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HUD
Home Buying Glossary - W
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Wainscoting
- The treatment of the lower portion of a wall in a different
manner than the rest of the wall; half paneling.
Waive
- To knowingly abandon, relinquish or surrender a right,
benefit or claim.
Waiver
of Lien - One who supplies labor or materials, such as contractor, who
holds legal claim to the value of those materials until paid
in full. If such
person executes a waiver of lien, the claim is surrendered
against the property, and coincidentally, the right to enforce
payment through it.
Warehousing
- The borrower of funds by a mortgage banker on a short-term
basis at a commercial bank using permanent mortgage loans as
collateral. This
form of interim financing is used until the mortgages are sold
to a permanent investor.
Warranty
- A legal, binding statement in which one party gives another
party certain assurances regarding the property being sold,
usually upon which the latter party can rely upon.
Warranty
Deed - A deed used in many states to convey good fee simple title to
real property.
Waste
- Destruction or damage to a property (usually be a
tenant)
Water
Right - The right of an owner to use water adjacent to or
below the surface of his/her property.
Water
Table - The changeable level at which natural water is
present, whether above or below the ground level.
Way
- A street, alley or other thoroughfare or easement
permanently established for passage of persons or vehicles.
Weighted
Average Yield
- The average of the coupon rates of the loans in the package
in which each rate is “weighted” according to the balance
of the corresponding mortgage.
Whole
Loan - A loan in which a seller retains no interest in that loan
upon sale, but normally continues to service it for a fee.
Work
Equity - Work to be completed by a borrower on a home under
construction that may be applied as part of a down payment.
Wrap
- See Wrap-Around Mortgage
Wrap-Around
Mortgage - A loan written for the amount of both junior and senior
liens. The borrower makes the entire payment to the
lienholder, who then makes the payment on the senior
encumbrance.
Writ
- A court order.
Writ
of Execution - A court order instructing an official to
carry out a judicial decision.
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