ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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CLEARING ACCOUNT Definition
CLEARING ACCOUNT, in banking, is a bank account used by a mortgage servicing company for the temporary, short-term deposit of mortgage payments that have been collected and are either awaiting transmittal to investors who bought the mortgages or awaiting deposit in escrow accounts. See CASH CLEARING ACCOUNT.
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INITIATE is to set going by taking the first step, e.g., initiate contract negotiations.
GOOD DELIVERY, in securities, is the opposite of a fail. The instrument and the dollar amounts agree and a transaction is completed as initially executed. "Good delivery form" is when the instrument is properly documented in all respects and therefore acceptable for delivery to complete a transaction.