Collateral assignment is the designation of a policy's death benefit or its cash surrender value to a creditor as security for a loan. If the loan is not repaid, the creditor receives the policy proceeds up to the balance of the outstanding loan, and the beneficiary receives the remainder.
The Community Reinvestment Act (CRA) is a federal law encouraging financial institutions to meet the credit needs of the communities they serve, with a focus on low- and moderate-income residents and inner-city neighborhoods.
Other Real Estate (ORE) and Other Real Estate Owned (OREO) refer to foreclosed properties held by lending institutions, not including properties used for bank operations.
