GLOSSARY 581

GLOSSARY 581

LOAN ADMINISTRATION — Also called loan servicing Mortgage bankers not only originate loans, but also “service” them from origination to maturity of the loan through handling of loan payments, delinquencies, impounds, payoffs and releases. LOAN APPLICATION — The loan application is a source of information on which the lender bases a employment, salary, bank accounts, and credit references, and describes the real estate that is to be LOAN CLOSING — When all conditions have been met, the loan officer authorizes the recording of the trust deed or mortgage. The disbursal procedure of funds is similar to the closing of a real estate sales escrow.