UNDER CONTRACT
A property that has an accepted real estate contract between seller and buyer.
UNDERWRITING
Analysis of risk and setting of appropriate rate and terms for a mortgage on a specific property for specific borrowers.
UNIFORM RESIDENTIAL LOAN APPLICATION (URLA)
Also known as a Fannie Mae Form 1003 or a Freddie Mac (65). Required for all mortgage applications; information includes income, assets, and a description of the home.
USURY
An interest rate that is greater than the amount which can be legally charged.
