University of Phoenix
There are 399 entries in this glossary.
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| Term | Definition |
|---|---|
| Waiver |
The voluntary surrender or renunciation of a claim, right or privilege.
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| Warehouse Fee |
A closing-cost fee showing the lender's cost of holding a borrower's loan before they sell it on the secondary mortgage market.
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| Warranty Deed |
A deed that has a covenant that; the grantor will protect the grantee against any and all claims. It usually contains covenants ensuring good title, freedom from liens and encumbrances, and quiet enjoyment.
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| Wholesale |
To put a property under contract with the intention of reselling it quickly for a profit.
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| Wild Deed |
A deed improperly recorded.
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| Without Recourse |
Words used in endorsing a note to waive personal liability of the debtor in repayment of the note(repossession of the asset the loan is against is the only recourse).
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| Wraparound Mortgage |
A loan arrangement where an existing loan is maintained and an additional loan is created that is equal to or greater than the existing loan.
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| Writ of Execution |
A court order that authorizes and directs an officer of the court (usually a sheriff) to carry out the judgment or decree of the court.
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