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Houston Mortgage > Glossary >
Mortgage > C 61-70
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Community bank
Community bank: A bank, often with branches, that is locally owned and operated, and is not part of a bank holding company. Also referred to as an independent bank.
Community property
Nine states -- Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin -- are community property states. In those states community property includes real estate, tangible assets, and the earnings of both spouses acquired during the marriage. Assets acquired by gift or inheritance or assets owned before the marriage are not community property.
Community Reinvestment Act
A federal law that requires financial institutions to lend in areas where they take deposits, including in poor and minority neighborhoods.
Comparables or comps
In real estate, it refers to "comparable properties," which are used for comparative purposes in the appraisal process. Comps are recently sold properties that are similar in size, location and amenities to the home for sale. Comps help an appraiser determine the fair market value of a property.
Comparative market analysis
A method of estimating a property's value by comparing the sales prices of similar properties that have sold recently.
Competent
Legal ability to make decisions and enter into contracts.
Compound interest
Interest that is determined by adding the interest earned in the current period to the principal and computing the next period's interest on this "compounded" total amount.
Compounding method
Used in Bankrate tables. These include: S--Simple interest. A--Compounded annually. H--Compounded semi-annually. Q--Compounded quarterly. M--Compounded monthly. D--Compounded daily.
Comptroller of the Currency
An officer of the Treasury Department who is responsible for chartering national banks and has primary supervisory authority over them.
Condemnation
1. Legal process in which a government acquires private property for public use. 2. A declaration by a government agency that a property is unfit for use.
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