Agency Financial Glossary

What is it? Where one authority (the main authority) pays another authority (the agent) to do work for them.

Finance Term Definition Added By: Nicholas

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Financial Term Current assets is Short-term assets that constantly change in value such as stocks, debtors and bank balances.

Financial Term Servicing is The duties of the mortgage banker as a loan correspondent as specified in the servicing agreement for which a fee is received. The collection for an investor of payments, interest, principal, and trust items such as hazard insurance and taxes, on a note by the borrower in accordance with the terms of the note. Servicing also consists of operational procedures covering accounting, bookkeeping, insurance, tax records, loan payment follow-up, delinquency loan follow-up and loan analysis.

Financial Term Time is The time of the last trading transaction.

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Financial Term Bankruptcy is Is a legal avenue debtors use to be legally released from their debts. When a person can no longer pay his obligations, he may opt to file for personal or business bankruptcy. There are several chapters of bankruptcy but the most commonly used Chapter 7 (total liquidation of assets), Chapter 11 (Business reorganization), Chapter 12 (Farm debt) and Chapter 13 (Repayment Plan).