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Mortgage Dictionary


Terminology, definitions, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries, as they are used on LendingRisk.com.

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U

Underwriting
In the mortgage industry an underwriter reviews a borrower's credit, income, employment history and assets as disclosed on the loan application and make a determination of rather the borrower qualifies for the mortgage. Underwriting is intended to guarantee the mortgage loan against default.

See Uniform Residential Loan Application - URLA (1003)
Uniform Residential Loan Application - URLA (1003)
The Uniform Residential Loan Application - URLA (1003) is a form that lenders use to record information about a borrower for the purpose of granting a mortgage loan. Most mortgage technology projects center around or are in some way connected to information collected on the URLA. The Mortgage Industry Standards Maintenance Organization (MISMO) publishes widely accepted specifications for mortgage e-commerce transactions to include the mortgage loan application.

See Mortgage Loan Outstanding Document Overview
Unit
In the mortgage industry a unit is a self-contained dwelling structure, (minimally defined as providing an entrance, sleeping, kitchen and bathroom facilities), that can be occupied by a family or rented to individuals. An individual may buy a single property that contains a dwelling structure with more than one unit.

See Mortgage Loan Property Type Overview

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.