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GLOSSARY 'W' |
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1. |
Waiver:
The voluntary and intentional relinquishment of a known priviledge.
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2. |
Warehouse Lender:
Provides interim financing until the mortgage is sold to a permanent investor.
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3. |
Warehousing:
Short-term borrowing of funds by mortgage bankers using permanent mortgage loans as collateral.
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4. |
Warranty:
A guarantee provided to the purchaser regarding the condition of appliances and certain fixtures.
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Warranty Deed:
A deed in which the grantor guarantees that there is good and clear title being conveyed.
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6. |
Weighted Average Coupon (WAC):
The weighted average of the gross interest rates of the mortgages in a mortgage pool, as of the issue date, with the balance of each mortgage used as a weighting factor.
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7. |
Weighted Average Maturity (WAM):
The weighted average of the remaining terms to maturity of the mortgages in a mortgage pool as the issue date.
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Wholesale Origination:
A loan origination strategy by which loans are purchased from mortgage brokers, mortgage bankers, or other loan originators.
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9. |
Without Recourse:
A mortgage in which the lender will not pursue personal liability against the borrower. The lender's security is the real estate being financed.
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10. |
W-2:
IRS form that reports income paid and taxes withheld by an employer for a particular employee during a calendar year.
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