LOAN OFFICER

Person authorized to act on behalf of the lender within specified limits as an official representative of a lending institution.

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LOAN CERTIFICATE

the name given to a certificate that is issued by a clearing house to one of its banks.

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LOAN ON LIFE INSURANCE POLICY

the term applied to money taken from a policy that will be deducted from the total amount unless it is paid back.

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LOAN COMMITMENT

Lender’s binding promise that the loan amount or line-of-credit is available to the named borrower at a certain interest rate, time-bound, with a stated purpose. The commitment letter states all of the justification needed to advance the loan. Lenders charge a written commitment fee ranging generally from 0.5 percent to 2.5 percent of the loan amount.

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LOAN ORIGINATION FEE

For making a mortgage loan, the lender charges a fee to the borrower. Typically a percentage of the loan principal.

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LOADING BAY

The point where warehouse meets the outside world; where goods are loaded on/off a vehicle. A warehouse area.

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LLOYD

A broker who works specifically for LLoyds house of london.

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LOADMANAGE

The pay to loadsmen; that is, persons who sail or row before ships, In barks or small vessels, with instruments for towing the ship and directing her course, In order that she may escape the dangers in her way. Poth. Des Avaries, no. 137.

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LLOYD’S

An association in the city of London, for the transaction of marine insur- ance, the members of which underwrite each other’s policies. See Durbrow v. Eppens, 05 N. J. Law, 10, 40 Atl. 5S5.

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LOAN

A bailment without reward ; consisting of the delivery of an article by the owner to another person, to be used by the latter gratuitously, and returned either in specie or in kind. A sum of money confided to another. Ramsey v. Whitbeck. 81 III. App. 210; Xylitols v. Pearson, 7 Pet. 109, S L. Ed. 023; Rodman v. Munson, 13 IÕ ah. (X. Y.) 75; Booth v. Terrell. 10 Ga. 25; Payne v. Gardiner, 29 N. Y. 107. A loan of money is a contract by which one delivers a sum of money to another, and the latter agrees to return at a future time a sum equivalent to that which he borrowed. Civ. Code Cal.

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