Terms Starting with L
- Loan Origination Record (LOR) — Acronym,
- Loan Origination Software (LOS) — Acronym,
- Loan Origination System (LOS) — Acronym, Important,
- An Internet portal, software program or mobile application that incorporates a secure online mortgage application (form) used to capture information needed in order for a mortgage brokerage or lender to be able to track, pre-approve and eventually fund a loan request.
- Loan Payment (LN) — Acronym, ➥ Bank account transaction code.
- Loan Processing — Definition,
- The steps taken by a lender to convert a loan application into an approved loan for the potential borrower. These steps include processing the application, conducting a credit investigation, evaluating the loan, etc.
- Loan Servicing — Definition,
- Supervising a loan after it has been made. This could involve collecting payments, keeping accounting records, computing interest and principal, etc.
- Loan Shark — Definition,
- A lender that provides loans at usuriously high interest rates, often ensuring repayment with the threat of force.
- Loan Term — Definition,
- The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
- Loan to Value Ratio (LVR) — Acronym, Important,
- Loan-in-Process (LIP) — Acronym,
- Loan-to-Value (LTV) — Acronym, Very Important,
- The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
➥ A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters. - Local Area Coverage (LAC) — Acronym,
- Local Area Network (LAN) — Acronym,
- Local Employment Initiatives (LEI) — Acronym,
- Local Improvement Charge — Definition,
- A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
- Local Improvement Districts (LID) — Acronym,
- Local Taxes — Definition,
- Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
- Locally Undesirable Land Use (LULU) — Acronym,
- Location (loc) — Abbreviation,
- Lock Up Garage (LUG) — Acronym,
- Lock-in — Definition,
- A lender's guarantee that the mortgage rate quoted will not change for a specific period. The borrower wants the lock to stay in effect until closing.
- Locked-In Retirement Account (LIRA) — Acronym, Canada, Very Important,
- Locked-In Retirement Income Fund (LRIF) — Acronym, Canada, Very Important,
- Loft (lft) — Abbreviation,
- An industrial space converted to a living space.
- London Fire Fighters' Credit Union (LFFCU) — Company Est. 1947, London, Ontario, Canada,
- London Home Builders' Association (LHBA) — Company Est. 1952, London, Ontario, Canada,
- London Interbank Bid Rate (LIBID) — Acronym,
- London Interbank Offered Rate (LIBOR) — Acronym,
- London International Airport (YXU) — Acronym, London, Ontario, Canada,
- London Life Insurance Company (LLIC) — Company, Canada-wide, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
8.
Loan Origination Record -
Loan-to-Value
Loan-to-Value
