- The steps taken by an institution lender from the time a request for a loan application is received to the time the loan is approved or denied, including taking the application, credit investigation, evaluation of the loan and other steps.
processing a loan
Related Terms and Acronyms
- Lead Lender — Definition,
- A financial institution which heads up a financial consortium or syndicate to provide funds for a mortgage.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Loan Application — Definition,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Loan Origination — Definition,
- The process of applying for a loan and the handling of that application by a lender.
- Loan Servicing — Definition,
- Supervising a loan after it has been made. This could involve collecting payments, keeping accounting records, computing interest and principal, etc.
- LPQ Amount — Definition,
- A term used by CanEquity which is short for Loan, Purchase or Qualification amount.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Banker — Definition, Important,
- An employee of a large bank who finds financing for the general public.
- Mortgage Broker (MB) — Acronym, Important,
- One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
- Third-party Originator — Definition,
- One who takes all or part of the mortgage application and transfers or sells it to a lender.