Glossary of commonly used terms and phrases

W

Waive - To abandon or surrender a right, benefit, or claim.
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Walk-through - The final tour of a home prior to the sale closing, in which any defects are noted.
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Warehouse Fee - A lender's fee for temporarily holding a borrower's loan before it is sold on the secondary market.
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Warranty - A protection plan generally paid for by the seller that protects the buyer against major repair expenses and breakdowns. Warranties are assigned to specific items, usually major appliances or systems on the property.
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Warranty Deed - A type of deed that conveys fee title to real property.
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Wholesale Lender - A Lender who works only with mortgage brokers and takes completed loan packages and underwrites them. They offer mortgage brokers discounted pricing in return for the up-front work done by the mortgage broker.
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Wholesale Lenders - Lenders who work only with mortgage brokers and takes completed loan packages and underwrites them. They offer mortgage brokers discounted pricing in return for the up-front work done by the mortgage broker.
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Wild Interest - Recorded interest that cannot be traced in the chain of title. This can occur when an incorrect legal description appears on a document. Also may occur when a woman who changes her name through marriage after acquiring property, and sells the property using her married name only.
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Workout - An attempt to resolve a problematic situation, such as a bad loan.
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Wraparound Mortgage - A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.
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Writ of Sequestration - Taking custody of one’s property, real or personal, to force compliance with a court order.
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