Montrose, CO Office

Moab, UT Office

Lien - A claim by one person on the property of another for payment of a debt.

Loan Administration (or Loan Servicing) - The collection of mortgage payments from borrowers and related responsibilities (such as handling escrows for property tax and insurance, foreclosing on defaulted loans and remitting payments to investors).

Loan Application - Document required by lenders prior to loan approval containing detailed information about the borrower and property.

Loan Application Fee - Fee paid by prospective buyer to lender when applying for a mortgage.

Loan Origination Fee - Fee charged by a lender that compensates for the work in evaluating and processing the loan.

Loan Servicing (or Loan Administration) - The collection of mortgage payments from borrowers and related responsibilities (such as handling escrows for property tax and insurance, foreclosing on defaulted loans and remitting payments to investors).

Loan to Value Ratio (LTV) - The percentage of the property value borrowed. (Loan amount/property value = LTV)

Lock or Lock In - A lender's guarantee of an interest rate and related points for a set period of time, usually between loan application and loan closing. Protects borrower against rate increases during that time.