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| Term |
Definition |
| Offer |
Expression of willingness to purchase a property at a specified price. |
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Open-End Credit
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A line of credit that may be used over and over again, including credit cards,
overdraft credit accounts, and home equity lines.
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| OREO |
Other real estate owned. Refers to real estate owned by banks that is not used for banking operations, e.g. foreclosed properties.
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Origination Fee
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A fee commonly charged by a lender for processing a loan application. The origination fee may be
presented in the form of points or a dollar amount. Each point is equal to 1 percent of the loan amount(e.g. two
points on a $100,000 mortgage would cost $2,000).
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Overdraft Checking
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A line of credit that allows you to write checks or draw funds by means of an EFT
card for more than your actual balance, with an interest charge on the overdraft.
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