Loan

Entire sequence of steps, from the time a loan application is received (or a loan offer is accepted) to the time loan is closed, the loan proceeds are disbursed, and the aggregate amount (principal plus interest) is placed on the lender's books as an asset.

Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. OMSOLUTIONSCENTER generally includes all the steps from taking a loan application up to disbursal of funds. Loan servicing covers everything after disbursing the funds until the loan is fully paid off. Loan origination is a specialized version of new account opening for financial services organizations. Certain people and organizations specialize in loan origination.

 
 
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