Alt-A

Alt-A

What Is Alt-A? Alt-A is a classification of mortgages with a risk profile falling between prime and subprime. They can be considered high risk due to provision factors customized by the lender. This type of loan tends to be more expensive for the borrower, as they may carry higher interest rates and/or fees. Key Takeaways

Trade Beneficiary

Trade Beneficiary

What Is an Alternate Beneficiary? An alternate beneficiary is a term used for the individual who is usually named in a will in the event that a person who is the named beneficiary refuses, disclaims or is unable to accept the inheritance. In an insurance policy, an alternate beneficiary is usually a secondary or contingent

Change Employer Endorsement Definition

Change Employer Endorsement Definition

What Is an Alternate Employer Endorsement? An alternate employer endorsement extends existing workers’ compensation coverage to other companies with whom the primary insured may do business. An alternate employer endorsement lists other companies to be included in the policy’s coverage within the policy’s endorsement schedule. It is often used when businesses utilize contracted employees through temporary

Choice Documentation Definition

Choice Documentation Definition

What Is Alternative Documentation? Alternative documentation is a documentation process designed to expedite loan approval where the lender accepts certain documents from the borrower as verification of income made on the loan application. Key Takeaways Alternative documentation are documents that serve as proof of income for loans. Examples of such documents are bank statements and