"OG" in the banking context typically stands for "Original Grantor." This term is often used in legal documents related to loans or mortgages.
Here's a breakdown of what "OG" means in this context:
- The Original Grantor is the individual or entity who initially granted the loan or mortgage.
- This could be a person, a business, or another financial institution.
- The OG is typically the one who signs the original loan agreement and is responsible for repaying the debt.
Example:
Let's say you take out a mortgage from Bank A. You are the Original Grantor (OG) because you are the one who initially borrowed the money and signed the mortgage agreement.
Practical Insights:
- The term "OG" is often used in legal documents related to loan modifications, assignments, or foreclosures.
- Understanding who the Original Grantor is crucial for determining loan ownership and responsibilities.
