Realty and Mortgage Terms and Definitions
 
 
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Realty and Mortgage Terms and Definitions

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

U

UCC - Uniform Commercial Code.

Underlying Mortgage - Generally refers to the first mortgage when there is a wraparound mortgage.

Underwriting - Detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. Underwriting usually involves an in-depth analysis of the borrower's credit history, as well as an examination of the value and quality of the subject property.

Underwriting Fee - A fee charged by some lenders to cover the cost of the lender's analysis of the risk associated with a loan. For our comparison purposes, an underwriting fee is considered to be a lender fee.

Undivided Interest - An ownership right to use and occupy property that is shared among more than one owner. No single co-owner may have exclusive rights or possession to any part of the property.

Uniform Commercial Code (UCC) - Group of laws that are applicable to commercial transactions. Only a few of the laws have relevance to real estate transactions.

Unsecured Loan - A loan that is not backed by collateral.