ACCOUNT DISTRIBUTION Definition

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ACCOUNT DISTRIBUTION is the process by which debits and credits are identified to the correct accounts.

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FLOATING-RATE CMO is a collateralized mortgage obligation with a variable interest rate, usually reset quarterly, and set at a basis point spread over LIBOR. Also known as: Continuously Offered Long-Term Securities (COLTS), Floating Interest Rate Short-Term Securities (FIRSTS), Home Owner Mortgage Eurosecurities (HOMES), Option to Purchase or Sell Specific Mortgage-Backed Securities (OPOSSMS).

DISPOSABLE INCOME is the amount of an individuals income left after taxes which is available for spending and / or savings. See DISCRETIONARY INCOME.

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