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- Underwriter:
An insurance company that issues insurance policies to the public or to another
insurer.
- 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.
- Underwriting Conditions:
Also referred to as stips or stipulations. These are requests for more information
to an underwriter.
- Uniform Commercial Code (UCC):
A comprehensive code of laws regulating important legal aspects of business and
financial transactions.
- Uniform Settlement Statement (HUD-1):
Settlement summary form required by RESPA to be used by closing agents.
- Unimproved Land:
Raw land.
- URLA:
Uniform Residential Loan Application or 1003.
- Usury:
The act of charging borrowers a rate of interest greater than that permitted by
law.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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