purposes, a search fee is considered to be a third party fee and may be included in the title insurance fee by some lenders.

Second Mortgage

A loan that has a lien position subordinate to the first mortgage.

Secondary Mortgage Market

The buying and selling of existing mortgages, primarily residential first mortgages.

Secured Loan

A loan that is backed by collateral.


The collateral offered to a lender in exchange for a loan. When a lender provides a mortgage, you provide your home as the security. This means that if payments are in default, the lender has the right to take title to the property.

Security Interest

The lender's right to take property that has been offered as security.


A company that collects principal and interest payments from borrowers and manages borrowers' escrow accounts. The servicer may or may not be the original lender.


A meeting of parties involved in a real estate transaction to finalize the process. In the case of a purchase, the settlement usually involves the seller, the buyer, the real estate broker and the lender. In the case of a refinance, the settlement involves the borrower and the lender. Sometimes referred to as the closing or the close of escrow.

Settlement or Closing Fee

A fee charged by a title company, closing agent or attorney to act as a representative and agent for the lender to perform the closing of a real estate transaction.

Settlement Statement

Also referred to as the HUD-1 or the closing statement, this is the document that provides line by line detail of the financial details related to a specific real estate transaction such as the fees paid by the seller and the buyer for a purchase transaction or the fees paid by the borrower for refinances.

Sight Draft

A written order to pay upon presentation or delivery.

Signature Card

A bank document containing the signature(s) of those who are authorized to draw against the account or otherwise issue instructions to the bank.

Simple Interest

(noun) Simple interest is when interest is calculated on the base balance not including any already charged or earned interest.

Simple Trust

A term known only in tax laws to describe a trust that is required to distribute all of its income currently and that does not provide for any charitable distributions, as opposed to a complex trust.

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

Sole Proprietorship

A business owned and operated by one person.

Split Deposit

A split deposit consists of funds being split or divided into more than one account with multiple deposit slips.


A security that represents part ownership, or equity, in a corporation.

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

Stock Fund

A mutual fund whose holdings consist mainly of stocks.

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

Stop Payment

A depositor's instructions to his or her bank directing the bank not to pay a previously issued check or item.

Stored Value Card

A prepaid card that stores funds. As the card is used, the amount is deducted from the card until the balance is completely used. (Gift Cards)


A housing development that is created by dividing a large parcel of land into many individual lots for sale.

Subordinate Financing

Any mortgage or other lien that has a lower priority than that of the first mortgage.


A fee associated with obtaining a precise measurement of a piece of property by a licensed surveyor. The survey is typically a written map of the property showing locations of buildings and boundaries. In some states a survey is required by a title company to issue a title insurance policy. For our comparison purposes, a survey fee is considered to be a third party fee and may be included in the title insurance fee by some lenders.

Survey Affidavit

A fee charged by a title company to issue an insurance policy without requiring that a full survey be completed. For our comparison purposes, a survey affidavit fee is considered to be a third party fee and may be included in the title insurance fee by some lenders.

Sweat Equity

Contribution to the construction of a property in the form of labor or services, instead of cash.


A prearranged automatic transfer of funds in an account to another account. One account is debited and the other credited.


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