GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Loan Processing


Synonyms:processing a loan
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of loan processing

loan processing
1. 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.

Related Terms and Acronyms:

  • lead lender   A financial institution which heads up a financial consortium or syndicate to provide funds for a mortgage.
  • loan   Letting another party use something of value temporarily.
  • loan application   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • loan origination   The process of applying for a loan and the handling of that application by a lender.
  • loan servicing   Supervising a loan after it has been made. This could involve collecting payments, keeping accounting records, computing interest and principal, etc.
  • lpq amount   A term used by CanEquity which is short for Loan, Purchase or Qualification amount.
  • mortgage (mtg)   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   An employee of a large bank who finds financing for the general public.
  • Mortgage Broker (MB)   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   One who takes all or part of the mortgage application and transfers or sells it to a lender.

Search the Glossary

Best Mortgage Rates
With a lower mortgage rate, it's easier to afford a better home and what you save on interest can go directly toward paying off the principal value of your property faster. Make sure you get the best rates in Canada on your mortgage, apply today.
Mortgage Rates
 
Starts with a Pre-approval
Unsure how to begin the home buying process? Get started with a mortgage pre-approval. There is no obligation to buy, it's free, and it will help you find out exactly how much you can afford. With a pre-approval, you are guaranteed the best rate available from within a 120 day span, so when you find your home, you will have the most options available.
Home Mortgage Pre-approval
 
Credit Card Points Calculator
Cash back or rewards points, which one gives you the best value for your credit card purchases? It all depends. How much cash back are they offering? What exactly IS a point? What is it worth, and what can you get with your points? Our credit card points calculator will help you decide which is best for you.
Credit Card Points Calculator