Uncollected funds
Refers to items deposited in an account that have not yet been collected, or paid, by the bank on which they were drawn.
Underwriting
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.
Lump sum
A single loan advance at closing. Home equity loans are usually made to borrowers as a single lump sum payment.
