Loan Modification ProvisionA contractual agreement in a loan that allows the borrower or lender to permanently change one or more of the terms of the original contract.
Loan noteA loan note is a promissory agreement describing the terms of a loan and committing the person or institution borrowing the money to live up to those…
Loan OfficerA representative of a lending or mortgage company who is responsible for soliciting homebuyers, qualifying and processing of loans.
Loan OriginationThe process by which a lender makes a loan which may include taking a loan application, processing and underwriting the application, and closing the loan.
Loan Origination FeesFees charged by the lender for processing the loan and which are often expressed as a percentage of the loan amount.
Loan ProceedsThe net amount of funds that a lending institution disburses under the terms of a loan, and which the borrower then owes.
Loan PurposeIndicates whether the purpose of the loan or application was for home purchase, home improvement, or refinancing.
Loan ServicerThe company that collects monthly mortgage payments and disperses property taxes and insurance payments.
Loan TermThe period of time between the start date and the termination date of a note or mortgage.
Loan to Value (LTV) Ratioin real estate lending, the outstanding principal amount of the loan divided by the appraised value of the property underlying the loan.
Loan TypeIndicates whether the loan granted, applied for, or purchased was conventional, government-guaranteed, or government-insured.
Loan-to-Value (LTV)The ratio of the outstanding principal amount of a mortgage loan to the appraised value of the mortgaged property.
Loan-to-Value Ratio (LTV)The ratio of the loan principal (amount borrowed) to the appraised value (selling price).
Loan-to-Value Ratios (LTV)The ratio of mortgage amount to value or sales price of a home. (Mortgage amount divided by value or sales price.).
Loan/Mortgage BrokerAn organization that provides (or offers to provide) the service of improving your credit record, obtaining a loan for you, or providing advice or…
lobbyistA person who represents the concerns or special interests of a particular group or organization in meetings with lawmakers.
Local area personal incomeIncome that is received by, or on behalf of, all persons who live in the local area.
Local CheckA check payable by, at, or through a bank in the same check processing region as the location of the branch of the depository bank.
Lock-InThe process by which a lender commits to lend at a particular rate as long as the mortgage transaction closes within a specified time period.
Lock-in agreementA written agreement guaranteeing a homebuyer a specific interest rate on a home loan provided that the loan is closed within a certain period, such as 60…
Lock-in PeriodThe length of time that the lender has guaranteed a specific interest rate to a borrower.
Lock-In RateA written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.
Lock-up periodA lock-up period is the time during which you cannot sell an investment that you own.
LockingYour Interest rate on a mortgage loan request for a specified period of time.
LockoutLockout means a labor dispute involving a work stoppage, wherein an employer withholds work from its employees in order to gain a concession from them.
Logarithmic scaleOn a logarithmic scale or graph, comparable percentage changes in the value of an investment, index, or average appear to be similar.
Loggia1. An arcaded or colonnaded structure, open on one or more sides, sometimes with an upper story. 2.
longA term signifying ownership of securities. "I am long 100 XYZ," means that the speaker owns 100 shares of XYZ.
Long bondThirty-year bonds issued by the US Treasury are referred to as long bonds. The interest rate on the long bond is typically but not always higher than the…
Long positionHaving a long position in a stock means you own the security. You have the right to collect the dividends or interest the security pays, the right to sell…
long-distance telephone tax refundTaxpayers are eligible to file for refunds of all excise tax they have paid on long-distance service billed to them after Feb. 28, 2003.
Long-term capital gain (or loss)When you sell a capital asset that you have owned for more than a year at a higher price than you paid to buy it, any profit on the sale is considered a…
Long-term care insuranceLong-term care insurance is a policy designed to cover at least some of your expenses if you have a chronic but not life-threatening illness, long-term…
Long-term equity anticipation securities (LEAPS)These long-term options on stocks have expiration dates of up to three years rather than the shorter terms of most stock options, which are never longer…
Loose creditIn order to combat a sluggish economy, the Open Market Committee of the Federal Reserve (the Fed) may institute a loose credit policy.
LoserStocks whose market prices drop the most during the trading day are described, rather bluntly, as losers.
LossThe amount an insurance company pays on a claim.
Loss (Realized Gain)A gain (loss) that has occurred financially. The difference between the principal amount received and the cost basis after the sale of an asset.
Loss (Unrealized Gain)A profit (loss) that has not been realized through the sale of a security. The gain (loss) is realized when a security or futures contract is actually…
Loss historyRefers to the number of insurance claims previously filed by a policyholder. A company will consider loss history when underwriting a new policy or…
Loss MitigationThe full range of solutions that may avert either the loss of a debtor’s property to foreclosure, increased costs to the lender or both.
Loss of useA provision in homeowners and renters insurance policies that reimburses policyholders for the additional costs (housing, food, and other essentials) of…
Loss SeverityThe percentage of realized losses incurred on a loan balance subsequent to liquidation.
Low-Down-Payment FeatureA feature of some mortgages, usually fixed-rate mortgages, that helps you buy a home with as little as a 3% down payment.
Low-income housingHousing intended to be occupied by low- or moderate-income persons that is eligible for special tax credits under the 1986 tax act.
Lowest FloorThe lowest floor of the lowest enclosed area (including a basement). An unfinished or flood-resistant enclosure, usable solely for parking of vehicles…
LPC StaffThe staff of the Landmarks Preservation Commission acting in the Commission's agency capacity.
LTV (loan-to-value)The relationship between the amount of money borrowed and the apparised value of the property.
Lump sumA lump sum is an amount of money you pay or receive all at once rather than in increments over a period of time.
Lump-Sum DistributionWhen you retire, you may have the option of taking the value of your pension, salary reduction, or profit-sharing plan in different ways.
LunetteA crescent-shaped or semicircular area or opening on a wall surface.
luxury taxA tax paid on expensive goods and services considered by the government to be nonessential.