Glossary Terms U-Z
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UMBRELLA MORTGAGEAlso referred to as a wraparound, a special arrangement whereby one document encompasses one or more already existing mortgages registered on the same property. The mortgagee is responsible for remission of payment(s), to lender(s), while the mortgagor makes one payment to the mortgagee.
UNDERWRITER (mortgage)A person employed by a mortgage lender or mortgage broker who approves or turns down loan applications based upon the quality of the real property, credit-worthiness and ability to pay of the applicant and guidelines of the lender with regard to ratio of mortgage loan to value of property.
VALIDHaving force or binding force, legally sufficient ad authorized by law.
VALUABLE CONSIDERATIONThe granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.
VARIABLE INTEREST MORTGAGEA loan where the interest rate may vary during the term of the mortgage. The variance is usually tied to some specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.
VENDORA seller of real property.
VENDOR TAKE BACK MORTGAGEA mortgage which a vendor of real property takes from the purchaser usually as part payment of the purchase price for that property.
VOIDOf no legal effect. A nullity.
VOIDABLEWhere one party to a contract is entitled rescind the contract at his/her option.
WAIVERAn international relinquishment of some right or interest, the renunciation, abandonment, or surrender of some claim.
WITNESSTo subscribe one’s name to a deed, will or other document for the purpose of attesting its authenticity and proving its execution by testifying, if required.
WITNESSTo subscribe one’s name to a deed, will or other document for the purpose of attesting its authenticity and prevent its execution by testifying, if required.
WRAP-AROUND MORTGAGE(Sometimes erroneously called a blanket mortgage)-a new mortgage, which is registered on title, which includes a prior existing mortgage ad the new mortgagee undertakes the responsibility as mortgagor under the original mortgage.
YIELDThe return on an investment expressed as a percentage per annum of the amount invested.
ZONINGThe public regulation of the character and intensity f the use of real estate through the employment of the police power. This is accomplished by the establishment of districts in each of which uniform holding restrictions related to use, height, are, bulk, and density of population are imposed upon the private property.
