The mortgage industry has many unique and confusing terms and acronyms. We hope these descriptions help you to better understand the lending process.
Team Souther Glossary
There are 6 names in this directory beginning with the letter L.
Lender Appraisal Processing Program (LAPP)
This computer system allows authorized lenders to directly order and process VA appraisals, which are conducted by independent VA-approved appraisers.
On a lender's front lines, loan officers help veterans get qualified for a loan and navigate the entire process.
This person pulls together outstanding documents and information once a borrower has signed a purchase contact. Their job is to piece together loan applications for an underwriter.
A mark-up on conventional loan rates based on a borrower's credit score and down payment.