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  1. Underwriter:
    An insurance company that issues insurance policies to the public or to another insurer.


  2. Underwriting:
    The decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amount.


  3. Underwriting Conditions:
    Also referred to as stips or stipulations. These are requests for more information to an underwriter.


  4. Uniform Commercial Code (UCC):
    A comprehensive code of laws regulating important legal aspects of business and financial transactions.


  5. Uniform Settlement Statement (HUD-1):
    Settlement summary form required by RESPA to be used by closing agents.


  6. Unimproved Land:
    Raw land.


  7. URLA:
    Uniform Residential Loan Application or 1003.


  8. Usury:
    The act of charging borrowers a rate of interest greater than that permitted by law.
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