Lender
The bank, credit union or mortgage company that provides the loan money. The lender sets the rate and terms, underwrites the loan and holds or sells it after closing.
Also called: mortgage lender, bank, creditor
Related terms
The person who helps you choose a loan, takes your application and guides it to closing. Loan officers must be licensed or registered through the NMLS.
A licensed go-between who shops your loan to several wholesale lenders instead of lending its own money. The broker is paid by the borrower or the lender, and that pay shows on the Loan Estimate.
The lender's review of your income, assets, credit and the property to decide whether to approve the loan. The underwriter often asks for more documents before issuing final approval.
A loan used to buy real estate, with the property pledged as security. If the borrower stops paying, the lender can foreclose. Some states use a deed of trust instead of a mortgage document, but people call both a mortgage.
A standard three-page form a lender must give within three business days of a loan application, showing the estimated rate, payment and closing costs. It makes offers from different lenders easy to compare.