UCC-1
Financing Statement required by the lender when
you are financing a Co-op. It is filed in the
county in which the co-op is located.
Underwriter
A professional who approves or denies a loan to a
potential homebuyer based on the homebuyers credit
history, employment history, assets, debts,
property appraisal and other factors such as loan
guidelines.
Underwriting
In mortgage lending, the process of determining
the risks involved in a particular loan and
establishing suitable terms and conditions for the
loan.
Usury
Interest charged in excess of the legal rate
established by law.
Uniform Settlement Statement
A standard document prescribed by the Real Estate
Settlement Procedures Act disclosing all costs
paid in connection with the settlement of a real
estate transaction. Also called a HUD-1.
