Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined Terms: L

fnma-svc-f-3-12

Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined Terms: L.

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Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined Terms: L

Effective 2014-11-12 · publisher's stamp for this provision

F-3-12, Acronyms and Glossary of Defined Terms: L (11/12/2014) LAR Loan Activity Record leasehold estate A way of holding title to a property wherein the borrower does not actually own the property, but rather has a recorded long-term lease on it. lender-purchased MI MI coverage for a conventional mortgage loan that the seller pays for by using its own funds, rather than requiring the borrower to include periodic accruals for such coverage as part of their monthly payment. limited payment amount The monthly payment established for an ARM loan when the mortgage limits the amount by which a payment can change. It will not be sufficient to fully amortize the mortgage loan so it will result in negative amortization. liquidation An event that extinguishes the outstanding balance of the mortgage loan without full payment. Events included are foreclosure sale, Mortgage Release (deed-in-lieu of foreclosure), third party sale, short sale and charge-off. LLC limited liability company LLPA loan-level price adjustment loan-level price adjustment (LLPA) LLPAs are assessed based on certain eligibility or other loan features, such as credit score, loan purpose, occupancy, number of units, product types, etc. LOS Loan Origination System LPI last paid installment LPOA Limited Power of Attorney LQC Loan Quality Center LTV loan-to-value

Source: Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined Terms: L · source URL · snapshot cf63a82bbb4adfba

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