In a 401(k) plan, forfeiture refers to the loss of employer-contributed funds by an employee who leaves a company before meeting specific vesting requirements. These funds are returned to the plan sponsor or used to offset plan expenses.
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Pay frequency refers to the scheduled intervals at which an employer provides compensation to an employee for work performed. These intervals can range from daily to monthly, depending on company policy and local labor laws.
Cancelled by credit grantor is a notation on a credit report indicating that a creditor closed an account. This can occur for various reasons, including inactivity, request by the consumer, or credit risk. The notation itself does not directly impact credit scores but may be considered by lenders.
Credit card refinancing is the practice of replacing existing credit‑card debt with a new loan or balance‑transfer card that carries a lower interest rate or better terms. It aims to reduce interest costs, simplify payments, and potentially improve a borrower’s credit profile.
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Net of fees refers to a value or amount after deducting all applicable fees, commonly used in financial contexts to indicate the net return or cost to an investor or customer.
Reamortization refers to the process of recalculating the amortization schedule of a loan. This typically occurs after a borrower makes a substantial principal payment or modifies loan terms. It adjusts future payment allocations between interest and principal.
A rated driver is an individual listed on an auto insurance policy whose risk profile is used to determine the premium cost. Unlike unrated drivers, the insurance company actively calculates the cost of coverage based on this person’s specific driving history and demographics.
A release of mortgage is a legal document that signifies the repayment of a mortgage loan and the removal of the lender’s claim on the property. It formally confirms that the borrower no longer owes the debt secured by the mortgage.