Arbor Financial Group Marketing Engines, Inc.

Glossary of Terms

Mortgage. Real Estate & Insurance

W

W-2
A document that reports to the Federal government income earned by salaried employees. This document reports employees' total gross and withholdings made during the previous tax year. Employers must mail W-2s by January 31 of each year for the prior tax year.
Waiver
A Waiver is the renunciation, abandonment or surrender of some claim, right or privilege.
Warranty Deed
Deed in which the grantor or seller warrants or guarantees that good title is being conveyed, as opposed to a quitclaim deed that contains no representation or warranty regarding the quality of title being conveyed.
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.
Will
Written document providing for the distribution of property at death.
WITHHOLD
Portion of a loan held back by the lender until a condition is satisfied or met. Usually regarding the appraisal and repairs to be made to the property which secures the loan. Same as HOLDBACK.
Worker's Comp Insurance
This policy covers injury that might occur on the project site as a result of working on the project. It covers any of the Contractor's employees assigned to and working on the site. It is generally carried by the builder/contractor. This coverage is not available to tradesman owner builders or owner-builders.
Wraparound Mortgage
Refinancing technique involving the creation of a subordinate mortgage that includes the balance due on the existing mortgage(s) plus the amount of the new secondary or junior lien. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.