Lender
An institution that makes loans to borrowers on real estate.

Lien
A legal claim against a property that must be paid when the property is sold.

Life of Loan Cap
See Rate Caps.

Lifetime Cap
A provision of an ARM that limits the total increase in the interest rates over the life of the loan.

Loan Commitment
See Commitment Letter.

Loan Origination Fee
See Points.

Loan Servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

Loan-To-Value Ratio (LTV)
The loan-to-value ratio (LTV) is the original loan amount divided by the lower of the sales price or the appraised value.

LP
Loan Prospector - FHLMC.