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Underwriting
The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.
Unencumbered Property
Property that is fee and clear of debts or liens.
Unimproved Land
Land in its natural state with no man-made changes in its appearance.
Usury
Interest charges that are higher than allowed by law.
VA (Department of Veterans Affairs)
A U.S. federal agency that guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
VA Loan (VA Mortgage)
Residential mortgage loans made to Veteran borrowers under the VA's loan guaranty programs.
VA Mortgage (VA Loan)
Residential mortgage loans made to Veteran borrowers under the VA's loan guaranty programs.
VA Mortgage Funding Fee
A premium of up to 1-7/8 percent paid on a VA loan.
Variable Rate Mortgage (VRM)
A mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the change in monthly payment amount, however, is usually subject to a cap. Also called Adjustable Rate Mortgage.
Verification of Deposit (VOD)
An official document from the borrower’s financial institution that verifies that status and balance of the borrower’s accounts.
Verification of Employment (VOE)
A document indicating a borrower’s position and salary, signed by the employer.
Vested
The right to use part of a fund, such an individual retirement fund.
VOD (Verification of Deposit)
An official document from the borrower’s financial institution that verifies that status and balance of the borrower’s accounts.
VOE (Verification of Employment)
A document indicating a borrower’s position and salary, signed by the employer.
VRM (Variable Rate Mortgage)
A mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the change in monthly payment amount, however, is usually subject to a cap. Also called Adjustable Rate Mortgage.
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