CLEARING ACCOUNT Definition

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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.

PLUG NUMBER see COST OF GOODS SOLD.

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