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Earnings Credit - A type of credit typically used by banks to offset service charges when they are not allowed to pay interest on demand deposits (Reg. Q)

Earnings Credit Rate - A value used in the calculation of an earnings credit.

Easement - A right of way giving persons, other than the property owner, access to or over a property.

Embedded Options - Call or put features of a security. For example, a "callable bond" contains a provision that allows the issuer to buy back the bond at a predetermined price at specified times in the future. A "putable bond" contains a provision that allows the holder to demand early redemption at a predetermined price at specified times in the future.

Encroachment - An improvement that illegally violates another's property or the right to use that property.

Encumbrance - Anything that affects or limits the title to property, such as mortgages, liens, leases, easements, or restrictions.

Equal Credit Opportunity Act (ECOA) - A Federal law requiring lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, sex, age, marital status, receipt of income from public assistance programs or past exercising of a person's rights under the Consumer Credit Protection Act.

Equity - The portion of a property's value over and above it's liens. In real estate, equity is the difference between fair market value and current indebtedness, usually referred to the owner's interest.

Equity Line (Home Equity Line of Credit) - A revolving line of credit secured by one's home and usually based on the equity in one's home.

Equity Loan (Home Equity Loan) - A fixed-term loan secured by one's home and usually based on the equity in one's home.

Escrow - An item of value, money or documents, deposited with a third party, to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.

Escrow Account - The segregated trust account where escrow funds are held.

Escrow Agent - The person or organization having a fiduciary responsibility to both the buyer and seller (or lender and borrower) to see that the terms of the purchase/sale (or loan) are carried out.

Escrow Payment - That portion of a mortgagor's monthly payments held by a lender or servicer to pay taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.

Escrowed-to-Maturity Bond - A bond on which the principal and interest are secured by payments from a portfolio of U.S. Government securities held in escrow by a trustee. This type of bond is normally rated "AAA."

Eurodollar - An American dollar deposited in a European bank as a result of payments made to overseas companies for merchandise.

Eurodollar Market - A currency market in which U.S. dollar deposits are accepted by banks in other countries and made available for lending or investing.

Exchange - One of the three main U.S. stock exchanges on which securities are traded. AMEX is the American Stock Exchange. NASDAQ is the National Association of Securities Dealers. NYSE is the New York Stock Exchange.

Exchange Traded Contracts - Futures and options offered by an exchange. (Standardized contracts subject to the rules and regulations of the exchange.)

Exclusion Ratio - The percentage of an annuity payment representing return of principal which is excluded from taxable income (in the case of a non-qualified annuity).

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Glossary

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