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MORTGAGE LOAN COLLECTION

L

Late Charge
In terms of a mortgage loan, it is the fee a borrower pays for submitting a late payment.
Late Payment
Payment on a mortgage loan that has been received after the grace period that is past the payment due date.
RELATED MORTGAGE TERMS: Grace Period
Leading Economic Indicators
Index that is made up of a combination of statistics that help to indicate future economic activity for the next six to nine months. Components for such an index include the purchase of raw materials, issuance of new building permits, and the presence of big contracts to create new buildings.
Lease
In terms of real estate, it is an agreement between a property owner and an individual for using the property in exchange for money.
RELATED MORTGAGE TERMS: Rent
Lease-Purchase Mortgage
Option offered in certain lease contracts where the tenant has the option to buy the property being occupied. The monthly payment during the lease period of such agreements typically include the principal, interest, taxes, and insurance for the property owner's first mortgage, plus an additional amount that is deposited into a savings account for use as a down payment on the purchase of the property.
Leasehold
Tenant's right to use a property for a fixed period of time determined by the lease contract.
Lender
Company that disburses the funds of a mortgage loan to its borrowers. Evidence of the borrower's obligation is noted both on the mortgage loan agreement and by the lender becoming a primary lien on the title of the property.
RELATED MORTGAGE TERMS: Direct Lender|Lien|Mortgage Bank
MORTGAGE LOAN EXAMPLES: Mortgage Loan Lender
Lender Website
Mortgage loan website that is created and maintained by only one mortgage lender. Such websites are generally not helpful in comparing the loan programs that are offered throughout the country. LOAN4LOAN is designed to relieve the borrower's stress regarding their choice for a mortgage loan company by comparing such loan programs for you!
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Liabilities
In terms of a mortgage loan, they are the financial obligations of a borrower.
MORTGAGE LOAN EXAMPLES: Liabilities
LIBOR
See London Interbank Offered Rate
Lien
Legal claim against the title of a property in exchange for a debt owed. Liens may be placed on a title in exchange for a mortgage loan or as part of a judgement for a lawsuit where an individual has not repaid a debt owed.
Lien on Person
Lien on person usually refers to a lien that is a claim against a person rather than against the title of a property. They may be seen in the credit report of an individual and usually follows their financial future until it is settled.
Lien on Title
See Lien
Lien Position
Refers to the position a debt has against the title of a property. Most mortgage companies assume the first position upon the signing of a mortgage loan. In terms of a mortgage loan application, refinance mortgage loans are usually checked as 1st position and home equity lines of credit are usually checked as 2nd position.
Lifetime Payment Cap
Limit on the amount a payment can increase or decrease over the term of an adjustable rate mortgage loan.
Lifetime Rate Cap
Limit on the amount an interest rate can increase or decrease over the term of an adjustable rate mortgage loan.
Liquid Asset
Cash, property, and any other valuables that can be converted quickly into cash.
Loan
In terms of real estate, it is money borrowed to purchase or refinance a property that is repaid with interest.
MORTGAGE LOAN EXAMPLES: Mortgage Loan
Loan Advice
Recommendations concerning the type of loan program to choose, and why those recommendations have been made.
Loan Amount
In terms of a mortgage loan, it is the amount of the property being purchased or refinanced plus any costs that are incurred during the loan process.
MORTGAGE LOAN EXAMPLES: Mortgage Loan Amount
Loan Application
See Uniform Residental Loan Application (1003)
Loan Application Fee
See Application Fee
Loan Approval
Conditional agreement by a lender to lend money to a borrower against the title of their property.
MORTGAGE LOAN EXAMPLES: Mortgage Loan Approval
Loan Discount Fee
Fee charged as part of the closing costs in a mortgage loan to reduce the interest rate.
SIMILAR MORTGAGE TERMS: Rate Buydown
MORTGAGE LOAN EXAMPLES: Mortgage Loan Discount Fee
Loan Documents
In terms of a mortgage loan, it typically refers to the documents that are signed at the closing.
RELATED MORTGAGE TERMS: Closing|Stips
Loan Fraud
In terms of a mortgage loan, it occurs by purposely giving false information on a loan application to qualify for a better mortgage loan program.
Loan Officer (LO)
Employees of a mortgage company that accept mortgage loan applications and match their potential borrowers with a qualifying loan program. A good loan officer will match their clients with a loan program that benefits the borrower the most rather than a loan program that will make them a higher commission.
MORTGAGE LOAN EXAMPLES: Mortgage Loan Officer
Loan Origination
Aquisition of a new client for a mortgage loan company.
Loan Origination Fee
As seen in the settlement charges for a mortgage loan, it is a charge by the lender for obtaining the borrower. May include a portion of the cost to the lender for the marketing and advertising that was involved in obtaining the client.
MORTGAGE LOAN EXAMPLES: Mortgage Loan Origination Fee
Loan Program
Specific set of criteria that form a program which determines an individual's monthly payment, interest rate, loan term, and other characteristics of their mortgage loan.
Loan Provider
See Lender
Loan Purpose
As seen in a mortgage loan application, this field refers to what the funds of the loan will be applied to. Typically the checkbox next to refinance is marked by most mortgage loan applicants.
Loan Servicing
In terms of a mortgage loan, it refers to the tasks a lender or other company performs after a loan has been approved and funded. Such tasks include the collection of monthly payments and handling administration of client information such as mailing address changes and changes in account numbers for automated payments.
Loan Term
See Amortization Term
Loan to Value (LTV)
Ratio of the mortgage loan amount to the accepted appraised value of the property. The loan to value ratio of a loan in the amount of $65,000 for a property valued at $100,000 would be 65%.
RELATED MORTGAGE TERMS: Appraisal|Combined Loan to Value (CLTV)
MORTGAGE LOAN EXAMPLES: Loan to Value (LTV)
Loan4Loan
Company of mortgage loan specialists that was created to take the headache out of shopping for a loan program by matching you with the right mortgage broker or mortgage lender that will help you to achieve your financial goals.
MORTGAGE LOAN EXAMPLES: LOAN4LOAN
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Lock
See Rate Lock
Lock Commitment Letter
Document from a lender stating the terms and conditions for which a specific price and interest rate for a mortgage loan has been locked.
Lock Period
Period of time that a rate lock remains in effect.
RELATED MORTGAGE TERMS: Rate Lock
London Interbank Offered Rate (LIBOR)
Rate of interest that banks base their money lending on in London wholesale markets.
Loss Mitigation
Process of a lender to aid a borrower in avoiding foreclosure.

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