underwriting gloss

Underwriting - The process of verifying data and evaluating a loan for approval. At First Mortgage we have an in-house VA & FHA underwriter.

Uniform Building Code (UBC) - The Uniform Building Code is the most widely adopted model building code in the world and is a proven document meeting the needs of government units charged with enforcement of building regulation. Published triennially, the UBC provides complete regulations covering all major aspects of building design and construction relating to fire and life safety and structural safety. The requirements reflect the latest technological advances available in the building and fire- and life-safety industry. Manufactured home built to these standards are eligible for many government on conventional loans.

Usury - Interest charged in excess of the legal rate established by law.

VA - The Department of Veterans Affairs. Also see VA Loan (below).

VA Loan - Home loan available to veterans with little or no down payment and guaranteed by the U.S. Department of Veteran's Affairs. To obtain a blank copy of form 1880 which you will need to obtain a Certificate of Eligibility ). You will need Acrobat Reader to access form, go to our Web Links Page for instructions to go to a site to download the newest versions of Acrobat Reader. View eligibility requirements.

Variable Rate Mortgage - See Adjustable Rate Mortgage.

Variable Rate (ARM) - Interest rate that changes periodically in relation to an index.

Verification of Deposit (VOD) - Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

Verification of Employment (VOE) - Document signed by the borrower's employer verifying the borrower's position and salary.