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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.
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Underwriting Fee
A fee charged by some lenders to cover the cost of the lender's analysis of the risk associated with a loan.
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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.
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Unsecured Loan
A loan that is not backed by collateral.
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Upfront Mortgage Insurance Premium
FHA charges the borrower an Upfront Mortgage Insurance Premium (Upfront MIP) for most transactions to financially support the FHA program. This fee is a percentage of the principal loan amount and is due at closing. The full amount can be financed as part of the loan amount or paid in cash.
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