Refers to items deposited in an account that have not yet been collected, or paid, by the bank on which they were drawn.
Underwriting is the process of evaluating a loan prospect to ensure they have the financial capacity to repay the loan. An underwriter evaluates a loan application using FICO scores, debt ratios, and the potential borrower's employment history. Other factors may apply.
A single loan advance at closing. Home equity loans are usually made to borrowers as a single lump sum payment.