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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms. 0-9 A B C D E F G H I J K [L] M N O P Q R S T U V W X Y Z L.S. ( Locus Sigilli ) Latin, "The location where the seal is placed." Used generally to indicate the place for the notary's seal. Every notary certificate has an L.S. area for the notary seal. LenderThe bank, credit card company, mortgage company, or mortgage broker offering a loan. Any person or entity that loans money to another individual or entity. LienAn encumbrance against property for money due which could be either voluntary or involuntary. The order of liens against a property are documented in the subordination agreement if there are multiple liens. Limited Power of AttorneyIf you are looking for the commonly notarized document in many loan packages, please refer to the correction agreement limited power of attorney. A limited power of attorney is a power of attorney that specalizes in one type... LoanA loan is a contract where a borrower agrees to borrower a certain amount of money from a lender at a specified interest rate, or... Loan ApplicationPlease see, "Universal Residential Loan Application." A loan application is a document where a prospective borrower applies for a loan. The application asks for a lot of information about the borrower's... Loan Document SignerSee, "Signing Agent" A loan document signer is another name for a signing agent. Loan document signers typically go from home to home to assist borrowers in signing their loans. The loan document signer is responsible... Loan ModificationA type of loan program set up to lower a borrower's monthly payments when the borrower is under financial hardship and/or is delinquent or soon to be delinquent on their payments. Loan Origination FeeA fee charged by a loan broker or Title company to originate a loan. This fee is documented on the Settlement Statement and other documents that list all fees applicable for the loan. Loan To Value RatioThe relationship between the amount of a loan and the appraised value of the property expressed as a percentage. Another definition of a loan to value ratio is the ratio of the first... Lock PeriodAn amount of time that a lender will guarantee a loan's interest rate. Once you've locked in the interest rate on a loan, the lender will guarantee that rate for a certain period of time which typically is for 30, 45 or 60... Lock-inA written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in usually specifies the number of points to be paid at closing as well.
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