An obligation, in general, is any binding duty or promise. In lending, an obligation is the promise to repay a financial debt. Leaving an obligation unfulfilled usually has legal consequences.
Obligor is synonymous with debtor, meaning it's an individual or business that owes money to another party.
Offer in compromise
An offer in compromise is a means of resolving back-due taxes, where the taxpayer makes one payment to the IRS that's less than the amount of the taxes due. The IRS accepts offers in compromise only when it's highly unlikely that the taxpayer will be able to pay off the full balance, even under an installment plan.
An offering is the issuance of a security, such as stock or bond shares, for purchase by investors. If the security is being issued for the first time, the offering is called an initial public offering or IPO.
Office of Comptroller of the Currency
Office of Comptroller of the Currency, or OCC, is the U.S. entity that regulates national banks and supervises federal branches of foreign banks.
Office of Federal Housing Enterprise Oversight - OFHEO
The Office of Federal Housing Enterprise Oversight, or OFHEO, is the U.S. regulatory entity that supervises Fannie Mae and Freddie Mac. The OFHEO's main task to monitor and support the financial strength of these entities, which is crucial to the strength of the U.S. mortgage industry. OFHEO is also responsible for setting conforming loan limits each year.
Office of Thrift Supervision
Office of Thrift Supervision, or OTS, is a U.S. federal entity that charters and oversees savings and loan banks. The OTS conducts audits and other inspections to ensure that its member banks are in compliance with government regulations.
Offline debit card
An offline debit card is a plastic card that functions like a Visa or MasterCard credit card, but pulls funds from the accountholder's checking account. If the offline debit card carries a Visa logo, for example, it can be used at all merchants who accept Visa credit cards. The descriptor "offline" refers to how the transaction is processed; the purchase amount is not immediately processed through the linked account, but posts one to three days later.
Old Age, Survivors and Disability Insurance Program - OASDI
Old Age, Survivors and Disability Insurance Program, or OASDI, is the formal name for the U.S. Social Security program. OASDI provides retirement and disability income, veteran's pensions, and other public benefits.
On account describes a partial payment that's applied to reduce a debt balance.
An on-the-spot loan is an already approved line of credit that allows the borrower to take a draw of funds without additional approval required.
One year adjustable
A mortgage whose annual interest rate changes yearly. The rate is chosen by the lender based on the index and margin.
One-year adjustable describes a debt instrument that experiences an annual interest rate change. Most often, the term is used in reference to mortgage loans, where the interest rate is reset annually in accordance with the movement of an underlying benchmark rate.
One-Year Constant Maturity Treasury - 1-Year CMT
One-year Constant Maturity Treasury, or 1-year CMT, is an index that's published daily by the U.S. Treasury. The index value is calculated by adjusting the yields of recently auctioned U.S. Treasury bills and notes of varying maturities to the equivalent of a one-year yield.
One-Year Treasury Constant Maturity
One-year Constant Maturity Treasury, or 1-year CMT, is an index that is published daily by the U.S. Treasury. The index value is calculated by adjusting the yields of recently auctioned U.S. Treasury bills and notes of varying maturities to the equivalent of a one-year yield.