source:
  type: guide
  id: fnma-svc-f-3-12
  authority: 'Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined
    Terms: L'
  description: 'Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined
    Terms: L.'
  coverage_tier: operative
obligations:
- id: fnma-svc-f-3-12-full
  canonical_id: fnma-svc-f-3-12-full
  section: 'Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined Terms:
    L'
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: 'Fannie Mae Servicing Guide F-3-12 — Acronyms and Glossary of Defined
      Terms: L'
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'F-3-12, Acronyms and Glossary of Deﬁned Terms: L (11/12/2014)
      LAR Loan Activity Record leasehold estate Published May 13, 2026 733 A way of
      holding title to a property wherein the borrower does not actually own the property,
      but rather has a recorded long-term lease on it. lender-purchased MI MI coverage
      for a conventional mortgage loan that the seller pays for by using its own funds,
      rather than requiring the borrower to include periodic accruals for such coverage
      as part of their monthly payment. limited payment amount The monthly payment
      established for an ARM loan when the mortgage limits the amount by which a payment
      can change. It will not be suﬃcient to fully amortize the mortgage loan so it
      will result in negative amortization. liquidation An event that extinguishes
      the outstanding balance of the mortgage loan without full payment. Events included
      are foreclosure sale, Mortgage Release (deed-in-lieu of foreclosure), third
      party sale, short sale and charge-oﬀ. LLC limited liability company LLPA loan-level
      price adjustment loan-level price adjustment (LLPA) LLPAs are assessed based
      on certain eligibility or other loan features, such as credit score, loan purpose,
      occupancy, number of units, product types, etc. LOS Loan Origination System
      LPI last paid installment LPOA Limited Power of Attorney LQC Loan Quality Center
      LTV loan-to-value Published May 13, 2026 734'
  judgment: false
