How a lender refers to the process of obtaining new loans.
Also referred to by a variety of other terms, such as lender, loan representative, loan “rep,” account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.
A sum of borrowed money (principal) that is generally repaid with interest.
A cash asset or an asset that is easily converted into cash.
An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.
For an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage.
A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
Insurance coverage that offers protection against claims alleging that a property owner’s negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner’s insurance policy.
A person’s financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.
A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as “lenders.”
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