UCC - top
Uniform Commercial Code.
Underlying Mortgage - top
Generally refers to the first mortgage when there is a wraparound mortgage.
Underwriting - top
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 - top
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 - top
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) - top
Group of laws that are applicable to commercial transactions. Only a few of the laws have relevance to real estate transactions.
Unsecured Loan - top
A loan that is not backed by collateral.
Upfront Mortgage Insurance Premium - top
FHA charges the borrower an Upfront Mortgage Insurance Premium (Upfront MIP) for most transactions to financially support the FHA program. This fee is a percentage of the principal loan amount and is due at closing. The full amount can be financed as part of the loan amount or paid in cash.