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F-3-12, Acronyms and Glossary of Defined Terms: L (11/12/2014)


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.


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.


limited liability company


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.


Loan Origination System


last paid installment


Limited Power of Attorney


Loan Quality Center