Glossary |
Terms that are on use on this site.
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| There are 13 entries in the glossary. |
| Pages: 1 |
| Lawn Maintenance | Perform the necessary lawn maintenance to maintain a property\'s appearance. Perform measures to prevent any degradation to the grounds and relieve the property of any existing or potential violations. HUD specifications are normally followed for all loans with no applicable regulatory guidelines, unless otherwise instructed. |
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| Lead Based Paint Inspection | Samplings to determine presence and/or levels of active lead dust. Comparison to EPA acceptable levels satisfying the requirements of real estate transfers |
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| Leased Equipment Inspections | An on-site inspection service to banks, leasing companies and other financial institutions to assure them that their equipment is on-site at the lessee location prior to funding a lease. |
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| Legal Investigation Inspection | This inspection is performed to provide the names of all occupants of a property and determine the location of the owner, if not residing at the property. Each attempt to obtain information is clearly documented for legal reference. |
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| Liability Insurance | Insurance that provides protection from claims arrising from injuries or damage to other people or property. |
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| Local | A company that needs independent contractors only in a certain area such as a state within the country. |
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| Lock Box | The type of lock primarily used for REO properties in addition to a regular lock, where a key is installed inside of the box and the box is attached to the outside of the door. To open the lock box you must first have the combination code. |
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| Lock Change Only | Change the lock(s) at a property to the key code according to the regulatory requirements for the loan type, unless otherwise instructed. For loan types with no applicable regulatory guidelines, the HUD guidelines are normally followed. |
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| Lock Out | The process of securing a property to prevent re-entry by the former occupant. In most states the owner of the property can evict the occupant for various reasons such as non-payment, but owner must first file a lawsuit, win this lawsuit, and then pay the Sheriff for eviction. It is illegal in most states to lock out the occupant without following these procedures. |
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| Lock Re-Keying | See also: Re-Keying |
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| Loss Control Certification | A training and testing program designed to provide essential information necessary to perform various types of loss control inspections. Training includes inspection guidelines in detail and provides reasons why the inspection points are important. Certification by testing qualifies those who are performing or wish to perform commercial type insurance inspections such as high-end loss control inspections. |
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| Loss Draft | Payment of insurance proceeds for a claim resulting from a loss to insured mortgaged property. |
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| Loss Mitigation | A process to avoid foreclosure whereby the lender tries to help a borrower who has been unable to make loan payments and s in danger of defaulting on the loan. |
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