jagadguruvarAnisham charaNasambhR^itA bhUsurA:
	mumukshujanashekarAstviti na chitramatrAvanau ||
vivichya chidachitprabhUmstava kR^ipA~njanodhyadR^ishA
	nivR^ittipathagAminI sapadi bhAminI kAZpyabhUt ||

Meaning:

jagadguruvara 			- O! Lokacharya.
bhUsurAstu 			- (That the) Brahmins
anisham 			- who are always
tava charaNa sambhR^itA 	- taken care of by your divine feet
mumukshujana shekarA: iti 	- are respected amongst those seeking liberation
atra avanau 			- in this world,
na chitram 			- is not unusual.
kApi bhAminI 			- A woman
vivichya 			- understood
chit achit prabhUn 		- the three tattvas of achit, chit and Ishvara
tava kR^ipA a~njana
  udhyat dR^ishA 		- through the inner eye made brighter by the anoinment of your mercy 
sa padi 			- and immediately
nivR^ittipatha gAminI abhUt 	- attained the path of liberation (this is the unusual thing).

Vyakhyana Saram:
Desikan states in this shloka that it is a common thing for Vaidikas to seek the dicine feet of Pillai Lokacharyar and become mumukshus. Thorugh his granthas such as Mumukshuppadi, he makes them understand the Tattva Trayam (Achit, Chit and Ishvara) and sets them in the path of seeking moksha. There is nothing unusual about that.

However, he is pointing out an episode here, where a woman approaching Swami Lokacharyar, becoming the target of his mercy and attaining the knowledge of Tattva Trayam (a cornerstone of the sampradhayam). With that knowledge, she is immediately set in the path of liberation.

It is not clear who this lady was. From, Yatindra Pravan Prabahavam, it is known that there were several ladies such as the mother of Thirumalaiyazhvar (Thiruvaymozhi Pillai) who had surrendered at the divine feet of Lokacharyar. It could have been one of these women that is mentioned in this shloka.