Lawn Maintenance

Perform the necessary lawn maintenance to maintain a property’s appearance. Perform measures to prevent any degradation to the grounds and relieve the property of any existing or potential violations. HUD specifications are normally followed for all loans with no applicable regulatory guidelines, unless otherwise instructed.

Lead Based Paint Inspection
Samplings to determine presence and/or levels of active lead dust.

Leased Equipment Inspection
A physical, onsite inspection that is performed to insure that leased equipment is onsite, if it is in good condition, and if the serial numbers match correctly

Liability Insurance

Insurance that provides protection from claims arising from injuries or damage to other people or property.

Local

A company that needs independent contractors only in a certain area such as a state within the country.

Lock Box

The type of lock primarily used for REO or vacant properties in addition to a regular lock, where a key is installed inside of the box and the box is attached to the outside of the door. To open the lock box you must have the combination code.

Lock Change Only

Change the lock(s) at a property to the key code according to the regulatory requirements for the loan type, unless otherwise instructed. For loan types with no applicable regulatory guidelines, the  HYPERLINK “http://www.hudclips.org/cgi/index.cgi” HUD guidelines are normally followed.

Loss Control Inspection

An inspection performed to identify and describe potentially hazardous conditions at a property.

Lock Re-Keying

Changing the locking mechanism of a lock to operate with another key instead of the one that came with the lock. After re-keying  the old key will not work; only the new key will work.