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GLOSSARY 'U' |
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1. |
Underwriter:
An insurance company that issues insurance policies to the public or to another insurer.
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2. |
Underwriting:
The decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amount.
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Underwriting Conditions:
Also referred to as stips or stipulations. These are requests for more information to an underwriter.
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4. |
Uniform Commercial Code (UCC):
A comprehensive code of laws regulating important legal aspects of business and financial transactions.
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Uniform Settlement Statement (HUD-1):
Settlement summary form required by RESPA to be used by closing agents.
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Unimproved Land:
Raw land.
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URLA:
Uniform Residential Loan Application or 1003.
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8. |
Usury:
The act of charging borrowers a rate of interest greater than that permitted by law.
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