Vacated – A judgment determined to be rendered void or otherwise set aside.
Variable Rate – A fluctuating interest rate based on various criteria, causing payments to go up or down accordingly.
Verification – Confirming whether or not data in a credit report is accurate. This is usually done by consumers if some information on their credit report is deemed unreliable or incorrect. Credit reporting bureaus will recognize authentic documentation supplied by the consumer that can assist in the verification process.
Verification of Employment – Written proof of employment by your current employer.
Veterans Administration (VA) Loans — A program that permits military veterans to purchase a house without making a down payment.
Victim Statement – A statement that can be added to a consumer’s credit report to alert credit grantors that a consumer’s identification has been used fraudulently to obtain credit. The statement requests the credit grantor to contact the consumer by telephone before issuing credit. It remains on file for 7 years unless the consumer requests that it be removed.
Wage Assignment – A signed agreement from a borrower that allows a creditor to seize some of the debtor’s wages from an employer in the case of a default.
Warranty Deed — A title to a property that in which the lender regards as free from entanglements.
Withdrawn – The status of a student loan application no longer being processed
Without Recourse — Allowing the lender no ability to seek payment or seize assets in the case of nonpayment from anyone other than the person or entity specified in the lending agreement.
Wraparound Mortgage — A financing method in which the payment of an existing mortgage is continued by the seller, with a new, higher interest loan, which is larger than the existing mortgage, being paid by a borrower.
Writ of Replevin – A court order that authorizes repossession of a security
Yield — The return on an investment or the amount of profit described as a percentage of the amount originally invested.
Yield Spread Premium (YSP) – A percentage of a loan amount a lender pays a broker for a loan with a higher interest rate and lower fees.
Zoning — Regulations that control the use of land within a certain jurisdiction.