Definition - What does Origination mean?
Origination is the process of creating a loan within the lender's office, usually a bank. There are several legal regulatory requirements that must be followed in any origination. An origination fee is payable for the administration of the loan and is usually paid out of the loan before it is issued or prior to issuance.
Justipedia explains Origination
Depending on the complexity of the loan, origination can take up to a few weeks to finish or it can be done in a few minutes. All loans have an origination. It states the lender on record and the borrower. The terms laid out within the origination will be legally binding once the loan is accepted.
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