Letter Code
|
Description
|
A
|
Authorized user - A joint account where the borrower is an authorized user, but has no contractual responsibility.
|
I
|
Individual account - An account solely for this borrower.
|
B
|
Individual account belonging to the borrower.
|
C
|
Individual account belonging to the co-applicant.
|
J
|
Joint account - An account for which both spouses are contractually liable.
|
M
|
Maker - An account where the borrower is primarily responsible, having a cosigner [or Co-maker] with no spousal relationship to assume liability if the borrower defaults.
|
P
|
Participating account - A joint account for which contractual liability cannot be determined.
|
S
|
Co-maker - An account for which the borrower is the co-signer, with no spousal relationship, who becomes liable if the primary signer [or Maker] defaults.
|
T
|
Terminated: A joint or cosigned account where the borrower is no longer associated with the account.
|
U
|
Undesignated account: An account that has not yet been designated.
|
Article ID: 25, Created: April 21, 2014 at 4:13 PM, Modified: September 6, 2018 at 1:40 PM