Terms starting with the letter U
UCC - See Uniform Commercial Code
Underwriter
The mortgage lender is often referred to as the loan underwriter
who is the final authority in disposition of the loan.
Underwriting
Underwriting involves an analysis of the borrower's creditworthiness
(debts and assets, employment history, property evaluation, and other
factors to determine an appropriate rate, term & loan amount.
Unencumbered
Property
A property that is free and clear of debts or liens.
Uniform
Commercial Code (UCC)
A comprehensive code of laws regulating important legal aspects
of business and financial transactions. The Code has been accepted
by every state except Louisiana.
Uniform
Residential Appraisal Report (URAR) (FNMA Form 1004/FHLMC
65)
Standard form used by appraisers to detail facts supporting the
value of single-family properties.
Unimproved
Land
Raw land.
URAR
- See Uniform Residential Appraisal Report
Urban
Renewal
The redevelopment or rehabilitation of property in an urban area.
Usury
The act of charging borrowers a rate of interest greater than that
permitted by law.
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