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W

Term Definition
Waiver
The voluntary surrender or renunciation of a claim, right or privilege.

Warehouse Fee
A closing-cost fee showing the lender's cost of holding a borrower's loan before they sell it on the secondary mortgage market.

Warranty Deed
A deed that has a covenant that; the grantor will protect the grantee against any and all claims. It usually contains covenants ensuring good title, freedom from liens and encumbrances, and quiet enjoyment.

Wholesale
To put a property under contract with the intention of reselling it quickly for a profit.

Wild Deed
A deed improperly recorded.

Without Recourse
Words used in endorsing a note to waive personal liability of the debtor in repayment of the note(repossession of the asset the loan is against is the only recourse).

Wraparound Mortgage
A loan arrangement where an existing loan is maintained and an additional loan is created that is equal to or greater than the existing loan.

Writ of Execution
A court order that authorizes and directs an officer of the court (usually a sheriff) to carry out the judgment or decree of the court.

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