Glossary
Loan Processor Terms & Vocabulary
15 essential loan processor terms with plain-English definitions: the vocabulary you’ll hear in training and on day one.
Key loan processor vocabulary
These 15 terms come up constantly in loan processor training, on the job and in interviews. Knowing them helps you follow instructions, document accurately and sound prepared.
- Appraisal
- Property value estimate.
- Clear to close
- Ready for closing.
- Closing disclosure
- Final loan terms.
- Conditions
- Items underwriting needs.
- DTI
- Debt-to-income ratio.
- Escrow
- Account for taxes and insurance.
- Loan estimate
- Disclosure of loan terms.
- Loan officer
- Originates the loan.
- LTV
- Loan-to-value ratio.
- Pipeline
- Loans in progress.
- Rate lock
- Guaranteed interest rate.
- Title commitment
- Title insurance promise.
- TRID
- Disclosure rules.
- Underwriter
- Approves the loan.
- VOE
- Verification of employment.
Practice these terms
Test yourself with the free Loan Processor practice test: it includes vocabulary questions built from this list. For a complete course, see Loan Processor training.
Browse terms from every career in our career glossary.