W
Waiver
The voluntary abandonment or surrender of some claim, right, or privilege.
Warehousing
The packaging together of many mortgages for the purpose of selling them in the secondary market, usually by a mortgage banker who has originated the loans.
Warranty
A promise contained in a contract.
Water Table
Usually defined as the upper-most level at which underground water is normally encountered in a particular area.
Wire Transfer Fee
A fee charged by some lenders to cover the cost of wiring the mortgage funds to the appropriate parties, such as the title company or attorney, so that they are available for closing. For our comparison purposes, a wire transfer fee is considered to be a third party fee. However, some lenders may not charge for this service.
Wraparound Loan
A loan that includes the remaining balance on an underlying first loan. Instead of having separate first and second mortgages, a wraparound loan has both.
