Laguna Beach Mortgage

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Mortgage Glossary

Use this glossary to look up definitions of mortgage terms.

The definitions given here explain how the terms are used in the field of real estate finance.

 

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Underwriter
The employee of an institutional lender who evaluates loan applications, deciding which loans to approve.
Underwriting
The process of evaluating the financial status of a loan applicant and the value of the property he or she hopes to buy, to determine the risk of default and the risk of loss in the event of default and foreclosure. Also called risk analysis or qualifying.
Usury
Interest charged in excess of the legal
VA
Veterans Administration.
VA Entitlement
The VA guaranty amount that a particular veteran is entitled to.
VA Guaranty
The portion of a VA loan guaranteed by the Veterans Administration; the maximum amount that the VA will pay the lender for a loss resulting from the borrower's default.
VA Loan
A long term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
Verification of Deposit
A form a lender sends to a financial institution for confirmation that a loan applicant has the funds on deposit that he or she claims to have.
Verification of Employment
A form a lender sends to a loan applicant's employer, for confirmation that the applicant is actually employed as claimed, and to verify the amount of the applicant's salary.