Arizona Mortgage Term W

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ARIZONA MORTGAGE LOAN DICTIONARY W

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.