States whose laws give a lien on property to secure debt. This is contrasted with title-theory states where the lender holds the title. In lien-theory states, borrowers have the right to use and enjoy the property unless they default, at which point lenders may foreclose.
The smallest cash contribution required to obtain a loan, usually expressed as a percentage of the loan amount.
Special Servicing refers to a specialized department within a lender’s organization tasked with managing loans that are in default or are at risk of default. The primary objective is to resolve the issues, either through collection strategies or by reworking the loans to bring them back into good standing.
