Mortgage Glossary

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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

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.