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Realty and Mortgage Terms and Definitions
U UCC - Uniform Commercial Code. Underlying Mortgage - Generally refers to the first mortgage when there is a wraparound mortgage. Underwriting - Detailed process of evaluating a borrower's loan application to determine the risk involved for the lender. Underwriting usually involves an in-depth analysis of the borrower's credit history, as well as an examination of the value and quality of the subject property. Underwriting Fee - A fee charged by some lenders to cover the cost of the lender's analysis of the risk associated with a loan. For our comparison purposes, an underwriting fee is considered to be a lender fee. Undivided Interest - An ownership right to use and occupy property that is shared among more than one owner. No single co-owner may have exclusive rights or possession to any part of the property. Uniform Commercial Code (UCC) - Group of laws that are applicable to commercial transactions. Only a few of the laws have relevance to real estate transactions. Unsecured Loan - A loan that is not backed by collateral. |
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All real estate advertising herein is subject to the Federal Fair Housing Act, which makes it illegal to advertise any preference, limitation, or discrimination because of race, color, religion, gender, familial status, disability, marital status, age, national origin, or source of income as prohibited by fair housing laws or intention to make any such preference, limitation, or discrimination.