Mortgage and Loan Glossary (U)
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
UCC
Uniform Commercial Code.
underimprovement
A property improvement of lower cost than the highest and best use
of the site.
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.
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.