In mortgage servicing, the servicer can use a suspense account to park funds temporarily if a borrower has made only a partial payment for that month. In investing, a suspense account is a type of brokerage account where a customer's proceeds from selling an investment may be recorded until ...
What Is "PITI" in a Mortgage? When a mortgage escrow account pays for taxes and insurance, these items are usually referred to as "T&I." The principal and interest part of the mortgage payment is called "P&I." Altogether, these items are called "PITI" (principal, interest, taxes, and ...
A suspense account is a special designation within an accounting process that is used as a temporary classification for disbursements or receipts that require further analysis before making a permanent assignment within the records. Accounts of this type serve a useful function, in that they are ofte...
What is revolving debt? What is a judgment lien? What is a suspense account? What is an auditor? What is insolvency? What is a revolving account? What does a debit memo do? What is a guarantor liable for? What is receivables float? What is a mortgage originator? What is debt consoli...
The current model for accounting was created during the 1400s, and it is called Double Entry Accounting. For each financial transaction, there is a debit and a credit, which reflects the sides of the entry. An example of a T account is below, which helps organize the debits and cr...
I’ll save you the suspense. The short answer isFICO scores, which are the industry standard and relied upon by just about everyone. I believe something like 9 out of 10 lenders use FICO, and it’s pretty much 100% in the mortgage world. ...
A.The fall of asset values affects the card borrowers' creditworthiness. B.The decrease in the mortgage payment leads to the rises of the card debt. C.As the home-equity loans are drying up, consumers are more likely to load up on the card debt. D.The falling house prices make the ca...
The worst part is the length of the season. In a good year country courses are open in April and stay open thru October. Nicer courses trim almost a month in spring and a couple weeks in fall. What do you do for a living? I am an Engineering Manager. My team is a mix of ...
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