Mortgage terms starting with L

15 terms

  1. Lender-Placed Insurance insurance placed on a home or property by a lender to protect their interest in the collateral which secures the loan.
  2. Lien Legal claim against a property. Once the property is sold, the lien holder is then paid the amount that is owed.
  3. Lien Status For HMDA reporting purposes, lenders are required to report lien status for loans they originate and applications that do not result in originations…
  4. Loan Application Number A unique identifier (up to 25 characters long) that can be used to retrieve the particular loan application to which the entry relates.
  5. Loan Application Register (LAR) also known as the HMDA-LAR, the LAR, or the Register. The term LAR refers to the loan application register format that has been prescribed for reporting…
  6. Loan flip The lender encourages you to get additional cash by refinancing your mortgage again and again.
  7. Loan modification An adjustment or compromise of an existing residential mortgage loan. (Excludes a refinancing transaction.)
  8. Loan modification activities For compensation or gain, or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in Idaho.
  9. Loan Origination Fees Fees charged by the lender for processing the loan and which are often expressed as a percentage of the loan amount.
  10. Loan Purpose Indicates whether the purpose of the loan or application was for home purchase, home improvement, or refinancing.
  11. Loan to Value (LTV) Ratio in real estate lending, the outstanding principal amount of the loan divided by the appraised value of the property underlying the loan.
  12. Loan Type Indicates whether the loan granted, applied for, or purchased was conventional, government-guaranteed, or government-insured.
  13. Lock-In The process by which a lender commits to lend at a particular rate as long as the mortgage transaction closes within a specified time period.
  14. Lock-in agreement A 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…
  15. Loss Mitigation The full range of solutions that may avert either the loss of a debtor’s property to foreclosure, increased costs to the lender or both.