Lien - A claim against the property for the payment of a debt, judgment, mortgage or taxes.
Example : Unpaid contractors may file a mechanic's lien.
Loan Application - A document required by a lender prior to loan approval. The application includes detailed information about the borrower and the property.
Loan Origination - Fee or Points charged by a lender or broker connected with originating a loan. This is different from discount points, which are used to buy down the rate of interest.
Loan Servicing - The act of collecting loan payments, handling property tax and insurance escrows, foreclosing on defaulted loans and remitting payments to the investors.
Loan to Value Ratio (LTV) - The loan amount divided by the value of the property.
