doShA yena kR^itA murArikaruNAsArApagArodhakA:
	shailendrA: shatasho vasanti na guNasyANoraNurdR^ishyate |
lokAchArya janam tamenamalasam rakshedbhavAmshchet tata:
	padmAkAntadayAdayo varaguNAstasmimstu tebhyo nama: ||

Meaning:

lokAchArya 			- O! Lokacharya.
yena 				- By who
shatasha: kR^itA: doShA: 	- the hundreds of sins that were committed,
shailendrA: 			- that are like mountains
vasanti 			- that steadily
murAri karuNA sArApagA rodhakA:	- block the river of grace from the Lord;
				  (in who)
guNasya aNo: aNurapi 		- even the smallest of good deeds
na dR^ishyate 			- cannot be seen;
bhavAn rakshet chet		- if you save
alasam enam janam 		- such a lazy person,
tata: 				- after that
tasmimstu 			- in him
vara guNA: 			- (whatever) lofty qualities
padmAkAnta dayAdaya: 		- of Sriman Narayana such as grace
yesanti 			- are present,
tebhyo nama: 			- a salute to them (that is, there is no need for them).

Vyakhyana Saram:
Sriman Narayana is known as the ocean of mercy. However, it is difficult for even His mercy to flow toward the chetana who has performed countless sins and no good deeds. Like a great mountain, they try to block even His grace. But, Pillai Lokacharyar's mercy flows even toward these souls and he lets them attain salvation. In this manner, he is even greater than Him. Hence Swami Desikan says that we can give a salute to His great qualities such as mercy as we now have Pillai Lokacharyar's grace.

Here it is appropriate to think of Lokacharyar's thaniyan that says he is the medicine that saves the soul that has been bit by the Samsara snake ("samsAra bhogi sandaShTa jIva jIvAtave nama:").