Loan Terminology

3. an offer to approve a loan based on different terms than those originally requested by the applicant
4. applications submitted directly to a loan officer or lending center
5. the system used by AK USA to submit loan applications
8. an asset used to secure a loan. If the applicant defaults on the loan, AK USA may repossess this asset to collect on the debt
9. written permission to obtain a loan payoff
10. the process of obtaining the applicant's signatures on loan closing documents and funding the loan in APPRO
14. the underwriters of loan requests. They will assess loan applications using approved guidelines
18. a person applying for a loan
19. a team who assists branch staff in satisfying the stipulations and validation steps necessary to close the loan
20. a program that allows AK USA's members to electronically sign loan documents

1. a financial institution that holds a security interest for the collateral use to secure a loan
2. a formal bill of sale between buyer and dealer that discloses information about the purchase
5. a written estimate of a collateral's market value by a qualified appraiser
6. a document issued by a state to identify the owner of a motor vehicle
7. document certifying the country of origin and collateral description including year / make / model / and serial number
8. an approved decision that does not reflect the amount / term / or specific financing the applicant originally requested. This decision often comes with stipulations that must be met before being further reviewed
11. applications submitted on behalf of an applicant from a merchant or dealer
12. Serial number for a motor vehicle o other type of collateral that has a title or MSO
13. using the proceeds of a loan to payoff an existing loan
14. the amount requested or already financed compared to the value of the collateral
15. condition(s) that must be met in order for the loan to be approved
16. a person who accepts responsibility for repaying a debt
17. percentage rate that shows the cost of credit the borrower actually pays including loan interest points an origination fees