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Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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underwriting guideDefinition (Mortgages, Insurance, Financial-banking)
The rules and guidelines an underwriter must follow while writing policies.
underwriting incomeDefinition (Investments, Mortgages, Insurance, Financial-banking)
The income earned by an insurer from underwriting in a certain amount of time.
underwriting riskDefinition (Investments, Mortgages, Insurance, Financial-banking)
The total amount of risk an entity takes on from underwriting something.
unearned incomeDefinition (Taxation, Financial-banking)
Income such as interest, dividends, capital gains or rents, as opposed to earned income, such as wages, tips and salaries.
unemployment rateDefinition (Investments, Financial-banking)
The percentage of the labour force that is not employed but currently seeking work.
Unigasco Community Credit UnionBank, Ontario, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Union Bay Credit Union (UBCU)Bank Est.1944, British Columbia, Canada
United Employees Credit Union (UECU)Bank Est.1944, Ontario, Canada
United States Commercial Paper (USCP)United States
United Ukrainian Credit Union (UUCU)Bank Est.1943, Ontario, Canada
Unity Credit UnionBank, Saskatchewan, Canada
Universal Finance Trust Bank (UFTB)Canada
unsecured claimDefinition (Financial-banking)
A claim or debt where the creditor has no guarantee of repayment because collateral is not required from the borrower. Credit is granted solely on an assessment of the debtor's future ability to repay the claim or debt.
unsecured debtDefinition (Financial-banking)
Debt that is not guaranteed by the pledge of any collateral. Most credit cards are unsecured debt, which is a main reason why their interest rate is higher than other forms of lending, such as mortgages, which employ property as collateral.
unsecured line of credit (ULOC)Acronym
unsecured loanDefinition (Financial-banking)
An advance of money that is not secured by collateral.
upside-downDefinition (Automotive, Mortgages, Real-estate, Financial-banking)
A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."
US Bulk Exchange (USBE)Acronym
useful lifeDefinition (Real-estate, Financial-banking)
The number of years depreciable business property is expected to be productive and in use.
usurious rateDefinition (Financial-banking)
An interest rate that is unnecessarily high or well above legal rates. For example, sometimes intangible property taxes are applied to income from usurious rates.
usuryDefinition (Financial-banking)
Illegal, excessive interest.
V.P. Credit UnionBank, British Columbia, Canada
Valley FirstBank Est.1947, British Columbia, Canada
  ➥  A division First West Credit Union and also a Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
valuable considerationDefinition (Financial-banking, Legal-contracts)
The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.
valuationDefinition (Investments, Real-estate, Insurance, Financial-banking)
The estimation of a property's price value through an appraisal.
Vancouver City Savings Credit UnionBank, Vancouver, British Columbia, Canada
Vancouver Firefighters Credit UnionBank, British Columbia, Canada
Vancouver Society of Financial Analysts (VSFA)Company, Vancouver, British Columbia, Canada
Vanguard Credit UnionBank, Manitoba, Canada
VantageOne Credit UnionBank, British Columbia, Canada
variable direct debit (VDD)Acronym
variable interest rateDefinition (Mortgages, Financial-banking)
Percentage that a borrower pays for the use of money, and which moves up or down periodically based on changes in other interest rates.
variable rateDefinition (Mortgages, Financial-banking)
A floating percentage value that fluctuates based on certain conditions.
vendorDefinition (Real-estate, Financial-banking)
The seller of a property.
vendor take backDefinition (Mortgages, Real-estate, Financial-banking)
Where the seller of the property provides all or some of the financing in order to sell the property.
Vermilion Savings & Credit UnionBank, Alberta, Canada
Victory Community Credit Union (VCCU)Bank Est.1948, Toronto, Ontario, Canada
Virtual One Credit Union LoanBank, Ontario, Canada
void chequeDefinition (Financial-banking, Legal-contracts)
A check with the word "VOID" written on the face that cannot be cashed.
voluntary life insuranceDefinition (Estate-management, Insurance, Financial-banking)
Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.
Wainwright Savings & Credit UnionBank Est.1943, Alberta, Canada
waiting periodDefinition (Insurance, Financial-banking, Legal-contracts)
The amount of time that must pass before something occurs.
walk-away leaseDefinition (Automotive, Financial-banking)
The most common type of car lease, also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
warrantyDefinition (Real-estate, Financial-banking, Legal-contracts)
A document certifying clear title to a property.
Waterloo Regional Credit Union (WRCU)Bank Est.1948, Kitchener, Ontario, Canada
  ➥  See Your Neighbourhood Credit Union (YNCU).
Western Union International Bank (WUIB)Company Est.1851
Westminster Savings Credit Union (WSCU)Bank, British Columbia, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
Westoba Credit UnionBank, Manitoba, Canada
Wetaskiwin Credit UnionBank, Alberta, Canada
Weyburn Credit Union (WCU)Bank Est.1944, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender offering all lending types, including both residential single family and multi-unit mortgages. Also offers reverse mortgages.
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Underwriting Guide — Weyburn Credit Union
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Williams Lake and...Zero Balance

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
Page 17: Credit Card
Page 18: Declining Life Insurance
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
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...
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