Resources

Glossary

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.

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