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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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monetary policy report update (MPRU)Acronym
Updates on the monitoring of inflation, interest rate targets and economic outlooks within Canada.
monetary valueDefinition (Real-estate, Insurance, Financial-banking)
A property's monetary value is its worth if sold at this moment in time.
money factorDefinition (Automotive, Financial-banking)
A leasing term that expresses the cost of borrowing. It is similar to the interest rate paid on a conventional car loan, but it is expressed as a difficult-to-understand fraction. To convert the money factor to a recognizable interest rate, multiply it by 24. For example, a money factor of .00345 x 24 = 9 percent interest. The money factor is negotiable, and consumers who lease a new car should look for a money factor close to the current interest rate charged for new-car loans.
money market account (MMA)Definition (Investments, Financial-banking)
A bank account that restricts the type and number of withdrawals. The account also earns interest similar to money market funds.
money market deposit account (MMDA)Acronym
monthly periodic rateDefinition (Mortgages, Financial-banking)
The interest rate factor used to calculate the interest charges on a monthly basis. The factor equals the yearly rate divided by 12.
Morgan Stanley Bank International Limited (MSBIL)Company
Morse Credit UnionBank, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
mortgage applicationDefinition (Mortgages, Financial-banking, Legal-contracts)
A document in which a prospective borrower details his or her financial situation to qualify for a loan.
mortgage bankerDefinition (Mortgages, Financial-banking)
An employee of a large bank who finds financing for the general public.
mortgage brokerageDefinition (Mortgages, Financial-banking)
An individual or group who brokers deals between their clients and lenders.
  ➥  CanEquity is a mortgage brokerage.
Motor City Community Credit Union (MCCCU)Bank Est.1938, Windsor, Ontario, Canada
Mount Lehman Credit UnionBank, British Columbia, Canada
Mountain View Credit Union (MVCU)Bank Est.1977, Alberta, Canada
  ➥  Formed by the merger of Cremona Credit Union operating since 1943, Olds Credit Union (1957), Sundre Credit Union (1959) and Didsbury Credit Union (1961). A Canadian NHA approved mortgage lender that offers all lending types.
Muenster Credit UnionBank, Saskatchewan, Canada
Multi-Branch Banking® (MB)Acronym (Bank Statements)
  ➥  Bank account transaction code.
multi-option facility (MOF)Acronym
multilateral development bank (MDB)Acronym
mutual insurance companyDefinition (Insurance, Financial-banking)
An insurance company where the each policyholder is a part owner of the company.
National Bank Discount Brokerage (NBDB)Canada
National Bank Financial Group (NBFG)Canada
National Bank Financial Ltd. (NBFL)Company, Toronto, Ontario, Canada
National Bank of Canada (NBC)Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers all lending types and reverse mortgage home income plans.
National Bank of Correspondent Network (NBCN)Toronto, Ontario, Canada
Native Commercial Credit Corporation (NACCC)Company, Canada
Nechako Valley Credit Union (NVCU)Bank, British Columbia, Canada
  ➥  Now Integris Credit Union.
negotiable order of withdrawal (NOW)Acronym
Nelson & District Credit Union (NDCU)Bank Est.1950, Nelson, British Columbia, Canada
nesbitt burns entry (NT)Acronym (Bank Statements)
net interest income (NII)Acronym
The income a bank receives minus any interest payments incurred during a period.
net interest margin (NIM)Definition (Taxation, Financial-banking)
Net interest income (the difference between interest income and interest expense) as a percentage of average total assets.
net worthDefinition (Investments, Taxation, Financial-banking)
The total value of all assets, such as house, car, furniture and investments, minus all debts, such as mortgages and credit card bills.
nettingDefinition (Financial-banking)
The offsetting with a counter-party of financial obligations or payments one is owed with those one is entitled to receive, thus reducing the costs arising out of payment settlements. Netting is also used as a risk management tool to help counter-parties reduce their exposure to credit risk.
New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC)Bank, New Brunswick, Canada
New Brunswick Teachers' Association Credit Union (NBTA, NBTACU)Bank Est.1971, Nova Scotia, Canada
New Community Savings & Credit UnionBank, Saskatchewan, Canada
New Glasgow Credit UnionBank, Nova Scotia, Canada
New Ross Credit UnionBank, Nova Scotia, Canada
New Waterford Credit UnionBank, Nova Scotia, Canada
Newfoundland & Labrador Credit Union (NLCU)Bank, Newfoundland and Labrador, Canada
next day settlement (NDS)Acronym
niche banksDefinition (Financial-banking)
Smaller banks that cater to particular communities or certain industries. These banks have been thriving in the fallout from mega-bank mergers.
Niverville Credit UnionBank, Manitoba, Canada
no credit historyDefinition (Mortgages, Financial-banking)
To have no record of an individual's credit worthiness.
no-documentation loanDefinition (Mortgages, Financial-banking, Legal-contracts)
A mortgage in which the applicant provides a minimum of information -- name, address, Social Insurance number (so credit reports can be pulled), and contact information for an employer, if there is one. The underwriter decides on the loan based on the applicant's credit history, the appraised value of the house and size of down payment.
no-load annuityDefinition (Investments, Estate-management, Annuities, Financial-banking)
An annuity that pays the salesperson no commission and has low fees and expenses. A no-load annuity is often sold by an insurer directly.
non-cancellableDefinition (Insurance, Financial-banking, Legal-contracts)
A contract or section of a contract that cannot be modified.
non-dischargeable debtDefinition (Taxation, Financial-banking)
Debt that cannot be eliminated in bankruptcy such as Federal taxes.
non-liquid assetDefinition (Investments, Financial-banking)
A possession that can't be transformed readily into cash. Stocks and bonds are liquid assets because they can be sold easily; a house is a non-liquid asset because it takes time to sell.
non-owner occupantDefinition (Investments, Mortgages, Real-estate, Financial-banking)
A borrower who purchases a property for investment or rental purposes and will not occupy the property.
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Non-Performing LoanOrdinary Dividends

Search the Glossary

Index of Banking Terms

Page 1: 1st Choice Savings and...
Amortized Loan
Page 2: Amount Financed
Automatic Transfer of Loan...
Page 3: Automatic Transfer Service
Before-tax Income
Page 4: Belgian-Alliance Credit...
Caisse d'économie Desjardins...
Page 5: Caisse d'économie Desjardins...
Caisse Desjardins de Hull
Page 6: Caisse Desjardins de...
Caisse Desjardins de Saint...
Page 7: Caisse Desjardins de Saint...
Caisse Desjardins du Haut...
Page 8: Caisse Desjardins du Lac des...
Caisse populaire de Field
Page 9: Caisse populaire de...
Caisse populaire Desjardins...
Page 10: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 11: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 12: Caisse populaire Desjardins...
Caisse populaire Madawaska
Page 13: Caisse populaire Mer et...
Canadian Payments...
Page 14: Canadian Western Bank
Cheques Returned with...
Page 15: Chequing Account
Commercial Real Estate...
Page 16: Commingling
Credit
Page 17: Credit Card
Debtor
Page 18: Declining Life Insurance
E-cheque
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Float
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
Instalment
Page 23: Instant Teller
International Investment...
Page 24: International Journal of...
Ladysmith & District Credit...
Page 25: Lafleche Credit Union
Local Taxes
Page 26: Lock-in
Monetary Policy Committee
Page 27: Monetary Policy Report...
Non-owner Occupant
Page 28: Non-Performing Loan
Ordinary Dividends
Page 29: Ordinary Income
Personal Property Taxes
Page 30: Personal Savings
Private Lender
Page 31: Privately Held Company
Remaining Balance
Page 32: Remaining Term
Same Day Funds Settlement
Page 33: Sandhills Credit Union
Split-Funded Annuity
Page 34: Spread
Tax Liability
Page 35: Tax Lien
Underwriting Expenses
Page 36: Underwriting Guide
Weyburn Credit Union
Page 37: Williams Lake and District...
Zero Balance

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