Underwriting: The process of verifying data and evaluating a loan for approval.

Unsecured Loan: A loan that is not backed by collateral.

Usury: charged in excess of the legal rate established by law.

Variable Rate Mortgage: See Adjustable Rate Mortgage.

Variable Rate: Interest rate that changes periodically in relation to an index.

Verification of Deposit (VOD): Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

Verification of Employment (VOE): Document signed by the borrower's employer verifying the borrower's position and salary.

Vesting: The names, status and manner in which title of ownership is held with a fixed or determinable interest in a particular parcel of real property; also that portion of a title report or policy setting forth the above.

Waiver: Voluntary relinquishment or surrender of some right or privilege.

Walk-Through: A final inspection of a home to check for problems that may need to be corrected before closing.

Wire Transfer Fee: Loan proceeds are typically transferred via electronic wire. This is the transaction fee that is charged by the bank to execute the wire.

Wraparound Mortgage: Loan arrangement in which an existing loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate.

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Year-End Statement: A report sent to the borrower each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.

Zoning Ordinances (or Zoning Regulations): Local law establishing building codes and usage regulations for properties in a specified area.