Definition
Deferment
Mortgage deferment refers to the delay of required debt payments as agreed by both borrower and lender. In other words, the requirement of the debt obligation …
Recast
To recast a loan basically means to reset the amortization schedule so as to calculate a new recurring payment amount that is fully amortizing and achieves …
Interest Offset
An interest offset refers to a reduction in interest rates due to interest credits awarded to a borrower for one reason or another. While such arrangements can …
Improvement
Improvement is a legal term that describes property that has been built on land. A piece of land with any dwellings are technically raw land. But once a …
Politically Exposed Person (PEP)
A politically exposed person (PEP) is a term used in the financial world to describe customers who are either directly involved in politics or linked to people …
Source of Funds
The source of funds refers to the origins of money being deposited into a bank. The purpose of this query is a basic KYC check to assess whether the funds …
Lombard Loan
Lombard loans are basically loans that are secured by deposits. This means that a lender essentially grants a loan or a credit facility of some sort to a …
Singapore Overnight Rate Average (SORA)
The Singapore Overnight Rate Average (SORA) is an index rate conceptualized to replace the swap offer rate as calculation of the latter is dependent on LIBOR. …
Break Costs
Break costs is a contract term that essentially refers to opportunity costs incurred by a lender for the funds loaned to borrowers due to a disruption in the …
Prompt Performance
Prompt performance is a contract term that essentially refers to the performance of specific actions and obligations by specified dates or time frames. The key …
