The following is a non-exhaustive list of common terms and abbreviations used by Total Expert and the financial services industry.
General Industry Terms
- CRM - Customer Relationship Management. This usually refers to a piece of software that allows users to manage the relationship with their contacts. The contacts section in TE would be the CRM, specifically.
- DBA - Doing Business As. The name a company operates under that is separate from the company's legal name.
- EPO - Early Pay Off. Payment amount required to satisfy the terms of a loan agreement. Includes the remaining balance of the loan, and typically pre-payment penalty.
- OB - Optimal Blue. Pricing Engine used by multiple TE customers to generate loan rate scenarios on print marketing material.
Mortgage Lending Industry Terms
- FSBO - For Sale By Owner.
- LO/MLO - Loan Officer/Mortgage Loan Officer
- LOA - Loan Officer Assistant
- MC - Mortgage Consultant
- MLS - Multiple Listing Service. National listing standard made up of hundreds of regional boards across the US that provide services to real estate agents so they can readily display the properties they are listing on the Internet.
- Mortgage - A type of loan used to finance the purchase of a property.
Banking Industry Terms
- Banking Account - General term for a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.
- Business Loan - A loan specifically intended for business purposes.
- CD - Certificate of Deposit. A type of savings account usually issued by commercial banks, which restricts your access to the money you invest but offers much higher interest rates than those associated with regular savings accounts.
- Checking Account - A transactional deposit account held at a bank or other financial institution.
- Commercial Loan - A type of financing for businesses to increase the working capital, acquire new machinery, build new infrastructure, meet operational costs, and much more.
- Consumer Loan - ny loan or line of credit a consumer receives from a creditor. Common consumer loans are home mortgages, auto loans, credit cards, personal loans, student loans, home equity, and HELOC loans.
- HELOC - Home Equity Line of Credit. A loan in which the lender agrees to lend a maximum amount in an agreed period, where the collateral is the borrower's equity in their house.
- Insurance - Bank insurance is a guarantee by the Federal Deposit Insurance Corporation (FDIC) of deposits in a bank. Bank insurance helps protect individuals who deposit their savings in banks against commercial bank insolvency.
- Investment Loan - Loan used to finance the purchase of an investment property.
- Leased Asset - In general, any identifiable, tangible, and nonconsumable asset to which title can be held.
- Money Market Account - Essentially a hybrid between a checking and savings account. It lets the account holder write a limited number of checks each month and sometimes make debit purchases. Money invested will earn a higher interest rate in a money market account than it will in a checking or savings account.
- Personal Loan - A type of loan that can be used for a various number of purposes. They typically have no collateral and a fixed payment structure.
- Savings Account - A type of bank account that accrues interest. Typically has restrictions on number of withdrawals in a given period.
- Student Loan - A type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books, supplies, and living expenses.
- Time Deposit - A deposit in a bank account that cannot be withdrawn before a set date or for which notice of withdrawal is required.
- Vehicle Loan - A type of loan used to finance the purchase of a vehicle.
Credit Union Industry Terms
- Share Banking - Service that lets credit union members use branches of other credit unions to conduct business.
- Share Certificate - A certificate of deposit issued by a credit union. It represents a deposit that is made for a certain period of time that earns specified dividends over that period.