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Definition of Drop lock
An arrangement whereby the interest rate on a floating rate note or preferred stock becomes fixed
Brokerage firms that help to find potential buyers or sellers of large block trades.
A large trading order, defined on the New York Stock Exchange as an order that consists of
A group of shareholders banding together to vote their shares in a single block.
A currency that is not freely convertible to other currencies due to exchange controls.
With the dollar roll transaction the difference between the sale price of a mortgage-backed passthrough,
System whereby customers send payments to a post office box and a local bank collects and processes checks.
With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With
CDs that are issued with the tacit understanding that the buyer will not trade the certificate.
A collection and processing service provided to firms by banks, which collect payments from a
A market is locked if the bid = ask price. This can occur, for example, if the market is
An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest
A device used to stamp an employee’s incoming or outgoing time
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