Quickloans Glossary
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U
UNDERWRITING
The decision whether to make a loan based on credit, employment, assets, and other factors and matching this risk to an appropriate rate, term and loan amount.
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V
VA LOAN
Long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. Borrowers qualified by military service or other entitlements.
VA MORTGAGE FUNDING FEE
Premium of up to 17/9 percent (depending on the size of the down payment) paid on a VA loan.
VARIABLE RATE MORTGAGE (VRM)
See adjustable rate mortgage.
VERIFICATION OF DEPOSIT (VOD)
Form signed by the borrower's bank or lender verifying the status and balance of financial accounts.
VERIFICATION OF EMPLOYMENT
Form signed by the borrower's employer(s) verifying his/her position and salary.
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W
WRAPAROUND
When an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.
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